Is the Highest Valuation of my House the Best?
Property prices have risen consistently this year, and that’s great news for sellers who want to get the best possible price for their home. So it isn’t surprising that many sellers choose to use the estate agent that gives them the highest valuation.
Good Question! But There are Many Factors to Keep in Mind
In the Cotswolds and the Vale of the White Horse, property prices have risen consistently this year, and that’s great news for sellers in the Cotswolds and the Vale of the White Horse who want to get the best possible price for their home. So it isn’t surprising that many sellers choose to use the estate agent that gives them the highest valuation for their property.
But is that always the best decision?
It may seem like a no-brainer to go with the estate agent that is giving you a valuation figure far above the others. But there are factors to keep in mind before you make your final decision. The team at Perry Bishop want you to know how crucial it is to understand the importance of a correct valuation. We want to help you make a properly-informed choice when you’re selling your home in the Cotswolds or the Vale of the White Horse.
An Overvaluation May Make Your Property Become ‘Stale’
Some estate agents are prepared to do whatever it takes to get new business, including overpricing properties to persuade sellers to take up their services. We totally understand that it’s very tempting to choose the estate agent that suggests you list at a high asking price. But remember that if they have overvalued your home it could sit for months on the market without any buyers showing interest – essentially, it becomes a stale property. Eventually, you’ll have to reduce your asking price to sell your home and that never looks good to prospective buyers.
The Importance of Price Banding
All prospective property buyers have a budget that they’ve set for themselves, and will only view properties fitting into that criteria, usually with a small buffer margin just in case. When a property is overpriced, you’ll miss out on prospective buyers who are searching for a house just like yours but who never see it in their searches because it’s been valued above their maximum budget limit.
A realistic valuation, on the other hand, will bring your home within the budget of more potential buyers, and if there’s enough interest you could find that your property is the subject of a bidding war where purchasers are prepared to push their financial boundaries just to secure your property. This approach could see you getting a higher sale price for your home than you would have if you’d gone for the higher valuation in the first place.
Getting an Expert Appraisal
It couldn’t be more important to choose a reliable firm of estate agents like Perry Bishop when listing your property for sale in the Cotswolds and the Vale of the White Horse. A trustworthy company will always be honest, transparent, and straightforward, and will use their local knowledge alongside information about the current property market conditions to give you the most accurate and realistic valuation for your home.
Get Help
To find out more about our property valuation process and to learn how we can help you find the perfect buyer for your home, call your local Perry Bishop office.
We care about property. We care about you.