We understand how exciting it can be when you receive your agent’s valuation and the figure is much higher than anticipated… your head runs away with you and in an instant you’ve accounted for all the ‘extra’ profit you hadn’t anticipated on receiving from the sale of your property.
Unfortunately, overvaluing can be a tactic employed by some agencies to gain instruction. Each seller has different motivations, however as a general consensus ‘best price’ is up there amongst main motivations and knowing that sellers can easily be swayed by the highest valuation, it is not unheard of for agents to ‘up-value’ with a view to getting the seller to sign on the dotted line.
3Keys Property will provide you with an honest, achievable value for your property based on our expert local area & market knowledge. We will gain an understanding of your position and motivations, discuss with you your bottom line, acceptable and desired sales figures and agree on a marketing figure and strategy for achieving this.
We will follow your instruction if you would like to list higher than we recommend, if you believe it is worth more or have received higher valuations elsewhere – we guarantee we will do everything in our power to secure the best possible price for your listing… however a word of caution for the over-valuers:
- If your buyer is purchasing by way of mortgage (i.e. not a cash buyer) the purchase will be subject to a valuation by a Surveyor. The Surveyor will make an assessment of the property and will draw comparisons against similar listings where possible to satisfy the lender that the property is worth the agreed price. If the buyer is applying for a high loan to value mortgage the lender may be harsher on the valuation as the risk to them is higher.
Note if they down value, your buyer may need to re-negotiate on price, or be forced to withdraw from the purchase. Which may ultimately then impact on your onward purchase plans & budget. - Active buyers are generally internet savvy, with a wealth of information at their fingertips including previous pricing history; If your property goes to market above market value, they may immediately dismiss the listing as overpriced and not entertain a viewing.
- If your property is priced too high and has to be reduced, this could cause alarm bells and create a lack of confidence in buyers; “why has the property been on the market so long?” “Why has it been reduced?”
A recent study via Rightmove confirmed that ‘Sellers are twice as likely to find a buyer for their home if they have an offer accepted on the first listed asking price.
A study of 300,000 newly-listed homes across four months shows those that needed to be reduced had a one in three chance of finding a buyer (32%) within the timeframe, compared to a 63% chance if priced right from the start’.
It is so important to get the price right first time round. Our experienced Sales Consultants will back up their pricing recommendations with Best Price Guides and comparable listings (where possible) for your consideration.
To arrange your free, no-obligation valuation contact a member of our expert sales team today on 01302 867888.
