ARTICLES!
QUICK PROPERTY BUYERS?
- What Is The Best Way To Sell My Property?
- How to sell your house quickly?
- How can I tell if a cash buyer is trustworthy?
- What will a property buyer offer for my home?
- Different ways of selling your home quickly
- Houses bought for cash: does this really happen?
- How much will it cost to sell my home?
- Quick house sales and where to get them
- Sell my house fast: here are a few options
- Will anyone buy my home?
ESTATE AGENTS?
- Recommended Estate Agents
- 10 things you must know about Estate Agents
- Shall I choose the cheapest Estate Agent?
- Do I need a Rightmove Estate Agent?
- Can I trust an Estate Agent's valuation of my property?
- Are there any good online Estate Agents?
- Choosing an asking price that draws in buyers
- Do I need an EPC to sell my property?
- Does my Estate Agent need to advertise my property for sale in the local newspapers?
- Do I need to use a local Estate Agent to sell my house?
- Finding the best Estate Agent
- How do I choose the best Estate agent to sell my home?
- Shall I sell my home privately or sell using an Estate Agent?
PROPERTY VALUATION?
- Free online house valuation
- How to add value to your home
- How to value your property
- How you can use house price data to accurately value your home
CONVEYANCING?
- What is property conveyancing?
- Property conveyancing process for a house seller
- Property conveyancing process for a house buyer
- What about DIY conveyancing?
- How do I go about choosing the best conveyancer?
- Property conveyancing glossary: A guide to the commonly used terms in conveyancing
HOUSE REPOSSESSION
- Repossession process explained
- Ways to stop a repossession
- Where you can get help if you're facing repossession
- Mortgage Rescue Scheme
Can I Trust an Estate Agent’s Valuation of My Property?
Can I Trust an Estate Agent’s Valuation of My Property?
If you have an Estate Agent value your property, you may well think that their valuation is wholly accurate and reflects the current market value of your home. But in fact the reality may be a little different. Often Estate Agents will actually overvalue your property in order to tempt you into instructing them, as opposed to you instructing any other Estate Agents. So if your home is worth £250,000, but the Estate Agent values it at £270,000 then you are more likely to instruct this Estate Agent as opposed to any other Estate Agents. You are tempted by that extra £20,000 and to some extent, who wouldn’t be? However, this does not mean that your home will sell for the overvalued price and in fact because it is overvalued it may take longer to sell because the high price tag will act as a deterrent to some potential buyers.
How Can I Tell If My Property Is Overvalued?
A good way to check if the valuation of your property is realistic, is to log on to property websites such as Zoopla, where you will be able to compare and contrast property prices and get a realistic idea of what your property is actually worth. There are various websites such as this, that will help you to be able to weigh up the correct value of your property in relation to others. The sites are all very easy to use and it will not take much time to see how much properties are being sold for in your locality. Remember that your home is only worth what someone is prepared to pay for it and if it is overvalued they are less likely to want to buy it!
What Should I Do If My Property Has Been Overvalued?
If your property has been overvalued then it is a good idea to reduce the value so that it is more compatible with the other properties that are for sale. Your Estate Agent may feel that this is a bad idea but reducing the price will be the best way to shift your property. If the housing market locally is extremely buoyant and buyers are almost fighting over property then you will be able to sell an overvalued house, but usually it will be exceptionally difficult to sell any property that is not actually worth the asking price....
So don’t regard an overvalue as being a positive issue, because it probably will mean that your home doesn’t sell. Instead you need to take action to ensure that than valuation is fair and that the asking price is fair to potential buyers.
Overvaluations are perhaps more common than you think, so it is always worth checking and making sure that the Estate Agent has got it right and are not simply trying to win your instruction!