Which? Magazine: property valuation for sale; the answer's always the same...
Get it right and it happens, get it wrong and you're in for the long haul. Here at Bonett's the team continually discuss the local market; the ebb and flow of enquiries for renting and buying. We know what people are prepared to pay; they tell us.
The great thing about talking at length with buyers is that they are very conversant with all the local properties on the market in certain price ranges as they have a target requirement. So, if they see a property and it's the wrong price, they will know. If a price is wildly out of the ballpark for that kind of property, they don't even go to look as they feel their realistic offer will be ignored. That's the worst thing for any seller; not getting footfall. You need people through your front door to sell.
Our mantra is; get the price right on Day One and you'll get people through the door. Then, you will get offers and you can start the conversation which will hopefully lead to a contract to sell.
To assess the value of a property, we look at Land Registry SOLD prices, not just what's FOR SALE locally. We need to know at what price property is actually selling. You sellers can do this research yourselves before you even ask agents to come over to give you their appraisal. Then, if an agent gives you a surprising price, you can show them the door. It's nice to be charmed, but you want to move; not sit there wondering why you have no viewings on your property!
There are many variables, aside from location and recently sold prices, which need to be taken into account. It's not just local; national and international events feed into buyer confidence, financial institutions willingness to lend and so on. The agents visiting should discuss all these with you so you are confident they know their stuff.
So the Which? Magazine article just published, Which? Magazine Property Overvaluation should be read by all prospective sellers. It tells a good story which owners need to know. Great stuff.
And. when you have read it, I hope you will invite us around to give you sound, professional advice: Valuation request to Bonetts
Paul Bonett F.N.A.E.A. M.A.R.L.A.