Getting a valuation for your home is the first step on your way to selling. It is common practice to obtain a few estimates of the value of your home. Most sellers invite at least three estate agents out and ask for their opinion on what price their property could sell for. This also gives the seller a chance to find out more about the estate agent and explore if they could work with them.
Listening and observing how each agent, talks, acts, listens and responds gives great insight. It’s likely that you will naturally veer towards a particular agent, one that appeals, one that you like.
Not all houses sell as soon as they hit the market. Its important that you like your estate agent and have a good relationship with them so that if more effort is needed to achieve a sale, you can work together. Asking a variety of agents around to value your home is the ideal chance to meet them face to face and gauge whether you could work with them.
Getting three or more opinions is the most diligent approach but sometimes it can throw a curve ball when one of the valuations comes in higher than the others. Dazzled by the higher price it is easy to want to instruct the agent. Naturally you want to achieve the best price possible for your home. An agent who is confident that they can achieve this is all too tempting. The price you market your home for is extremely important, as tempting as it is to go with the agent that gives the higher valuation, reconsider and weigh up the information.
Ask the highest valuing agent to justify the price they have put forward. Valuing a home should not be a finger in the air, off-the-cuff exercise. An estate agent should spend time researching the market and use their experience to present a price that reflects a true market valuation. Probe into how the agent came to their price.
Ask the other estate agents you invited out their opinion on the higher valuation. They will likely give you key reasons why your home is not quite worth the higher price. Take in the information all the agents offer and mull it over.
Some estate agents, keen to win your instruction, may try and impress you with an over inflated value. Listening to the reasoning behind this and the evidence to show how they could actually achieve a higher valuation should flush out any underhand advice and tactics.
Checking sold prices in your area through www.nethouseprices.co.uk or Rightmove.co.uk will show the price that houses similar to yours in your area have sold for. Looking at current houses for sale will show you what other homes are marketed at in your area.
By speaking to the estate agents and doing your own research you should have an idea of the kind of price you can achieve. This will show if the higher valuation is unrealistic. If your gut instinct is telling you that a price is too high and your research backs this up, it probably is too good to be true.
It is important to launch your home for sale at the right price. Not over-inflated. If you price too high you will instantly put buyers off, forcing you to reduce further down the line. It is far better to put your home up for sale with a realistic, well-researched price that you and your agent is confident in, you’ll get more interest, and that should lead to a quicker and more successful sale.
Here at Alexander Gibson we pride ourselves in the research and experience we put in behind each valuation. If you have had a value for your home that you unsure about, give us a ring, we would be happy to take a look at the figures for you and offer you some guidance. Call us on 01423 563077, email talk@alexandergibson.co.uk or visit our website at www.alexandergibson.co.uk.
For more advice on choosing the right estate agent, see our guide https://www.alexandergibson.co.uk/content/choosing-estate-agent-checklist