The importance of accurate valuations when selling property

News at Stirling Ackroyd | 13/07/2018

When selling a property, naturally the homeowner wants to get the best possible price they can for their property. However, if a house, flat or apartment is valued too high, it may have difficulty attracting buyers and selling.

It is therefore important for a property to be accurately valued, so it is a fair appraisal of the current market and is attractive for both the seller and potential buyers.

Though in order to secure the business, it is not uncommon for estate agents to value a property higher than competitors and above what it is actually worth. Properties that are significantly overvalued can have trouble securing viewings, let alone encouraging buyers to put in an offer.

Recent research shows that from January to June 2018, just 70% of completed sales either met, closely-met or exceeded their asking price, highlighting the importance of accurate valuations.

To check that your home has been accurately valued by an estate agent, go onto the property portals like Zoopla and Rightmove to see what houses in your vicinity and of the same design, age and size are being marketing at.

It is also important to see what properties similar to yours have actually sold for recently. Use the Land Registry’s Open Data Index for accurate information on the price a property exchanged for, instead of relying on the property portals, which will tell you if a property is sold and what the asking price was, but not how much it sold for.

If you are thinking about putting your property on the market in London and would like reliable and credible estate agent to carry out an honest and accurate valuation of your property get in touch with Stirling AckroydWe are specialists in residential and commercial property sales across Central and East London and can help sell your home as efficiently and quickly as possible.