Why do agents overvalue?

22 Feb Why do agents overvalue?

If you have an estate agent value your property, you would like to think that their valuation is 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. Who wouldn’t be tempted?!

However, you are unlikely to be able to sell at an inflated price. In fact because it is overvalued it may take longer to sell overall because the high price tag will act as a deterrent to some potential buyers and others may avoid your house as they can see it has been on the market a long time, and will sometimes wrongly deduce that there MUST be something wrong with it.

This is not a tactic we would ever employ at Place, not only because we believe it is UNFAIR and UNETHICAL but also because we want our vendors to have realistic expectations and find them a suitable buyer in a reasonable time frame.

Having a house which you are struggling to sell can be soul destroying. Holding out for an unachievable price means you cannot move on with your life.

You can get a good idea of prices that similar properties in your area are selling for in a number of ways, including websites such as Zoopla, Rightmove and Nethouseprices. When an estate agent values your house they should always be able to back up their estimates with solid evidence.

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!

If you would like an HONEST valuation of your property please call us on 01494 873663.

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