Accurate valuation is the key to selling homes
Properties that are accurately valued are more likely to be sold quickly, according to new figures from an independent estate agent that has polled its 54 branches. Valuing the property correctly means you are much more likely to get the asking price, without having to accept an offer below what you were expecting. Andrews, the firm behind the survey showed that around 70% of property sold in June met or exceeded the asking price when valued correctly.
As more and more properties are hanging around on the market for longer periods, or selling for less than the asking price, it is now essential to make sure houses are listed for what they are worth.
The chief executive of Andrews, David Westgate, said:
‘Reports which focus on vendors reducing the asking price of their property are, more often than not, tales of an inaccurate valuation in the first place. Simply, a well-priced property will sell fastest.’
‘We’ve seen in the first six months of this year that properties which sold either at, or above, the asking price spent just 49 days on the market which compares favourably with the industry average of 96 days.’
Further data showed that the degree of price difference between asking price and sale price is directly linked to the time taken to make a sale. A difference of 5% sees an average of 69 days to sell. 10% takes an additional 49 days, making 118 in total.
Westgate also added:
‘A smart combination of an accurate initial valuation and hands on marketing by agents with genuine local knowledge is vital to securing a swift sale in what remains a challenging market.’
Going on to say:
‘Of course, these figures don’t provide a foolproof recipe for sales success and recent shifts in the market mean that a certain level of haggling is almost the norm in many cases. This data does, however, suggest that accurate pricing isn’t yet standard across the industry and it’s this that’s to blame for such high levels of price reductions.’
For investors, this means that looking for properties that are accurately valued is the best way of making a quick purchase. If you think the property is over-valued then you should be prepared to wait longer to make the purchase if you want to get a good deal. At Agile, we are experts in property pricing in the Norwich area so are ideally placed to help you make a good investment.