The Importance of an Accurate Home Valuation

April 26, 2023

By Kate Roe

As the saying goes, “your home is your castle,” and when it comes to selling it, you want to make sure you’re getting the best possible price. That’s where estate agents come in – they’re trained to value your property accurately, taking into account various factors like location, size, and condition. However, not all estate agents are created equal, and some may overvalue your property just to win your business. In this blog post, we’ll explore the importance of valuing a property accurately and how Roe & Co Residential Sales and Lettings can help you get the best price for your home.

Importance of an accurate valuation

Firstly, why is it so important to value a property accurately? Well, the most obvious reason is that you want to get the best price for your home. If you undervalue your property, you could end up losing out on thousands of pounds. On the other hand, if you overvalue your property, it may sit on the market for longer than necessary, which can be frustrating and may ultimately result in a lower sale price (buyers will question why your home has been on the market for x amount of weeks and take this into consideration when making an offer) An accurate valuation is crucial to attracting the right buyers and ultimately selling your home for the price it deserves.

Can an Estate Agent Over Value my Property and why?

Some estate agents have and will overvalue your property just to win your business. Something that is becoming increasingly apparent due to the shortage of properties on the market and agents fighting for business. This is a common tactic in the industry, and it’s important to be aware of it. An overvalued property may sound great on paper, but it’s unlikely to attract serious buyers who are willing to pay the price you’re asking. In the end, an overvalued property may sit on the market for months, costing you time and money.

Who ultimately values your property?

Whilst a property is worth what someone is willing to pay for it, ultimately, it’s the mortgage valuation that determines the valuation of the property (should your buyer be getting a mortgage). This is because mortgage lenders want to make sure they’re lending money on a property that’s worth the amount the buyer is paying, after all it’s them that’s paying for the property initially and the investment lies with them. If the mortgage valuation is lower than the asking price, the buyer may struggle to secure a mortgage, which could jeopardise the sale. And it’s worth noting even if your buyer is a cash buyer they may request a RICS valuation to confirm the price they’re paying is correct

How Can Roe & Co Residential Sales & Lettings Help?

So, how can Roe & Co Residential Sales and Lettings help you get an accurate valuation for your property? Our experienced team of Personal Property Experts will take into account a range of factors, including location, size, condition, and current market trends, to provide you with a realistic valuation. We won’t overvalue your property just to win your business.

In conclusion, valuing a property accurately is crucial to achieving the best possible price for your home. While some estate agents may overvalue your property to win your business, it’s important to work with a reputable agent who will provide you with a realistic valuation. At Roe & Co Residential Sales and Lettings, we pride ourselves on our transparency and honesty, and we’re committed to helping you sell your home for the price it deserves. Book a valuation with us today and see the difference for yourself.

If you’re on the market with another Estate Agent and struggling to sell your home, please read our blog on Why Change Estate Agents