What happens if I think my home is worth more than the valuation you give me?

This is not an uncommon thing to happen. Your home is your castle and in many circumstances is the biggest investment you own. It is a huge step to move, so naturally you want the best when you make that decision, and getting the right valuation could determine how long you are on the roller coaster..

Many agents will take quite a while preparing for a valuation and the more information you can give them on the very first phone call will help them look for better comparable information to help them get to the correct price.

Below is all of the information I would put together, or look at, to help me build that picture of the correct price:

• Checking your sold price history then look at house price indexes taking into account any upgrades, extensions and alterations.
• Checking house price registers such as Rightmove, Zoopla, Land Registry – These give you an idea but be careful. Some give you an average of house prices in the area so may not be specific to your home. Dont fall into that trap “Well Zoopla says it is worth ‘x’”. Zoopla may also have £100k swing!
• Checking any comparable ‘SOLD’ property within the same area
• Create a Rightmove best price guide of similar sold property within the area
• Have a low, mid and high comparable to give you some solid borders or ranges
• Look at a £ per square foot rate and look for consistent trends

If you disagree with an agent’s valuation, I would ask them to go through the comparable information again and talk through each property discussing the sizes and features they have. Remember, you need to keep an open mind and objectively compare the properties….some will have worse features but some will have better features, but to you, your house is better then everyone else’s but please keep an open mind.

It is also good to take a look a what is live and for sale right now….what is going to be your competition if you were to hit the market in the next week.

That and looking at the list above should solidify a price, be it the right one…or the ability to test higher, or is the Estate Agent pushing the price to hard and there is no actual solid evidence to back up the price. This could cost you time, and ultimately money. Should you have started at a slightly lower price but pushed to hard from the outset and now having to look at a lesser price?

When selecting the right price point you must really go by the sold properties as properties that are still for sale are not a good guide to go by

I often see situations where you see three or four very similar properties on the same street all on the market and not sold. Simple answer, they are all valuing their properties in line with each other therefore none are selling as they are all overpriced and following the pack.

Please bear in mind that when a surveyor is valuing for a mortgage, they will usually require three sold comparable property, within the close proximity and within the last three months. In most circumstances there will be no deviation on this.

If after all the comparable information you are still of the mind that you want to try the higher price, then you can hit the market and that will be the big test. We are in one of the busiest market places we have seen for a while. The buyers looking at the properties that are on the market, are the actual way of judging if you property is correctly priced. Too high and you will simply not get the viewings. For the most part people will judge your property in the first few moments. They will look at the front picture, the bullet points and the price…..if all three don’t stack up then they will probably move on to the next property.

At the start of any marketing there should always be a natural influx of buyers mixed with viewings generated by the agent. If this is not the case the market is saying ‘sorry, your house is not worth this much’.

Please, please, please do not burn up your hot selling time waiting for a buyer to come along if there are very few or no viewings. The first 4,6 weeks is your hot selling time, you do not want to fall into the category of the ‘oh look, that is still on the market’ bracket.

Careful monitoring and communication with your agent is crucial, especially if you are not getting the viewings. A good team of Seller and Estate Agent will see you with a sold board.

I hope that is of use to you and if you want to valuation or discuss this any further then please call me on 07595 473891 or email chris.durrant@exp.uk.com

www.chrisdurrant.co.uk