Is Your Wembley Property Sale Being Hampered by an Overvaluation?

When you’re selling a property, getting a valuation is the first step. You need to know what a home is worth before you can plan your next move, but what if the value you’re given is completely inaccurate?

Is Your Wembley Property Sale Being Hampered by an Overvaluation?
If your property has been intentionally overvalued (priced more than it’s worth), it’s probably down to the agent hoping to win your business and bag more commission once sold. Of course, if the overvaluation was what the agent genuinely believed it to be worth, ultimately, the price might have to be reduced for sale.
 
Whatever the reason, time and time again, properties are put on the market at an over-inflated price. Sellers are forced to lower the asking price or have to accept a much lower offer. So, why do people still fall for overvaluations?
 
1)   Flattery
 
Of course, it feels great to think your home is worth a huge amount. All the years you’ve spent living there, making improvements – to you, your home is priceless. But you’re not a property professional. You’re emotionally attached to the memories of a property and can easily be blindsided by a high valuation. Unfortunately, falling for flattery can tie you into a contract, delay the sale of your home and stop you from moving on. 
 
2)   What the overvaluation represents
 
More money means more opportunities for your next home. It could represent an extra bedroom, a bigger garden or two bathrooms instead of one. When a property has been overpriced, you could be lulled into a false sense of security about what your buying power is.
 
Yes, you’ll still need a mortgage and to sort out your finances, but if you think you’re going to achieve more than you originally thought, it’s only natural to set your sights higher.
 
3)   Lack of research
 
Selling a property isn’t as simple as contacting an agent, setting a price and getting viewings. You need to know what’s on the market, how much similar properties in the area have been sold for, how long properties take to sell and so on. If you don’t research the local market, there’s no way of knowing whether your property has been valued accurately.
 
4)   Naivety
 
If you get a couple of agents round and one gives you a much bigger number than the other, you’ll probably go for the one that is promising a higher return. But are they the right agent for you? Have you spoken to other local agents? What’s their success rate? What are their terms and conditions?
 
All good agents know that those coming in with overvaluations and inflated promises very rarely deliver. An ethical and experienced agent will give you an honest and accurate property valuation based on hard evidence that clearly demonstrates the value. They will compare similar properties, similar sizes, and similar styles too, giving the most realistic figure. They may suggest making small improvements to add value or to make the property more appealing. What they won’t do is promise you something that is unrealistic and leave your sale in limbo for months to come.
 
Are you looking to sell your home? At Grey & Co, we pride ourselves on providing accurate, well-researched valuations. Get in touch with our team today. 

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  Hello, my name is Abigail, and I am the Grey in Grey & Co. I started working here in 2002 as a Junior Negotiator and have worked my way up the ranks since then. I took over running the company in 2014 and have been enjoying the roller coaster that is leadership ever since.   During my 20 plus years at Grey & Co I have dealt with the sale of over £100,000,000 worth of property and overseen the management of assets worth £250,000,000 for clients around the world.   I also had the pleasure of working with my father, the founder of Grey & Co, for 15 years before he sadly passed away and from him, I learnt the work hard ethic and our values today are still the ones that he founded the company on all those years ago.   Be Remarkable, Be Passionate, Be Humble and Be Better.   As a community centric boutique family agency, you couldn’t find a better partner to take with you on your property journey.

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