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When an estate agent values your home at more than you expected, it’s natural to be thrilled. But it’s wise to employ some healthy scepticism around whether a price is achievable, or an overvaluing ploy.
We’re all for being bold with asking prices, but it’s quite another thing to deliberately overvalue someone’s home, tie them down with a lengthy contract, and mess up their moving plans.
It’s a sad fact that overvaluing by agents is getting out of hand: seducing you with flattery rather than facts, preying on your trusting nature, and falsely boosting your hopes.
The trick involves a carefully orchestrated process of signing you up, then gradually blaming the market for the lack of progress until, eventually, a price reduction is recommended. Reluctantly, of course.
Fortunately, and with the right information, it’s easy to see right through these tactics. They are remarkably formulaic, and the tips in our guide will show you how to:
Your home is most likely to sell for the highest price when it’s still fresh on the market, and by knowing the signs of accurate and inflated advice, you can maximise your chances in that crucial time.
There’s a big difference between an agent winning your business with an excellent proposal, and buying your business by overvaluing your home, so let’s look at the difference between the two.
Ultimately, an inflated asking price can stall your move, waste your time and cost you money by missing the opportunity of those valuable first weeks on the market.
A reliable way to judge the credibility of an estate agent’s valuation is to ask if it relies on solid data or fanciful promises. Good agents go out of their way to show how their advice is serving your interests.
In short: if your asking price pits you against higher-value homes, it’s very unlikely to either be a convincing prospect for buyers, or to pass the stringent tests of surveyors and mortgage lenders.
Overvaluing and long contracts often go together, because the agent will need to lock you in for months to have plenty of time to manage you down to a lower price later on. Here’s how to avoid that.
Remember: contract traps are designed to bind you to an agent no matter how disappointed you become. The longer you’re asked to sign up for, the more you should treat that as a red flag.
The goal of your asking price is to generate excitement and stimulate competition: finding the ‘sweet spot’ can make all the difference between attracting multiple motivated buyers, or none.
To sum up: the highest asking price doesn’t necessarily encourage people to pay the most money. In fact, if your price is too inflated, it can have entirely the opposite effect.
The portals never forget a price change. Buyers use browser extensions to track every movement, and everything you do leaves a permanent footprint. So keep the following in mind:
Your home’s online presentation is its introduction to the world, so be careful to protect its brand: a history of reductions can make your home look unsaleable, or flag you as a desperate seller.
With the peak spring market on the way, an evidence-based valuation and data-led advice will set you up for a successful launch and stress-free move.
If you’re planning to sell your home in Cheshire, call us on 01565 318 622 or email us at enquiries@lordandporter.com for a true assessment of your home’s maximum potential value.