Are unrealistically high house valuations scuppering majority of house sales? Director of Belvoi...
Are unrealistically high house valuations scuppering majority of house sales?
Director of Belvoir Shrewsbury, Paul Wallace-Tarry says: "In Shrewsbury, in the last 3 months, my investigations into property pricing have shown that approximately 300 properties have had their asking price reduced – on average by 6%, to achieve a sale – resulting in properties lingering on the market for over 6 months. This supports our view that property valuing / pricing should be realistic in the first instance, to achieve a quick and expedient sale. Since our Estate Agency launched in May this year, we have achieved quick sales in over 50% of cases, meaning properties only remain on the market for a matter of weeks rather than many months."
Miles Shipside, Rightmove Director, confirms this view and says: “If you’re putting your property on the market and are keen to sell, then pitching your asking price too high would be counter-productive in the current environment. Buyer affordability is already stretched and they will be looking for extra reassurance that they’re getting the best priced home to suit their needs. Pricing competitively will tempt buyers, some of whom are sitting on their hands. Sellers may be extra-willing to negotiate in some less active parts of the country, so there could be opportunities for a mutually beneficial deal for buyers combined with a speedier sale for sellers.”
Belvoir Shrewsbury’s Estate Agency has a unique scale of a four-tier fee structure; we believe all clients should receive a level of service that best suits their needs, and so we offer Choice, Integrity and Flexibility; please click here for details of our sales services and fees.
A wide variety of factors can influence property prices, both positively and negatively. Having an appreciation of these factors can help our clients to enter the property market equipped with the know-how they need to achieve the best possible outcome. As with all products, property prices are bolstered by the laws of supply and demand, which rise and fall dependent upon market forces. For that reason it’s sensible to keep a careful watch over the general health of the property market, it's something we do at Belvoir on a daily basis.
Factors that affect the value of individual properties
House prices are governed by a mixture of factors and ‘LOCATION!’ is arguably the most important of these; not just a property’s physical location, but also its closeness to facilities and amenities which may be of vital importance to a buyer, such as schools, hospitals, supermarkets, restaurants, etc.
Of course you cannot do much about the location of your property however, you do have control over other factors:
Apart from the solid structure of the property, the next most important aspect is the layout and ambience of the interior living space. Principal considerations would be the kitchen, bathrooms/en-suites and energy efficiency. Also, when selling a property, perhaps try to look at it impartially, as if you were the next purchaser – a tried and tested way to make an educated guess of it's value!
Belvoir Shrewsbury will appraise and value your property, market it for sale and then help you to sell it according to the level of service that suits you - from a marketing only service, to a full estate agency service.
- Sensible and sound pricing. Not only do we have the experience to value your property accurately but we will also research the area where you’re selling so you’re kept fully aware of the realistic value of your property.
- An attractively presented property - a tidy, clean home is a ‘sold’ home
- Efficient and up-to-date targeted marketing we are local experts and property specialists in both lettings and sales. Properties we have marketed to date have been realistically priced, efficiently marketed - and Sold!
If you’d like to contact me to discuss the local property market and to appraise or value your property with a view to marketing it for let or for sale, please contact me here at anytime on 01743 242000, e-mail Paul Wallace-Tarry or to save some time, you can download and complete a FREE Estimate of Value form.