Do you have the best house in the street?
Have you been disappointed by your valuations because you know your home is worth more than the others sold in your area? Find out how to work with your estate agent to get the valuation you think your home deserves.
If you are considering selling up and moving home in the next year or so, you've likely been keeping a close eye on the market. What price did the house on your street go up for? How long did it take to sell? Chances are, you're pretty well versed on the comings and goings of the housing market in your area over recent months.
Many homeowners actually think their home is worth more than their neighbours' or other properties in the area and are then disappointed when they have their own valuations.
So, when you decide to take the plunge and get your property valued, you will likely already have a price in mind. You know what your neighbours sold for, and you know that your home is better than theirs, right? So your valuation will be higher.
It makes sense that you will feel your home is better than the others on the market because it is the one you chose to call home. You've lived there for years, making it just right. You could have bought their property when it went up for sale if you'd thought it was better than yours, couldn't you? It's easy to see your own home through rose-tinted glasses, but what matters to you about the layout, decor, or outside space might not translate into increased value. You are comparing something you love with another property that doesn't suit your needs. A buyer will not necessarily see things that way. Those rose-tinted glasses can considerably skew your thoughts about your home's potential value.
When an estate agent comes to give you their opinion of the value of your home, they're trying to find the tipping point, the highest price a buyer will likely be willing to pay for your property. They will use comparable evidence from similar properties that have sold in the same location in recent months. They will add value for certain things, such as more space or a better condition internally, and subtract value from the figure for apparent negatives that may impact the end result.
It is a balancing act. If you price the home too high, there will be no buyers. Likewise, if the agent presents a price to you that is much lower than you had in mind, the chances are you won't even give them the opportunity to sell your property.
But what if you genuinely think your home is worth more than the one down the road? What if you paid more for your home because of the additional value that your property offers? What if your property has a specific feature that the comparable property doesn't have?
You need to be able to demonstrate why. If you have an estimate from an agent that is less than you think it should be, and the agent presents evidence for this figure, you must be able to back up your counterargument. Why? Because your agent and you, to a certain extent, will have to back this figure with a potential buyer. When you instruct an agent to sell your home for you, they are the spokesperson for the property and will be responsible for promoting your house to new buyers.
If you pitch your property price too high, buyers will be able to tell a mile off. If your garden is twice the size and you have a brand new kitchen, your property's value will be higher than a similar property with a smaller garden and a dated kitchen, but your agent will have to make this clear. If the difference in value isn't obvious for the agents to be able to see this for themselves, you will need to make it clear to them.
If your property price is disparate from similar properties in the area that recently sold, a buyer will want to know why. Help your agent by showing them why you feel your home is genuinely 'better' which will shape the marketing to demonstrate this to buyers.
The agents will be able to create marketing promotions for your property that make your home's positive features clear to prospective viewers and buyers.
If you are ready for a valuation of your property, get in touch with our team of property experts today.