Blog Post
Importance of Accurate Valuations When Selling Your Home
Selling your home isn't easy, and there are many pitfalls to overcome. One of the most important aspects to consider is the price you place on your property. The importance of accurate valuations when selling your home cannot be overstated, and we are here to assist you with this process.
We have helped many vendors across Greater Manchester, including Stockport, sell their home, and local knowledge and information are vital in setting an accurate valuation. Understandably, the size and condition of your property impact the value, but many factors in the local area influence the price too.
Agents consider a wide range of aspects when setting a value on a home, which means vendors are affected by things outside their control.
Supply and demand matters with property valuations
Regardless of the condition of your property, demand and supply in the market affect the market value. If there are many homes on sale in your area, and not too many people are looking to buy property, the value of your home is likely to be lower than you would think given then size and condition.
Conversely, if there aren't many homes available on the market, but many prospective buyers are looking for homes in the area, the value rises. The level of competition for property is a huge factor in setting a home's value, which is why you need guidance from a local professional.
Local facilities and amenities affect property values
Other external factors which influence property values include local schools and transport options. It is well known that school catchment areas affect property prices, with households willing to pay a premium to ensure their child or children attends a well-regarded school.
The availability of local transport also affects home values. A well-connected area, or an area which is experiencing developments and improvements, can see house prices rise compared to comparable areas without the same transport option.
The importance of setting an accurate value
A key issue in why it is vital to establish a precise amount with property is because of the way prospective buyers search for homes. Most willing buyers look online, and they set a minimum and maximum value for homes they want to see. If your property carries a value above or below these figures, the property will not be returned in the viewers' searches. Therefore, this buyer won't see your home, and they can't develop an interest in your property.
If the price is too high, savvy buyers will shy away from your property. If you then lower the value to attract buyers, some people will be wary as to why you have reduced the price. Therefore, this strategy may not help you entice buyers to your property.
Also, if your price is too low, you may attract buyers, but you could limit your options when you move home.
There is nothing wrong with setting your house value above the local average. However, you need to be able to justify this price, and you need to be able to promote the property to the right people.
If you are looking to sell your Stockport home, get help from a local property specialist. At Peter Anthony, we've helped many local vendors sell their property, and we look forward to assisting you.
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