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We would urge you to get a feel for the market you’ll be selling into and the value of your house before you speak to any Estate Agents.
This is because the word of an Estate Agent when he (or she) is trying to secure your business is far from reliable.
If you rely just on an Estate Agent’s opinion on the value of your property you leave yourself wide open to being taken advantage of.
It is well know in the property industry that Estate Agents often overvalue property.
A common strategy to gain new business is to tell homeowners what they want to hear (i.e. Flatter them with an inflated valuation), get them tied into a contractual relationship and then start suggesting price reductions a couple of months later down the line.
We feel that the problem is widespread and please bear in mind that just because an Estate Agent is a member of the NAEA, OEA or RICS it doesn’t automatically mean they are immune from “trying it on” in order to beat their competition to securing you as a client.
A recent report from the consumer group Which? investigated the Estate Agency industry. Researches posed as sellers and invited 56 Estate Agents to value 14 properties across England.
In six cases the highest valuation was 25% higher than the lowest.
The most shocking case of inaccurate property valuation was in Tyne & Wear where The Halifax valued a home at £200,000, while Moody & Co suggested £325,000.
That’s a £125,000 difference in valuation figures!
1: Get a feel for the market by taking a look at the free data available at Hometrack.co.uk
This will tell you:
2: Search for the prices that property like yours (in & around your street) recently sold for.
3: Look on Rightmove (the largest of the UK's property advertising sites) and pretend that you're buying your current home all over again.
Doing these 3 things will quickly give you a realistic idea of:
With this knowledge you are then ready to get the opinion of Estate Agents.
Any inaccurate valuations will be immediately obvious.
Written by Gavin Brazg - www.TheAdvisory.co.uk
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