Poor valuation can "blight" a property
Homeowners should carefully consider the price they ask for their property when selling to avoid suffering from “valuation blight” that means their move suffers long delays, according to a property specialist in North Somerset.
Getting the valuation of a property right is vital and nobody wants to feel that they sold their biggest asset too cheaply. But some houses in the region are now blighted by their sales history.
Andrew Simmonds, director of Parker’s Estate Agents in North Somerset, said: “In a market where prices are rising pretty constantly it can be tempting for homeowners to simply go with the highest valuation and believe they can simply drop during negotiation.
“But in reality, houses that are over-valued just do not sell. More often than not the homeowner tends to drop the price or change estate agents and put the property on for a lower price.
“But in areas like North Somerset there are a finite number of buyers looking at any particular property type and once they have dismissed a property from their consideration they rarely go back. Properties that have been on the market for a long time are recognised and buyers wonder why it is sticking around.”
Mr Simmonds, a member of the Royal Institution of Chartered Surveyors, says getting the valuation right at the beginning is vital for a smooth sale.
“Unfortunately, some estate agents will tell homeowners that their property is worth more in order to win the instruction. It is a good idea to ask a few different agents to value the property but the object of that exercise should not be to just pick the one who quoted the highest figure.
“It is better to look at who has a good track record and experience in the location; who has the personality and enthusiasm that appeals and which agency will provide quality photography and modern marketing techniques to really sell a property.
“Once vendors put their house on the market they usually want to move quickly and will often miss out on their own dream move if their sale is delayed. Sadly there are a few properties now suffering from “valuation blight” having been marketed at far too high a level in the last year.”
Parkers Estate Agents based in Backwell, North Somerset can provide realistic valuations for sellers. See www.parkers-estate-agents.com.
