How realistic is an estate agent's valuation?

How realistic is an estate agent’s valuation?

Your home should be valued relatively and realistically if you want to sell it quickly. A prospective buyer will not consider the property if the price is too high. On the other hand, a low value could get a lot of interest and lead to a quick sale, but you won’t get the price you desire for your house. You can be sure of how much is your house worth and sell for the right amount by selecting the best estate agent.

Finding a seasoned estate agent is essential if you are thinking of moving. The top estate brokers in your region are familiar with the neighbourhood market. To produce a reliable property valuation, they will consider all pertinent elements. Additionally, they will offer professional guidance on improving your house’s curb appeal for potential buyers.

How can you be sure that an estate agent has given your house a fair market value? Using this helpful resource, you may learn how estate brokers determine a proposed selling price. With this knowledge, you will be better prepared to select a specialist to assist you in selling your house.

Things To Consider For An Estate Agent’s Valuation

What Factors Do Estate Agents Consider When Valuing A Property

When pricing a house, estate agents consider several things. The typical home price of comparable properties in your neighbourhood is one of the most critical variables. The value of a home also depends on the housing market, the property’s geographical location, the size of the bedrooms, the kitchen and bathroom, and the possibility of remodelling.

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But a qualified estate agent will also draw on their own experience. This is a crucial aspect to take into account while selling your house. 

A property valuation will also take into account the following elements in addition to location and asset size:

  • Proximity to services and schools
  • Any existing additions or remodelling projects
  • The property’s artistry quality
  • The scale of the outdoor area and garden
  • Kerb appeal
  • Easy access to essential roads and public transportation
  • The neighbourhood’s reputation
  • The amount of noise and probable delays from trains, airports, and roadways
  • Does the residence have a driveway, garage, or on-street parking?

To create a fair assessment, an estate agent will compile as much information as possible about your house and the surrounding area. Since no two places are alike, your home’s value might differ from one in a similar neighbourhood.

Accuracy of Estate Agent Valuations

If you want your house to sell quickly, a correct value is essential. The timeliness of the sale is not necessarily the most critical factor, though. Most of the time, a home seller’s top priority would be to sell their house for the highest price possible.

Market surveys are the best approach to determine whether the estate agent’s first assessment is correct. Fortunately, it’s not as complicated as it first appears.

You may, for instance, look at the typical price of houses sold locally over the previous six months. You could also look at internet valuation tools like a house price calculator to acquire a ballpark estimate of your home’s value. Never, however, make a choice based simply on an online appraisal.

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If a certified surveyor’s valuation differs noticeably from the estate agency’s, the home seller might challenge the estate agent’s assessment. For instance, the surveyor may have given a lower appraisal because they follow more strict instructions.

Do Estate Agents Inflatedly Value Homes?

How can you spot an inflated valuation by an estate agent? Sometimes, it can be challenging to determine whether your home is overpriced. But it’s uncommon for an estate agent to exaggerate a property’s worth. Instead, a reputable estate agent works in the client’s best interests and promotes an immediate sale of the property.

What The Market Price Will Be?

Estate agents must be well-informed on market trends. They draw on their knowledge to offer a fair assessment that reflects the property’s value in the current market. Nevertheless, it makes sense to be aware of your home’s value if you plan to sell it.

Let’s say you want to learn what the asking price should be. In that scenario, look at recent sales of comparable properties in your neighbourhood. You may filter results on an online estate agent’s webpage depending on sale status, region, and the number of bedrooms available. You can be confident that the appraisal is correct if the average price meets your agent’s valuation estimates.

Conclusion

The skills and knowledge of your estate agent are typically critical factors in the success of your home sale. Therefore, choose your agent wisely.

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