Your W4 property valuation will make or break your chance of a speedy sale when selling a house or flat in Chiswick.
Whether your property is in Turnham Green, Chiswick Park, Grove Park, Bedford Park, Bedford Park borders, the Glebe Estate, the ABC estate, Gunnersbury, Stamford Brook, Brackenbury Village or Strand-on-the-Green, there are six mistakes you can’t afford to make.
Put your Chiswick property on the market at the right price – and you will improve your chances of attracting serious buyers. List at the wrong price – and your sale can be delayed for months.
Valuing your home is not a simple process and vendors are prone to make mistakes that waste both time and money. Don't let this happen to you. Instead, help your property to sell by avoiding these six common valuation errors.
Mistake 1: Forgoing research
Investigate recent sales locally in W4 and surrounding areas, says Christian Harper of Chiswick estate agent OliverFinn: “This will give you a good indication but you shouldn’t purely base your decision on asking price purely on what your neighbour has sold for. Consider your own circumstances rather than sticking to your gun no matter what.
TIP: Price your home based on comparative market analysis. For free and independent property prices check recent sales in your area with UpMyStreet or Oliver's library. Oliver's library is a unique website feature of OliverFinn and is designed to give you the ability to see what has been on the market in the past. It's great for ideas and price comparables.
Nethouseprices is a free public service providing access to every property price as recorded by the Land Registry, says Harper: “A word of caution: though this site is an excellent source of information about sales prices, the data isn’t current. The Government releases data retrospectively every quarter so figures are three months behind the market by the time they’re in the public domain.”
Mistake 2: Hiring the estate agent offering the highest asking price
Ask several estate agents how much they think they can get for your property but be cautious if one gives you a significantly higher bid than the others. The agent may be trying to ‘buy’ your instruction by suggesting an unrealistically high asking price. This practice is unethical and costs you time and money so don’t be tempted. You'll most likely have to slash your price, after your home sits on the market for months, either unnoticed or with very few viewings.
TIP: Always assess at least three agents and choose one who can back up the suggested asking price with hard facts: comparable sales data. “Make sure whoever you pick is professionally qualified,” says Harper. “Preferably choose an agent that is a member of professional associations such as NAEA (National Association of Estate Agents) and ARLA (Association of Residential Lettings Agents.”
Mistake 3: Getting emotionally involved
You have probably spent a lot of time, money and energy transforming your property into your home, so it's natural to be emotional about selling it. Unfortunately, buyers won't have the same sentimental feelings for your property as you do, so what you think it is worth shouldn't be a factor in determining your asking price. Remember, ultimately this is a business deal.
TIP: Stay objective during the valuation process by focusing on statistics generated by the comparative market analysis. Don't be personally offended by low offers. Instead, think of them as the starting point of a process that could result in a sale.
Mistake 4: Pricing too high from the start
First impressions are crucial. The first ten days on the market are the most important for selling your property. If your home enters the market overpriced, many buyers will overlook it from the start because it will be out of their range.
By the time you reduce the asking price to the fair market value, many potential buyers will have already found something else. Other buyers may initially be interested in your new low price, but they'll also see that your home has been on the market for some time, which could lead them to believe there is something wrong with it.
TIP: Agree on a realistic valuation right from the start to gain the attention of serious buyers and sell faster. If getting less money for your home is not an easy thought to bear, think of all the costs that you'll have to pay if your home sits on the market for several months at an unrealistic asking price.
Mistake 5: Overpricing because you’re not in a hurry to move
Sellers who aren't in a hurry often choose to test the market by listing their properties at a high price and waiting to see where the market goes. But in markets where prices are dropping, waiting it out may actually cause you to lose money.
TIP: “Time is no healer unless you’re coming out of the property market,” says Harper. “However time is important if you’re staying on the property ladder. If the market goes up, your property will go up, but so will the property you’re buying.” Sell faster and possibly for more money by pitching your valuation at a realistic level.
Mistake 6: Chasing the market
If your asking price is too high from the start, you may find yourself making incremental price drops, but never quite catching up with the market. And when a property has had multiple price reductions buyers may be suspicious that there is something wrong with it.
TIP: Be competitive to begin with and settle on a reasonable asking price. If you don't get any bites, don't hesitate to lower your price. Work with your estate agent to re-evaluate market conditions and determine the fair market value of your property.
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