What a great question this is! Data from the ONS shows that on average properties in Tower Hamlets sell for £454,000 with 50% of properties selling for less than the original valuation! However, a good estate agent in Tower Hamlets will value your property accurately so there should be no need to reduce the asking price.
These figures represent good news for sellers who want to achieve the best price for their home. But many sellers still choose to use the estate agent that simply provides the highest valuation for their property!
Does that seem like a sensible decision?
It may seem like a no-brainer to choose between the estate agents who give you higher property valuations in Tower Hamlets above the others. But there are factors to consider before you make your final decision. The team at City Realtor want you to know how crucial it is to understand the importance of a correct valuation. We want to help you make a properly informed choice when considering valuations for your home in Tower Hamlets.
Overpriced property valuations in Tower Hamlets may make your property become ‘stale’
Some estate agents in Tower Hamlets are prepared to do whatever it takes to get new business. This includes overpricing your property to persuade you to list with them. We understand it’s tempting to choose the estate agent that suggests you list at a high asking price. But remember that if they have overvalued your home, it could sit for months on the market without any buyer interest. Essentially, it becomes a stale property. Eventually, you’ll need to reduce the asking price to ensure you sell your home in Tower Hamlets. And that never looks good to prospective buyers and won’t help you sell!
The importance of realistic property valuations and price banding
All prospective buyers have a budget they’ve set for themselves and usually view properties for sale in Tower Hamlets fitting only that criteria. When a property is overpriced, you may miss out on prospective buyers searching for a house like yours. They won’t see it in their searches because it’s been valued above their maximum budget.
Realistic property valuations in Tower Hamlets will bring your home within the budget of more potential buyers. If there’s enough interest, you could also find that your home is the subject of a bidding war. This is where purchasers will push their financial boundaries to secure a property. This approach could see you achieve a higher sale price for your home than if you’d opted for the higher valuation in the first place!
Getting an expert appraisal
Choosing a reliable estate agent in Tower Hamlets is essential when listing your property for sale. A trustworthy agency will always be honest, transparent, and straightforward with their valuation. At City Realtor, we use our local knowledge alongside information about the current property market conditions to give you the most accurate and realistic valuation for your home.
Property Valuations in Tower Hamlets
For no-obligation advice on buying or selling a property in Tower Hamlets please contact our expert property team at City Realtor on 0207 790 7702. Alternatively, get an instant valuation here. We look forward to helping you move home.
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