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How a valuation affects your property sale

May 4, 2022 | Sales  

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If you are looking to sell your home, the importance of property valuations cannot be overstated. Enter the market with too high a valuation and you could miss out on potential buyers or put people off. Too low, and you risk losing out on the true value of your property.

Getting the balance right – and valuing the property correctly up front – sets the scene for a successful sale from day one.

Valuing your property too high could result in fewer people viewing your home, resulting in fewer offers on the table. It could also mean your property takes longer to sell, which means as time moves on, your property will move down portal rankings and receive less exposure.

Conversely, if you enter the market with too low a valuation, you risk giving the wrong impression of your property and could potentially lose out on higher offers – and even end up selling your home for less than it’s worth.

Another key thing to take into account is the methods that most modern buyers use when searching for their dream home. Prospective buyers frequently rely on portals such as Rightmove and OnTheMarket to find their next move and will enter a minimum and maximum price for their search. Price above or below their price-guided criteria, and they may miss your property coming to the market!

A sales valuation is the very first step in the process for selling your home and it’s vital to get it right.

Entering the market with a realistic and achievable valuation is imperative, and at HOP, we are pleased to offer you experienced and honest property valuation services.

As experts in the Leeds property market, we have a wealth of insight at our fingertips when it comes to determining the correct value for a property. The value is determined by internal and external factors, and both need to be taken into account.

A realistic valuation doesn’t just look at the property in isolation, it must also consider the local surroundings, facilities on offer and the current market in the area. As a local specialist, we are ideally placed to help – and will set expectations for your property’s value.

What factors influence a property valuation?

It goes without saying that the condition of the property plays a significant role in attracting buyers, but there’s much more to consider:

  • The property’s size, including the number of bedrooms and bathrooms on offer
  • The age of the property and any defects/work required
  • The condition and quality of the property and internal features
  • Any potential for improvement at the property
  • The properties position and immediate surroundings

External factors also influence property value, and these include:

  • The number of similar homes available for sale in the local property market
  • Recently sold house prices of similar properties in the area
  • How many buyers are looking to purchase a property in the local area
  • The availability and standard of local schools
  • The suitability of transport hubs and connections
  • The range of facilities and amenities on offer in the local area

Some vendors simply take the average value for homes in their area and use this as their benchmark when entering the market. However, if you don’t know how your home truly compares to the average, you cannot place a realistic valuation on it.

Online vs Offline Valuations

Online Valuations are a brilliant way to get an instant indication of what your property is worth. The HOP Instant Valuation tool uses data from multiple sources to quickly return an estimate for your property’s sales (or rental) value.

However, if you are serious about marketing your property for sale or to let, then a face-to-face consultation is imperative. This will enable you to get detailed and in-depth advice on your property and agree a valuation that will best suit your personal requirements.

The valuation process will ensure that you are not only advised of the best price point at which to market your property, but it’s also a valuable chance get to know the agent selling your home.

To arrange a full, no obligation consultation with one of our experienced valuers, simply complete your details using our Instant Valuation Tool and we’ll be in touch to follow up.

Alternatively, call us directly on 0113 322 9324 for sales or 0113 320 2100 for lettings.

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Receive a sales or rental valuation in just 60 seconds by popping your property details into our online valuation tool, and we’ll be in touch to follow up.

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