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15th June 2023
Is a Market Appraisal the Same as a Valuation?
When you want to sell a property you really need to know how much it's worth. An estate agent will be able to help you, although that's not always as straightforward as it seems.
True worth
The first thing to bear in mind is that anything is only 'worth' what someone is prepared to pay for it! This means that there really is no hard and fast rule about pricing a property, as the eventual amount that it might sell for can depend on many different factors.
The second equally important thing to know is that not all estate agents will provide the same figure. Sadly, some will over-inflate in order to give you false hope and simply to get you to 'sign on' with them. This usually leads to a long period of being on the market with no offers, a subsequent reduction in price and being left with what's known as a 'stale' property.
On the other hand, other agents will give you a much lower figure in order to achieve a quick sale. This is in their interests because it means they can earn their commission faster. Obviously, everyone wants to be able to sell as soon as possible, but it's not a good thing if you could have accepted a higher offer in the same time frame.
The best estate agents will give you a realistic idea of the
funds you can generate from the sale of your property and the expected time it
may take to receive a suitable offer.
So with all that in mind, back to the headline - is a market appraisal the same as a valuation?
Knowledge and experience
Every estate agent will offer to visit your home and give you an idea of what price it should go 'on the market'. Some will call this a 'valuation' and others, such as ourselves, will offer a free 'market appraisal'.
First things first - never pay for this service! Virtually
all agents will offer it for free but a surprising few try to charge. This is a
key factor in determining whether an estate agent is likely to try and hit you
with extra fees down the line, or even worse that they don't have confidence in
their own abilities to sell property, so they have to make money in other ways!
Let's be honest here - today you can pretty much do your own
'valuation'. All you need to do is look at the various big online portals and
some local estate agent websites find a nearby property of similar size and
there you go, you have a price point.
The problem is, that's exactly what some lazy and inexperienced estate agents do too.
At Maslen we know that's simply unacceptable, because it
doesn't take into account all of the different market factors that can add (or
subtract) to the true sales price of any particular property.
That's why we do a full market appraisal to give you an
accurate value.
Location, location etc...
The truth is that location is only one factor that comes into play. Of course it matters, as school catchment areas, local amenities, crime rates, internet speeds and any number of other things add up to making an area more desirable than others nearby may be.
The actual condition of your property, whether it has been extended (or has the capability to be), the size of any outdoor space, the layout, the year it was built - all of these things matter when it comes to working out how much someone might be willing to pay for it - and just as importantly, who that someone might be.
That's why a local, experienced and knowledgeable estate agent is the only person who will be able to give you an accurate idea of how much your home is worth under current market conditions.
We've got more than twenty years' experience of working out of our branches across Brighton. We know what's happening at any given time and why one street might sell quicker than another, or one house would command a higher price than the one next door.
Talk to use and arrange a FREE market appraisal of your property - then make your move with Maslen!