Which? survey on property valuations
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Have you ever suffered from an agent over valuing your property just to persuade you to sign a contract with them? Unfortunately, recent experience suggests that some local agents are reintroducing this tactic in a bid to gain market share in a highly competitive market.
The consumer group Which? has recently published a report which would appear to support our suspicions. It’s research found that of the 370,000 sales it looked at between October 2015 and September 2016, one in five had been heavily reduced in price from the original asking price to the final sale price, and that overvalued properties sold more slowly and for less.
Which? Says it’s data suggests overvalued properties take 64 days longer to sell than the rest and that properties that start out overpriced don’t generally later achieve a higher price than an ‘uninflated’ one.
At Fenland Estates we believe in working closely with our clients to an agreed marketing plan designed to achieve the best price possible for their property which, ultimately, is worth what someone will pay for it – not a highly inflated figure doomed to be reduced in an agents next special event sale several months after going on the market.