Valuing property my be something of an art. But as a seller, how do you know if a valuation is accurate?

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Edward says, “A selling agent should always be able to explain how they’ve come up with their valuation and give examples of what comparable properties have sold for. It can be tempting to blindly choose the estate agent who’s given you the highest valuation. After all, you want the best price for your home. But if a property is priced too high for the market, it won’t sell.” Don’t forget, the longer a home is on the market, the more likely buyers are to think there’s something wrong with it, and the more likely you are to have to drop the price. An agent should also take into account their knowledge of active buyers in the market; at the end of the day they are the ones who have to be persuaded to pay up!

Having an estate agent you trust can make selling your home much less stressful, and help you develop a strategy to get the best possible price. Ask for facts to substantiate your estate agent’s valuation, such as other properties they’ve sold in the same area and why they’ve valued yours higher or lower. Although your buyer’s mortgage company will want to do their own valuation, you can run into issues if your sale price is significantly above what their mortgage company is prepared to lend. Always ask your estate agent what figure they’d put in if they were writing a letter to the bank, so you’ll know if this is likely to be an issue.

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If you have a niche property, then it makes sense to find an estate agent who specialises in that type of property. They may already know of buyers who may be interested. To make sure your agent is getting the price right, sellers should ask them to put their money where their mouth is by varying fees by percentage. A sign an agent may have overvalued a home is if they tie you into a long contract. Avoid

Consider a specialist agent 4. Inquire about varying fees 5. Be wary of long contracts Make sure you find an estate agent that you trust