What is my property worth in Harlow
Valuing a property in Harlow has never been more critical than it is now!
There are several types of valuation going around at the moment.
Firstly, there is the ‘accurate’ valuation based on knowledge and backed up by actual proof.
Secondly, there is all too common ‘Let’s try it as this and see what happens’ valuation.
Finally, there is the ‘We can definitely get you £**** for this property’ valuation.
Why is this?
That is a fairly easy one to answer.
Number one.
The first one is self explanatory isn’t it? When having an agent round to value your property, they should be able to justify their figures that they give you. Ask for proof. Ask questions like; “Why do you say mine is worth £300,000 when Harry across the road sold his for £325,000”? If the agent has done his homework correctly, he/she will be able to give you an answer. We actually had this scenario only the other day.
We were valuing a Harlow property and were confident it was worth £380,000. The owners were not happy because their neighbour had sold an identical house recently and got £450,000 for it!
Fortunately, we had the answers in our armoury.
1. It actually sold for £425,000 ( people do actually tell fibs about what their property sold for).
2. It had a conservatory and a small extension.
3. It actually sold in Feb 2023 and prices have dropped around 3.5% since then.
4. It was generally in better condition. This is always a tricky one, but one that has to be overcome.
They seemed happy with our answers and actually instructed us this morning!
Number two.
What is my property worth in Harlow
Over 50% of property that has come to market in Harlow in 2023 ends up having at least one price reduction. It has become so bad that we can almost predict within a few days when a new to market property gets its first price reduction.
It is usually around 4 weeks!
This is simply a tale of two things; a) The agent really doesn’t know and will ‘go fishing’ to see if he/she can find out what you are looking for.
Then you get the “Let’s try it for a few weeks and then we can reduce the price if we have to”.
WRONG!
Rightmove and Zoopla have both recently released similar data which says that:
Property that undergoes a price reduction have a 10% less chance of EVER selling. The 90% that still go on to sell, realise 3.8-5% LESS than the new asking price!
AVOID PRICE REDUCTIONS!
Number three
“Oh we believe we can get you xyz for your property”!
So when an agent tells you they can get you perhaps £10,000, £15,000, even £25,000 more for your property, who are you going to go with? Surely they know what they are talking about? Don’t they!?
Oddly, they really do know, BUT, they want your instruction. It isn’t much different from ‘number 2’.
They will get you to sign perhaps a 12, 16, or even a 20 week contract (plus they have 14-28 day notice clause even if the contract length has expired).
Why would they do this when the average selling time is less than this?
Overpricing id done simply to win the instruction.
We believe the agent that wins your instruction should be the one who have shown proof of price, shown great local knowledge, and just as important, who you feel comfortable with. After all, if you do not feel comfortable with them, chances are that the people viewing your property won’t either.
Summary
When you come to the point in your life that you want to know ‘what is my property worth in Harlow’, you have to decide who you are going to get round to value it.
There are quite a few Estate Agents in Harlow. We would obviously recommend you ask us, but we also think you should have another 1 or 2 around.
Whatever your choice, we respect your decision. However, you should be aware of the following and ask relevant questions..
- Make sure you do not get tied into a lengthy contract. Average selling time in Herts & Essex is around 8-9 weeks. Why would
an agent need a 12, 16, or even 20 week contract along with a 14+ day notice clause? We have NO LENGTH OF TIME on our contracts! If an agent wants a length of time on their contract, ASK THEM WHY AND MAKE THEM QUALIFY THE ANSWER! - BEWARE OF OVER VALUING. This falls in line with length of contract as this is done to win the sale knowing they will have time to reduce the price! Make sure the agent fully explains how they came to the figure they have valued it at. PRICE REDUCTIONS ARE BAD NEWS AS PREVIOUSLY EXPLAINED!
- After the valuation, and before you have made your decision, some agents will pressurize you to use them. A usual ploy is that they will phone you the next day or so and ask to do a “one off” viewing and give you false hope that they can achieve their inflated price and indeed sell it quickly. Of course, this viewer never buys!
- Make sure you feel comfortable with the agent. If you don’t, then chances are the people viewing your home won’t either!
- A lot of agents insist buyers use their mortgage brokers & solicitors, and if they do not, then you may never see that buyer again, or the agent may lead you towards a buyer that they are also arranging the mortgage for etc. thus earning more commission and feathering their own nest. We recommend good brokers & solicitors but NEVER insist they are used!
- Viewings should be done by experienced agents. It is annoyingly normal for agencies to send Juniors to do the viewings. With larger agencies it is rarely the person who did your valuation that do your viewings. ASK WHO IS GOING TO DO VIEWINGS.
- Fall throughs are running at an all time high. Currently 35%! Make sure your agent gives you a concise explanation as to how they check out if buyers are able to proceed. Ask if they leave your property on the market while due diligence is carried out! Jukes fall through rate is currently 2%!
- Don’t get side tracked by agency fees. It’s not what an agency charges, it’s what you bank after completion! Do not get
sucked in by the cheapest agent! Go with who you feel will sell your property the best from launch to completion.
Valuing Harlow property accurately is absolutely critical in the time and price it is sold for!
Want to know what your Harlow property might be worth?
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