Importance Of Property Valuations

Published: 18/01/2021

We appreciate selling your home is a challenging activity, especially if you have never sold a home before. There is a lot to consider, but not every aspect is the same, or of the same merit.
At BR Estate Agent, we are pleased to say we have helped many homeowners in and around Bromley make an informed decision when selling their home. We believe many issues are important, but a realistic property valuation is the starting point for selling your home with confidence.

A range of factors influence the price people are willing to pay for homes

While the condition and size of your property are prominent factors in determining the value of a home, there are many more elements to consider. There are as many external factors influencing your property value as values directly attributed to your property. Therefore, it is best to call on a local estate agent who knows the market.

We know the Bromley market very well. When we speak with prospective buyers, we know the factors most households want to see, and we love to sell the area. When we deal with vendors, we help them connect with buyers, but we also offer a genuine appraisal on how your home compares with the local market.

Some of the factors which shape property values include:

  • Local amenities and facilities in the area
  • The current supply of homes in the area
  • The level of demand for property in the area
  • The level of storage space in the home
  • The possibility for expansion or development at the property
It is possible to influence some of these elements, and we will advise you on how to improve your home to increase its value, but some parts are out of your control. The presence of a highly-regarded school or a dependable transport hub often shapes property prices more than the condition or size of a home.

Why it is vital to price your home accurately
If you price your home at too low a price, you’ll lose money if it sells. This outcome may impact on your next move. Of course, if you price your home with too high a value, savvy buyers will show no interest in your home. Even if you then drop the price at a later date, some buyers may have concerns as to why you have dropped the price so quickly.

With modern home-buyers beginning their search online, they set minimum and maximum price parameters for homes they wish to see. If your house is valued at a price outside these parameters, prospective buyers don’t see your property in their search returns. Therefore, you must value your home at a level which helps you connect with likely buyers.

You must be able to justify the value of your home. There is nothing wrong with your property holding a value that is higher than the local average value, as long as your home is better than average. As a local agent in Bromley, we not only know local prices and values; we see the reasoning behind these figures. This knowledge helps us help you to price your home accurately.

If you are looking to make a move in the Bromley property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone your BR Estate Agent on 020 3633 8620 from 9am till 9pm seven days a week or visit our website for more information.