House Valuations Explained – Why did I receive different valuations from different agents?

Selling your property is a huge step and choosing the correct estate agent is an extremely important decision.

Why have I received different values from different agents?

Whilst it might be tempting to shop around for an agent based on their valuation of your property it is worth noting that an agent’s valuation is just their personal estimation of the value of the property. The actual price will be determined by the surveyor as part of their Home Report valuation. This surveyor’s valuation is independent of the estate agent’s valuation so in reality the value given by the estate agent has no real impact on the initial sale price of the property.

It is worth considering that the top price at the point of valuation does not necessarily translate into the best sale price achieved once the property is on the market. Whilst it might be tempting to pick the agent who has given the highest valuation it is more important to pick an agent who has the experience to market the property effectively and negotiate the best price once the property is on the market.

How does an agent value a property?

Notwithstanding what has been said above a valuation given by a good estate agent should be very close to the surveyor’s valuation. When valuing your property an experienced estate agent will consider a number of things before reaching their final figure:

Comparables: They will use previously sold properties as a starting point of their valuation. They will try to find properties in similar areas and similar sizes to act as comparables.

Market Condition: They will then apply their knowledge of the property market at the time of their valuation to determine whether the market has changed since the sale of the previous properties.

Decorative Condition of the Property: A surveyor will look at the physical condition of your property in more depth but an estate agent will take account of the decorative condition of your property. A property in very good modern condition is not a direct comparable to a property in need of complete renovation. An experienced estate agent will make suitable adjustments to their valuation based on this.

What if there are no direct comparables?

There are of course situations where a property has no real comparables due to its location or type. In this situation an accurate valuation can be more difficult, however your estate agent should be able to use their experience of the area and market to come to a realistic valuation.

Experience you can trust!

If there is difference of opinion on the valuation of your property then please don’t be afraid to ask your estate agent how they have reached the figure they have given. They should be able to provide you with their reasoning for the valuation they have given.

At Blackwood & Smith you can trust that our extremely experienced team will always try to give as accurate a valuation as possible. Our agents do not have sales targets and they will not inflate valuations as a way of winning business. As a solicitor estate agent we can take you from the very first meeting at the point of valuation through the whole process to eventually handing over keys. Our estate agency and legal teams will work together to ensure this process is as smooth as possible.

Contact us for a free valuation

If you would like one of our extremely knowledgeable and dedicated team to come and carry out a free valuation of your property please get in contact as we would be delighted to discuss this with you. Our goal isn’t to simply sell your property; we will always aim to get you the best possible price.

Property Team – call us on 01721 721515, email us on property@blackwoodsmith.com

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