Has Your Birmingham Property Been Undervalued or Overvalued?
July 17th, 2023
When you put your property on the market, you put your trust in us – the experts you have chosen. We have the details, we know your expectations, and our aim is to get you moving as soon as possible.
Sometimes, different agents will come to other prices and of course, there are reasons for this, such as an estate agent simply trying to win your business or perhaps a different level of experience and knowledge.
When talking with home movers in Birmingham, I’ve discovered that many people do indeed wonder about whether or not their property has been priced correctly. You’ve probably heard phrases like “priced to sell”, but how do you really know if your property has been undervalued or indeed overvalued? And why does it matter?
So, let’s look at how you can tell whether your property is on the market at the correct price.
What is the Right Price?
In some respects, this is the million-dollar question. Is your property in Birmingham priced on the low side to sell quickly, or is it priced relatively high so that you can potentially make more money? Well, actually, the right price is only ever about what you and the buyer agree to so that a sale can move forward. No other prices really matter!
Top Tip: Define what price you want or need to sell your house for and if you are prepared to lower your expectations if the need arises.
Is my Property Overpriced?
Are you frustrated because you seem to get a lot of viewings but no offers? Well then, one of the reasons could be that your house has been overvalued.
Potential buyers might like the look of your house in Birmingham, but fail to view because they feel the asking price is too high. They may view, and they may love it but still feel it’s not worth the price-tag. Not all potential buyers will feel they can risk putting in a low offer either, as they do not want to insult you OR, it’s not asked by the Estate Agent.
If you are enjoying lots of viewings but no offers, these are clear signs that something may need tweaking, particularly if similar properties nearby have sold.
Top Tip: If you do feel things need to change, do not be afraid to speak with your estate agent. After all, it’s in their interest to get a sale, so if their strategy needs to change, it should.Is my Property Undervalued?
To define undervalued, you have to look at a few different factors, including how much you are prepared to sell your house in Birmingham for. You might get an offer, or multiple offers, super quickly and this may worry you into thinking you could have achieved a higher price. But that is not necessarily the case. A good estate agent will ensure your home does not stagnate on the market!
Conversely, if you are getting no viewers and your property is on the market at a lower price than similar homes which have sold nearby, an under-valuation might be making people wonder if there is something wrong with your property!
Top Tip: Do some research of your own into similar properties on the market in Birmingham . If yours appears obviously low, speak to your estate agent.
Do Your Own Research
As an Estate Agent of sixteen years, I use my local experience and knowledge to advise you of what I think your property is worth. Sometimes though, I suggest having a look on the internet yourselves as well, this can give you peace of mind that we’re on the right track.
There are so many tools at your fingertips, and you should use them!
Go to the search engine of your choice and search for house prices in your area. There are sites that not only give you properties that are currently on the market but also offer up what a property has sold for in the past too.
You could also make use of online valuation tools if you want a second opinion. However, bear in mind that these are not always accurate, and it’s best to speak to professionals who have local knowledge and experience.
Top Tip: Compare similar properties in Birmingham as you’re likely to get a good comparison. If you compare a similar house, but in different localities, then different factors will affect prices.
Speak to your agent. I cannot stress strongly enough that communication is key. If you have concerns and you’ve done some research, then talk to your estate agent. Maybe it’s time to review how they are operating and whether or not they need to change.
Top Tip: Don’t be afraid to ask the questions and challenge. It’s your property that you are selling; you are in the driving seat.
I am Dean Coleman – your Bespoke Birmingham Estate Agent; use my skill, experience and local knowledge to place your property on the market at the right price. If I can help you, give me a call on 07581875215 or email email@example.com and I will be delighted to help.