A recent Which? report into estate agency confirmed something I have warned about in the past, overvaluing of your property by your Estate agent will often cost you money, time and will damage your prospects of a successful sale.
During the period between September 2015 and September 2016 the report states that one in five properties had to be reduced by at least 5% before they sold and of these the average price reduction for what they classed as heavily reduced (5% or more) was 9.4% (£266,00 dropping to £241,000).
So in SE18 where the average property value is around £340,000 that works out a £31,960 drop in value..
To top this off they also found that these heavily reduced properties took on average 64 days longer to sell.
How can you avoid this?
Initially be wary if your valuation sounds too high, and make sure your agent is able to show you a list of comparable SOLD homes, currently live listings show an asking price only, land registry data will tell you the true sale price.
As we discussed the best way to add value to your home is to concentrate on space and presentation, Click Here To Download Your Free Guide To Preparing Your Home For Sale