Three reasons why you should get a property valuation
Last Modified: 06/02/2020
Hello and welcome to the HOMI blog. HOMI is a newly formed digital real estate company that gives you control over buying and selling property. This is our first ever blog post and will be produced in both English and Greek.
– “Doesn’t the seller just choose the sale price, and then the real estate agent agrees?”
I have heard the above statement countless times and each time I give the same answer.
– “Of course, the seller chooses whichever price they want. And the real estate agent should agree with them and list the property”
Here is why this mindset is crazy and dangerous.
You decide that your property is worth €200,000 even though similar properties in the market are listed for €150,000.
You call a real estate agent to visit your property and you tell them that you want to sell for €200,000.
The real estate agent agrees to list at this price and begins marketing the property at €200,000.
This is what happens next….
ZERO ENQUIRIES AFTER ONE WEEK.
ZERO ENQUIRIES AFTER ONE MONTH.
ZERO ENQUIRIES AFTER THREE MONTHS.
You see, the property is priced too high compared to the market and it generates no interest.
Your real estate agent has wasted money marketing your property at an unrealistic price.
You, the seller, have wasted your valuable time.
You have not been able to sell which means that your money remains locked up in this property.
But it doesn’t have to be this way.
You can save yourself lots of grief by arranging a valuation of your property by a professional.
A professional can compare your property to similar properties that have recently sold or that are currently listed. They can estimate a market-based price for your property.
A market-based valuation estimate is worthwhile for the following reasons
1. You attract more buyers
Buyers that are interested in properties like yours will research the area and similar properties before making a purchase decision
They develop a feel for the market, and they know when they see a good opportunity at a reasonable price.
By selecting your sales price considering on a market-based view you can attract more buyers.
You can also create competitive tension amongst buyers.
This can lead to more offers at more favourable terms.
2. You can justify your asking price by showing the valuation to potential buyers
A well-founded valuation can be used to justify your asking price.
It shows buyers that a third-party has given their professional view based on market data.
You can use the report to show other examples of properties in the area that sold for similar prices, and properties that are currently listed.
This also shows the buyer that you have done your homework and that you are serious about selling your property.
3. You reduce the likelihood of being disappointed by real estate agents
Some real estate agents will agree with your desired price so they can secure your listing.
But when you don’t receive the desired interest from buyers, the real estate agent will try to reduce your asking price.
The problem is that your property has already been listed for a while.
Buyers begin to think that something may be wrong with your property.
“Why hasn’t anyone made an offer?”
“They must be hiding something.”
“Maybe the property is overpriced”
Once you drop your asking price, the same questions may persist.
You are left feeling frustrated and annoyed.
But all this pain can be avoided.
You just need to arrange for your property to be valued by a professional.
Luckily, we have the perfect solution for you.
HOMI is a newly established real estate company operating in Athens.
We offer free valuations to those who have a property in Athens and they are looking to sell it.
Given current events, we are offering to provide a valuation online without a physical meeting. Just click here to submit your details, and we will provide your valuation within 48 hours.
Get your FREE VALUATION now.