Accurate valuations critical to selling homes, says Halls boss
Accurate valuations are critical when selling residential properties in a price sensitive market, says the managing director of a leading regional estate agent.
Based on his personal experience during 2024, Jon Quinn, who leads Shropshire-based Halls, warned that overvalued properties are either being ignored by home hunters or potential sales risk falling through during the conveyancing process.
He stresses that it’s imperative to seek an accurate market valuation from an experienced surveyor.
With nine offices covering Shropshire, Cheshire, the West Midlands and Mid and North Wales, Halls is one of the UK’s leading independent firms of estate agents, chartered surveyors, auctioneers and valuers.
Mr Quinn says the company has a team of experienced valuers, including 16 with RICS qualifications, who have the knowledge to accurately value properties, taking account of their condition, position and the owner’s requirements.
“During 2024, our valuers have constantly found examples of properties in their respective areas that were unsold because they had been given over-inflated valuations by rival estate agents,” he said.
“We often see examples of homeowners being told that their house is worth between 10% and 25% more than its actual value to win the instruction and the property ends up not selling.
“Their estate agent then convinces them that the market is terrible and a price reduction is required. The truth is the property market is merely price sensitive.
“Overvalued properties are ignored by potential purchasers and the owners then find that the initial ‘over ask’ is not, in most circumstances, repaired by a subsequent price reduction. In most cases, it can only be repaired by a reduction of the initial valuation plus an over correction.
“For those properties valued correctly, the market is buoyant, which means that the accuracy of the initial valuation is now key to a successful marketing campaign. That’s why a valuation from an experienced estate agent with strong, local knowledge at the outset is imperative.
“People looking to move don’t want to waste time and money. The process of putting your house on the market to completing a sale should take no more than four to six months.”
