There’s no doubt that anyone looking to sell their property in Central London wants to hear from a Mayfair estate agent is that they are going to get a good price for it. However, the saying of ‘too much of a good thing’ is rather apt in cases of overvaluation. So what do we mean by overvaluation? And why do some estate agents London way overvalue properties?
Overvaluation can happen when estate agents are extremely keen to secure your interest, in order to be the seller of your property. Sellers would never choose to say no to more money for their property, so overvaluation can win out. Who doesn’t want more money? However, research has shown that properties that are overvalued will take longer to sell and will sell for far less when compared to properties that have been professionally evaluated with accuracy. In fact, recent surveys have shown that, on average, houses are being overvalued at significant levels. Within London, and especially areas such as Mayfair, this problem can be even more pronounced due to prices being far higher. This can lead to discrepancies of hundreds of thousands of pounds between such overvaluation and actual selling prices. This is especially unhelpful if you are looking to sell your property in good time. Most people selling don’t want to be left waiting around for a couple of years before eventually lobbying their Mayfair estate agent to drop the price to actually secure a sale.
When a seller begins to realise that their property has been overvalued, they feel dejected by the behaviour of their Central London estate agents and seek to change to another agency. This, in turn, just adds to the expenses of eventually selling the property. Damage can also be done in the eyes of buyers when they see that a property has been reduced in price. Since many changes in property prices are stored via online property portals so that buyers can easily access them, the slowly decreasing price-point can serve as a warning sign. ‘Why has the property’s value fallen 20%?’ In fact, many sellers have chosen to publicly talk about how overvaluation saw them “miss out” on their dream home. That is why it is important to find an estate agency that knows the area and has a proven track-record of consistently selling properties in the Mayfair or Central London area. Proper valuation performed by fully qualified surveyors is recommended. Not only do they want to maximise the profits of their clients, but they also want to ensure that clients are given accurate and honest valuations too. Finding a commercial agent that can straddle both these positions is extremely important to getting the best deal on your property.
Thankfully, there are commercial estate agents London wide that can do just that – particularly in areas with luxury properties such as Mayfair, Marylebone and other Central London locations. You can even find a Mayfair estate agent that already has a good list of potential high net worth buyers to ensure that your property is sold at a great price in no time at all.