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.
“We often see examples of homeowners being told that their house is worth between 10 per cent and 25 per cent more than its actual value to win the instruction and the property ends up not selling. “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.
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