At Property Indeed, we understand that when it comes to selling your home in vibrant Bristol, valuation figures can sometimes be puzzling. With various opinions, it’s natural to wonder which path to follow. In this article, we shed light on these figures and provide answers to your questions, ensuring a well-informed approach before listing your Bristol property.
Understanding Valuation Figures:
If you’ve already received multiple valuations for your Bristol property, you might be puzzled by the varying price ranges provided by different agents. What is the true value of your home, and what should be your listing price?
It’s crucial to remember that when an estate agent offers a property valuation, it’s an informed opinion rather than an exact science. Agents base their valuations on what they believe a buyer will pay for your property. Naturally, a higher valuation benefits both you as the seller and the agent in terms of higher fees. However, aiming too high can lead to limited viewings and no sale.
Typically, agents recommend a price range to sellers, where the value of your home falls somewhere between X and Y. This estimate is supported by evidence, considering recent property sales and market demand. Nevertheless, your circumstances play a significant role in determining the final marketing price.
Your Property’s Three Values:
- Guaranteed Sale Price: This is the figure agents are confident they can achieve without complications. While it may be on the lower end of the range, it virtually guarantees a swift sale, ideal if you’re in a hurry.
- Market Value: Representing the average of your valuation ranges, this price likely reflects the true market value of your property. It ensures a sale in a reasonable timeframe without rushing.
- Aspirational Price: The highest quoted price, representing the maximum you could hope to receive. However, achieving this price isn’t guaranteed, and there’s no specific timeframe for it. Setting this price too high may deter potential buyers and require adjustments down the line.
Creating a Selling Strategy:
Many sellers are inclined to choose the highest price among these options. While it’s natural to seek the highest value for your asset, aiming for the aspirational price may not yield quick results.
To sell promptly and maximize your equity for your next home, a well-thought-out plan is essential:
- Don’t solely select the agent offering the highest price. Instead, calculate the average of your valuations for a more accurate market value.
- Choose an agent with a robust marketing strategy to launch your Bristol property effectively, generating viewings and inquiries.
- If aiming for the aspirational price, establish a future date to evaluate interest levels and adjust the price if necessary.
It’s crucial to monitor your property’s market presence closely. If the property hasn’t sold within the first two months, interest tends to decline. Waiting for years for market conditions to improve is not a practical solution.
The property market may be unpredictable, but online platforms and algorithms aren’t. The most activity typically occurs in the first four weeks when a property is new on the market. While pursuing that aspirational price is possible, commit to reviewing and adjusting your strategy if immediate success doesn’t materialise.
At Property Indeed, we share your goal of aiming high, but we also emphasise realism. If you’d like more information on how to market your Bristol home for an aspirational price, get in touch with our team of property experts today. Your Bristol property journey starts here!
