Which? researchers (and good agents) know…

My daily routine starts by logging on to Rightmove. I check what's newly listed, what's been sold and get a snapshot of how the W4 market is moving before I've had my morning cup of coffee. Last weekend I was disturbed to find that 64% of the first page of ‘newly listed' Chiswick property wasn't new to the market at all – 64% were price reductions. It's an increasingly common trend and, as a seller, it's difficult to decipher whether you should jump on the bandwagon.

Which? independent research analysed hundreds of thousands of property sales over the course of a year and discovered owners are short changing themselves by tens of thousands of pounds when their agent lists at an inflated price. Which? warns, "Beware of overvaluations.  When you want to sell your home, it may be tempting to choose the estate agent that values your property at the highest price. However, the results of our investigation suggest that while it may seem like agents are doing you a favour by trying to get more for your home, the property can end up selling for much less than average.” 

The practice of overvaluing and under-delivering is, for many agencies, common practice. Which? research found several estate agents with offices in West London that were guilty of ‘heavily reducing' the asking prices of over a third of their listings. Which? also found these heavily reduced properties achieved an average of 7% less than their true value and took much longer to sell - 64 more days (on average, to be precise) than properties listed for their true value. For the average Chiswick property, this would mean a shortfall of £74,444 for the seller. The figures are staggering and the research is undeniable. The practice is of overvaluing is, put simply, a gross disservice to Chiswick homeowners.  

If I'm honest, it's often tempting to tell a potential client what they want to hear, but it's good agency to tell them what they need to hear. The key to achieving the best result for your property sale is selecting an experienced agent that isn't just listing your home to meet their quarterly targets (and take home that quarterly bonus!). Choose the agent that has your best interests at heart and has every intention of selling your property for its maximum value. The Horton and Garton Chiswick team is growing. If you'd like an up-to-date valuation of your home or a coffee and chat about how the market is moving in your street, my team and I are at your service.

-Paul Cooney MNAEA, Director, Chiswick Sales

Advertorial

October 20, 2018