If you’re thinking about selling your house then you are probably trying to figure out what your selling price might be. Part of that process is getting a valuation on your home. So, if you’re wondering, “Can valuations affect the selling price on a house in London?” then keep reading…
When selling your house, you’ll be juggling a lot of numbers!
- There’s the asking price – the price you WANT to sell your house for
- There’s the valuation – the price that a real estate professional thinks you should try to sell your house for
- There’s the selling price – the price that someone will ultimately pay for your house.
Can Valuations Affect The Selling Price On A House?
Here’s the answer:
A valuation should probably affect your asking price but it won’t affect the selling the price. Here’s why…
A valuation is an educated guess. When you want a valuation, the professional who gives you the valuation will usually find the number based on what other comparable houses in the area have sold for recently.
They’ll look at several factors (including, but not limited to the number of bedrooms or bathrooms, whether the basement is finished or not, etc.). Of course, it’s just an educated guess based on research, and there are other factors that may influence the price beyond the valuation.
The valuation will highlight things you want to be aware of. It will show you what other people are willing to pay for a house and often what they consider to be important factors in the area.
The valuation will then help you select an asking price that potential buyers seem willing to pay. For example, you might choose an asking price that is higher than the valuation because your house is a better house, or you might choose an asking price that is lower than the valuation because your house needs some work.
The Bottom Line
The valuation is a guide; an educated guess. But you should also be aware that the valuation is not always correct. There are many factors that determine the sale price of a house and a valuation is only a starting point. Therefore, it won’t likely influence the selling price.
Are you thinking about selling your house?
Why bother with a valuation at all? Why bother with showing your house to a bunch of strangers, and waiting month while they decide whether or not they want to buy. You can get a fair all-cash offer from us to buy your house fast… and then you don’t have to worry about getting a valuation, or listing the house, or showing your house, or negotiating. Just pick up the phone and give our team a call at 020 3633 9175 or click here now and enter your information into the form.