For years the buzz phrase in property has been ‘Location, Location, Location’.
It refers, apparently, to the most important ingredient in a home’s desirability. It’s position. It’s setting.
For sure, there’s an obvious truth to location being top of your list when it comes to what makes a property the most valuable. But it is ‘bleedin’ obvious’. Malibu seems to trump Chechnya in cost per square feet, for instance. And a des res opposite Harrods is a cut above a Sellafield tower block.
The ‘Location, Location, Location phrase has been coined by TV shows and has even been stolen by a certain Prime Minister and then spun into a hybrid saying, ‘Education, Education, Education’. And he certainly knew a thing or two about buying property, as it turns out.
But the key phrase in all things houses has changed. Sure, it’s still a good idea to choose to buy within spitting distance of a school with a glowing OFSTED ranking or a pad that has a fast rail link into the city on its doorstep. This continues to be glowingly obvious stuff.
The new watchword is ‘valuation’. As a seller, ensuring that the price that you put on your property is accurate. Often, you can’t rely on your local estate agent to do that because they are often notoriously inaccurate either through ignorance or due to a well known industry ploy to purposely over value your home so that you are flattered into suing them over and above their competitors. They simply encourage you to reduce your price some weeks after the viewers have failed to appear.
Sellers are always tempted to ‘try a high price to see what happens’. Don’t. Not in a challenging, buyers’ market with more property stock availability than for many years against a shortage of buyers. You’ll just sit on Rightmove nestled amongst the other over priced homes like yours that aren’t getting any attention.
Check HM Land Registry. Sites like NetHousePrices.co.uk collates sold prices in each postcode. Don’t just look at houses nearby that are for sale and assume that the price of unsold homes is a barometer of worth. Only SOLD prices genuinely demonstrate accurate value.
So whilst LOCATION can dictate value, you can still get your pricing wildly wrong.
Which is why the new mantra in property currently must be ‘Valuation, Valuation, Valuation’.
Ignore your home’s true value and it could well be a case of ‘Frustration, Frustration, Frustration’.
To avoid frustration over estate agents fees, be sure to sell through online estate agents eMoov. Typical fees of just £295.00 plus vat.