Valuation - a science or an art?
The more experienced the estate agent, the more they will acknowledge that valuation is the most critical part of the business. It is vitally important; so that the best possible price in the most suitable timescale is achieved and there are many factors to consider when valuing a property…………….
but is it a science or an art?
The scientific viewpoint:
The size of a property, the general condition, number of bedrooms and reception rooms, the size and aspect of the garden and numerous other “tangible” considerations can be taken into account. Then, with the use of the internet and property advertisements in the local media, and taking into account comparable properties which have sold and those that are on the market as competition, the valuation could be arrived at……..couldn’t it?
Well, actually, that’s only half the story!
The artistic viewpoint:
What value does a view add to a property? What premium for tasteful or high quality decorations and will attractive presentation enhance the saleability and quite possibly the price? What about “location, location, location”? Why are some parts of town more popular than others and why can properties on one side of the road sometimes command a higher premium than the opposite side of the road? Why do experts say that kitchens and bathrooms sell houses and what price a new kitchen for example, compared to the possible enhancement in property value? The list of “intangible” factors is endless and can add substantial value to your home; often by many thousands of pounds.
Get the science right and you will sell your home………probably; however, get the art right as well and you substantially improve your chances of selling your home………for a much greater price!
The science of valuation can be easily learnt: nowadays everyone has a wealth of information at their fingertips, literally at the touch of a button. The art of valuation however, takes simply years of relevant experience and relevant knowledge; of selling property locally in all market conditions and only through that can the full value of a property be accurately assessed.
I’ve been marketing and selling homes in and around Nailsea for over 30 years, so please invite me, Stephen Pring, to demonstrate that valuation is much more than just a science, there’s an art to it as well!