Rightmove vs Experts – Why a Professional Property Valuation is Essential
In the age of instant information, it’s tempting to rely on advertised property prices found online to estimate the value of your own home or investment property. Many sellers and landlords look at property portals, see asking prices, and assume that’s what homes are selling or renting for. However, this approach can be misleading and, in many cases, result in pricing your property incorrectly – leading either to a prolonged time on the market, or a loss in potential value.
At Settio, we firmly believe in the importance of a professional data driven property valuation conducted by an experienced local agent. Here’s why relying on online pricing alone can be a costly mistake and why local expertise is invaluable in setting the right price for your property.
Advertised Prices Do Not Equal Achieved Prices
One of the biggest misconceptions in property sales and lettings is that the price you see online is the price a property will achieve. Advertised prices are often aspirational, meaning sellers and landlords list properties at a value they hope to achieve and interpreting the data behind them is key.
In reality, properties frequently sell for less than the asking price – or, in a competitive market, potentially for more. Only a local expert with access to recent sold prices and knowledge of real-time negotiations can give you an accurate market value, ensuring you set the right price from the outset.
The Hidden Details Behind Every Listing
When browsing online, you only see the surface-level details of a property—photos, descriptions, and an asking price. What you don’t see is the full history of that property.
- How long has it been on the market?
- Has the price been reduced?
- Has it been under offer before and fallen through?
- Are there any hidden issues impacting its value?
A local agent has access to this data and can provide context that an online listing simply cannot.
Local Market Conditions and Microeconomics Matter
Property prices are not static, and they do not behave in a purely elastic way, meaning a reduction in price does not always lead to a quicker sale. A property’s value is influenced by a complex set of local economic factors, including:
- Supply and demand in specific postcodes or neighbourhoods
- Seasonal fluctuations in buyer and renter activity
- Mortgage interest rates affecting buyer affordability
- Local investment projects or infrastructure improvements
- School catchment areas and transport links
An experienced local agent understands these subtle market forces and can guide you on how they impact your property’s value today – not six months ago when the last “sold” figure was recorded.
The Risk of Overpricing or Underpricing
Setting an unrealistic price—whether too high or too low—can cost you valuable time and money.
- Overpricing leads to stagnation: Buyers and tenants are savvy and won’t waste time on properties they feel are overpriced. The longer your property sits on the market, the less attractive it becomes, often leading to price reductions and a perception that “something must be wrong” with it.
- Underpricing means losing value: Without a professional valuation, you might set a price too low, leaving money on the table. In some cases, attracting quick interest and working toward best and final offers can be successful strategy but, you could also be selling yourself short.
A professional valuation ensures your property is priced strategically – maximising interest while securing the best possible return.
Conclusion…
A professional valuation from a trusted local agent takes into account all of the factors above and provides a realistic, data-driven figure.
At Settio, we have the local knowledge, market expertise, and up-to-date insights to give you an accurate, professional valuation and ensure that you enter the market competitively, with confidence.
If you’re thinking about selling or letting your property, contact us today for advice from our experienced team.
Let’s get your pricing right from the start.
