It is with great pleasure that I accept the challenge to address the property issues for the Canary Wharf community. Welcome to my first column!
Q. Having made the decision to place my property on the market for sale, I already have an idea of the sort of price I would like to achieve. Having seen a couple of local agents for current market appraisals I feel disappointed with their suggested marketing figures, I feel I have a very sought after property and would like to market for much higher than they are advising, what danger if any is there in going against the agents advise and following my own instincts?
A. Understandably, every home owner is of the opinion that their property is worth far more than the market is usually dictating. However, as long as the agents that have been called in to value the property are established within the area and the valuer is able to give suitable comparables to back up his valuation then following their advice is usually the most sensible route. As a general rule marketing for much higher than the property is worth is to say the least dangerous, as today’s discerning buyers are extremely well educated and realise very quickly that the property is over priced. The property will then sit on the market for far too long therefore losing its momentum and failing to achieve a successful sale in a reasonable time frame.