Buying or selling a property happens only a few times in a lifetime.
It is therefore difficult for an individual to know with precision the state of the market at the time of the acquisition or sale of a property. The estimation is an important step in the selling process. Many websites promise you a free and almost immediate real estate evaluation. How reliable are these sites? Can you really determine the value of your property on the basis of individual criteria? How to avoid the pitfalls of self-assessment?
When you try to determine the value of your property yourself, your first reflex is to look at online estimation websites. This is a good first approach, but it is often not enough! The most experienced among you will continue their research by consulting the prices made public by the Chamber of Notaries and/or government data.
Finally, it is with a certain curiosity that you will dissect the advertisements of the properties for sale on real estate portals such as Se Loger, Leboncoin, PAP, Propriétés Le Figaro... If these specialized sites give you a first idea of the market prices; you will have to redouble your efforts to interpret and analyze all these data.
Be careful! The ads published on these real estate portals do not display negotiated prices. The price displayed includes both the agency fees which can vary greatly from one agency to another (between 2 and 5%) as well as a negotiation margin. These two elements can strongly fluctuate the real value of a property and thus mislead you. Moreover, the advertisements of private individuals are very often overvalued. The emotional value of their property generally pushes them to set a price above the high range.
Finally, remember that in order to be able to enter a mandate, the real estate negotiator can easily be influenced by the seller and agree to start marketing a property at a price significantly higher than the one he had initially recommended.
Each property is unique. Two properties that look the same and are located in the same neighborhood may be marketed at different prices. However, these prices will always reason in one way or another with the market prices. Several characteristics must be taken into account in the appreciation of the value of the property: the location, the general state, the surface, the floor, the exposure, the state of the common parts, the DPE...
It is often the case that the posted price of a property is too ambitious. This can be determined in a lucid way (the owner tries to anticipate the negotiations of the purchasers) or unconsciously (the owner does not know the real value of his property). Be aware that an overvalued property will not sell.
Buyers know the market price. They have often visited other properties before seeing yours. Overestimating a property can be cataclysmic in a sales process because :
- The first few days of a sale are crucial. A price that is too high risks diverting the attention of potential buyers and prolonging the sale time.
- Your property will trigger very few visits. The buyer will form an opinion of your property in the blink of an eye. If your property is overvalued, there will be no visits and therefore no sale.
- Your property may be marketed for too long at the risk of thinking that there is a hidden defect and completely devalue your property.
- Negotiations are likely to be tough. Aware that you are in a hurry and that your property is not selling, the potential buyers will want to make you proposals well above the market price. You will then find yourself in a dead end because if you don't sell your apartment above the market price (which won't happen), you could lose money in this operation.
Overestimation and maximization of the selling price are two concepts to be understood separately.
Assume that the commission is an investment when it allows a maximization of the selling price according to the market conditions at the time of the sale. This maximization is achieved through the right selling price, which is only the consequence of an irreproachable professionalism and knowledge of the market.
You can be sure that the Mobilis Group teams have the skills, tools and experience necessary to determine the true market price of your property. Contact us at 01 47 20 30 00 or at infos@groupemobilis.com to discuss your projects in person!
