According to a representative survey, most owners’ estimates of the value of their property deviate from the actual market value.
Here, however, the tendency to overestimate the real estate value is particularly striking.
Four out of ten owners who overestimated the bid price gave a price quote that exceeded the current market value by 20 to 40%. For those sellers who underestimate the value, only slightly more than one in ten said they had a price that was more than 20% below the value of the item.
Owners often have a clouded look when valuing their own property. Especially if a house or apartment was used by the seller, they have a high emotional value for the owner. However, an offer price needs valid arguments. Therefore, it requires a professional property valuation. This includes an objective assessment of the structural conditions, but also an environmental analysis and a price assessment, which includes the current market situation by comparison with similar objects.