Putting a value on a house used to be something of a dark art really only performed by estate agents with a finger on the pulse of the market.
To an extent, it’s still the same today. Like many other trades and professions, there is no real substitute for an expert with years of experience who can tell you if fluctuations in the market are blips or more likely to be a long-term trend.
But there’s also no denying the internet has dispelled some of the hocus pocus and, if you’re proficient in online searches, it won’t take you very long at all to come up with a ball-park figure. Rightmove, Zoopla, and Prime Location can all show you what houses in your area have been selling for recently and some agents also have their own online calculators – although you might have to surrender your personal details to a database first.
But, at the risk of seeming a little glib, the answer to the question about what your house is worth is simply: what someone is willing to pay. It might be below the careful estimate you came up with after hours of online research – but, equally, it might be considerably higher.
The value of your house can be influenced by so many things. The proximity to a good school, local shops, a railway station and – increasingly – the quality of your broadband connection can all play a part.
However, it’s still about finding the right person who wants or needs all or any of those things – and that relies on how effectively your home is marketed.
Our advice would be:
1/ Once again, do some homework; start by giving some careful thought to the figure you need to sell at to finance your next step – whatever that might be – and then ask yourself if it really is a realistic asking price for your home.
1/ Have a look online first to come up with rough idea of what similar properties in the area have sold for over the past few months and then fine tune that figure when you speak to the estate agents who made it onto your final list . Don’t necessarily tell them what your research concluded; why not let them tell you …?
2/ Remember a high valuation isn’t necessarily good news. Some agents might try to win you over by flattering you with an impressive figure – but you won’t be thanking them if your property is still on the market months later.
3/ A low estimate can certainly be a tactic to use is you’re desperate to sell quickly, but it can also lead to disappointment, particularly if you have to surrender further ground in negotiations with potential buyers. Our policy at www.esaleuk.com is to price realistically, but with enough wiggle room to allow our clients to sell either at – or just above – their ideal asking price.
4/ Make sure all the best attributes of your home are highlighted in the estate agents details’. Gardens, garages, extensions, location and – as we’ve said already – broadband speed can all help. If you’re not in a chain, saying so can also encourage buyers to make an offer closer to your asking price.
5/ An empty house painted in neutral colours might be touted frequently as the ideal but it’s just not practical for all of us. By all means, get those odd DIY jobs done before you get your estimate but don’t spend thousands on builders and decorators in the hope you can recoup the outlay through bumping up your valuation. It can be really frustrating to see another home down the road sell for only a little less when you have just invested a small fortune in refurbishments.
As ever, if you need any more help, we’d be delighted to have a chat.
Or visit our Online Valuation page and get a free valuation by email now