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Your guide to understanding your property’s value

 

If you are planning to sell or rent your property, then it’s important to get an accurate estimate of how much the property could be worth.

To give you an agent’s perspective of what that involves, we’ve provided some of the key take-away points below.

Market value

Firstly, knowing how much your property is worth is more commonly known as its ‘market value’, which relates to the price a buyer is willing to pay when considering local and national market conditions.

What impacts the value of your property?

The value of your house can be determined by a variety of factors, such as any recent changes to the property or your neighbourhood.

Some of these factors may also include the size, location, amenities, condition and the asking price of similar houses nearby, so it’s always beneficial to talk to a local agent with familiarity selling in your area.

The difference between market value and asking price

Valuing your house accurately is one of the most important parts of the process.

Bringing your home onto the market with an asking price that is too low could mean you receive offers below market value.

Whereas if the asking price is too high, you may not receive any offers at all, causing time delays and market stagnation as the ideal buyers are put off a home that falls outside of their price bracket.

So, whilst it can be tempting to instruct an agent based on who is offering the highest value, the risk of this is that you may need to gradually reduce your price anyway to reflect the property’s actual market value.

 How much could your house really be worth?

The best way to see how much your house is worth is through a combination of tried-and-tested
methods.

Over lockdown, it would be advisable to begin by referring to online house price calculators and valuation tools, as these will provide a guide based on Land Registry Data. 

However, it’s important to bear in mind that for the most accurate and up-to-date valuation, you should organise time with an agent, as an in-person appraisal will guarantee any recent developments to your home are taken into consideration