Your guide to understanding your property's value

If you are planning to sell your property, it’s important to get an accurate estimate of how much the property could be worth. With so many factors being considered when predicting what somebody will be willing to pay, we thought we'd give you an agent's perspective of what that involves.

Open 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. This would also be based on an assumption that there are no external pressures on you personally that would make the property a distressed sale. A good local agent will be keeping up to speed with exactly what is going on in your area and revising their values accordingly.

What impacts the value of your property?

The value of your home 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 homes for sale 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 property 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. It could also suggest to people that you are needing to sell quickly, which inevitably ends up attracting offers that are cheeky to say the least.

On the other side of that, if the asking price is too high, you may not receive any offers at all, or indeed viewings. This causes time delays and market stagnation when ideal buyers are put off a home that falls outside of their price bracket.

Most properties see a surge in interest in their first 2 weeks. If the price is wrong and you fail to attract good interest in those first 2 weeks, it can be a difficult mistake to recover from. A price drop never has the same impact as that initial first listing.

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 property really be worth?

The best way to see how much your home is worth is through a combination of tried-and-tested methods. Online instant calculators can only go off land registry data which tends to be months out of date.

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.

Remember, with The Agent, the person who comes out to value your property is your one-to-one professional and they will work with you all the way through to completion. This helps to achieve higher sold prices and reduces the risk of a sale falling through because communication is far better. See if we have an agent in your area.

If you’re thinking about putting your property on the market, book a valuation with our team today.