If you’ve ever sold a property, you probably would have asked yourself “How much is my house really worth and how is this value calculated?
Property valuations can vary hugely from agent to agent, but how do they come to their end value?
Unfortunately there isn’t a magic calculator that throws out the value. The true value of the property is based on a number of different factors including historic sale prices, asking prices of comparable properties, the properties overall condition and local market trends.
So if you’re looking to sell, buy or you’re just interested in your local property market, Quick Move Now has compiled our top tips on revealing the real value of your home.
Research Property Sold Price Data
In today’s modern world, most information is easily accessible via the World Wide Web and property data is no exception. There are a plethora of websites that can give you access to detailed property information, something that estate agents were once only privy to. Here are some of our recommended sites to use, just to name a few!
Most websites take their data directly from the Land Registry. It’s worth bearing in mind that newly sold property data can take up to three months before filtering through.
Understanding Property Asking Prices
Just because a property is being marketed at a certain asking price, there are no guarantees that this price will be met.
Ultimately, a buyer will only pay what he or she thinks its worth.
Most savvy buyers will do their research on the local market before viewing any property. They will take their findings and the properties condition into consideration before an offer is made.
How can you tell if a property sold for the asking price?
If you’d like to know whether a property sold under or over the asking price, Zoopla will give you this level of insight. Unfortunately this isn’t available on every property; it all depends on how the property was set up on Zoopla by the estate agent.
Rightmove also have a property comparison section which displays the asking price for similar properties that are no longer on the market. Understanding what people are willing to pay for property is one of the most accurate ways to find a home’s true value!
Remember, with these tools you have as much information at your hands as any estate agent. Everyone knows that knowledge is power!