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What is the value of my home?

The British public tend to have a fascination with house prices. People like to know that their investment in bricks and mortar has gone or is going up in value. If a neighbour's house comes on the market, people are curious to learn how their own home compares to their neighbours in value. Generally, we like to know that we have made a return on investment and some.

The traditional way of obtaining a valuation is by calling out an estate agent. On average sellers usually ask three agents out to get a few opinions on value. However, if you are only starting to think about moving you may not be ready to speak to an agent yet. You may think that if you call an agent out they will think they are onto a winner. Before you know it a ‘For Sale’ sign has been erected and you’re pushed into moving.

There are ways that you can value your own home without even having to go near an estate agent. The digital advances of the last decade and the rise in property portals such as Rightmove and Zoopla mean that the public have a wealth of information available to them at their fingertips. You can use this information to value your own home. These days the information is that readily available, it’s pretty easy for Joe Public to put his estate agency hat on and have a go at valuing his own property.

So, here’s how you can do it:

Precedent

An estate agent will look at what similar houses have sold for in your area. Rightmove and Net House Prices are good sites to find out this information. I’d suggest doing a search on your post code plus ¼ - ½ a mile. Use your judgement and look for houses that resemble yours. Try and compare recent transactions as the market will have changed in the last year.

Current marketing values

Look at what is currently for sale in your area. Using Rightmove, search for houses for sale using your postcode plus ½ a mile radius. Yet again, compare your home to similar properties. Bear in mind that the values stated are asking prices. It does not mean that the houses will sell for this price, but it does give you an idea on what you can market your home for.

Online valuation tool

These tools are useful for a guide price. They work by comparing the property information you put in with data from the land registry. It will show you a valuation range for your home.

Green Key Sales and Lettings have a handy online valuation tool that you can use. Simply click on the below link and fill in your details. It takes seconds and you get an instant valuation guide.

Instant Valuation

Market trends

One thing you need to be careful of when looking at previous sold prices is the difference in the market between then and now. The Nationwide House price Index calculator works by using regional trends http://www.nationwide.co.uk/about/house-price-index/house-price-calculator

For more specific area market trend information, Zoopla has a useful section that breaks regional information down further. https://www.zoopla.co.uk/house-prices/

If you do your homework and go through the above, you should get a good idea on your property’s value. Whilst this is a great way to give you a ball park figure, you cannot beat the experience and knowledge that your local estate agent has. Your local estate agent will know more about market values and conditions than any amount of data or online tools will tell you. This is especially key when valuing a unique home where there are no recent comparables or precedent.

If you are considering calling out a few estate agents, it is always worth doing a bit of research beforehand. Have an estimated value in your mind. This will put you in a good position when the estate agents put forward their valuations. I have seen over eager estate agents, keen to win the instruction over value a property. Often these houses languish on the market, having to drop their asking price over and over. This can really put buyers off, they assume something must be wrong with the property. It is so critical to price correctly from the start if you want a successful sale. So, the highest value is not always the one to go with. At least having done your homework, you will know if an agent is overvaluing to win you over.

If you would like an estate agent’s valuation on your home, I’d be happy to help. Green Key Sales and Lettings do not believe in pushy sales tactics. We’d be happy to come to your home and discuss how you can get the most out of your home and prepare it for sale and advise on what you could market your home for. This advice is of course completely free and there is absolutely no obligation or pressure to sell your home with us.

Drop me an email on paul@greenkeysalesandlets.co.uk or ring 01522 904 904 if you would like us to help.

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