Sell House Fast With A Sensible Valuation – Discover How To Value Your Home Accurately

Do not Just Rely On the Word of an Estate Agent

When estate agents come to value your property there’s more going on than you could possibly first realise.

For instance, were you aware that estate agents don’t actually perform “property valuations”?

All an estate agent does is provide an “informal opinion” on what a property might sell for.

“Informal opinion” means that there is no requirement in law for their opinion for being accurate.

When you blindly put your faith in an agent’s “informal opinion” the chances are you will be taken advantage of.

This is because agents are known to over or undervalue property for their own gain. Here’s why:

1. They overvalue since it’s the easiest method to win new business.
Most potential vendors react favourably when an agent flatters them with an inflated opinion of what their property is worth.

The problem is that once you’re locked into a contractual relationship, a price reduction would be the only way to draw in any serious buyers.
Because this “false start” has already alienated lots of buyers, you will be in real danger of selling for lower than you deserve.
2. They undervalue so that property sells quickly. This enables them to collect their commission cheques faster.
3. They also undervalue for personal profit. Property traders often offer bribes to agents so that you can help them get their hands on property at knockdown prices.

Most people are vaguely aware that these sorts of things go on however, few appreciate just how widespread the issue is.

If you would like proof and to understand more, a full discussion about why you mustn’t ever trust an estate agent’s valuation can be found by clicking the link below:

* Property Valuation, Estate Agents & Lies!

The Truth About What Your Property is Worth

Before I demonstrate how to protect yourself against an inaccurate property valuation, I’d prefer to quickly highlight the commonly held misconceptions lots of people have regarding their properties true worth.

What your property is worth (i.e. what it’ll sell for) has NOTHING to do with:

1. How much you paid for it.
2. How much money you’ve spent on it over the years.
3. The amount you want to sell it for.

Instead, you’d be wise to concentrate on this one truth:

“Your property is worth what a buyer is willing to pay for it” (just as long as the client’s mortgage lender agrees that the purchase price is fair).

In turn, what a buyer (and their mortgage lender) will decide is a good price is determined by looking at:

1. The price similar property to yours has recently sold for.
2. The price similar property to yours is currently being advertised at.

You observe, property valuation is essentially a guessing game and no matter what anyone tells you, the truth is – until your property is sold nobody can guarantee what price you’ll achieve.

The best anyone can perform, is make use of the information available and take an informed guess about what homebuyers could be willing to pay.
The 2 Steps to Valuing Your Property

One of the simplest ways protect yourself against an inaccurate valuation is to create your own opinion of what your property is worth, and to do this prior to a approach any agents.

Step One – Take a look at What’s Sold Recently

First discover what property like yours (in the local area) has recently sold for….

You do this by looking at data collected by the Land Registry.

The Land Registry is a government department that (amongst other things) records the results of all residential property sales.

Their data allows you to find out the particular price someone paid for any residential property sold in England & Wales since April 2000.

Unfortunately, the Land Registry only makes house prices available 3 months after the sale has taken place, thus the information dates quickly.

Because of this, only sales that materialized within the last 6 months are of any use to you. The rest you can ignore.

Lots of websites give direct & free access to the Land Registry Data however, It is my opinion the best one is the Zoopla:

* Zoopla Online Property Valuation Tool Review

Step Two – Look at What’s Selling Now

Next discover what prices similar property to yours (in your town) are currently being advertised at.

As it has the largest quantity of property adverts, the best place to look is:
Rightmove.co.uk

An excellent tip is to imagine you’re buying your house all over again and see which properties catch your eye.

Because Rightmove (like all property portals) makes it really easy for buyers to spot a property that’s overpriced, it is important that yours is priced competitively.

Overpriced properties will not attract serious buyers.

This is why it’s so vital that you keep an eye on your competition and have a good grip on what price range buyers would expect your property to be in.

Print off the details for the 5 properties you feel are most like yours.

You need to study them carefully, with a critical and unbiased eye and choose why buyers would pay more or less for your property.

How to Realistically Compare Your Property
to the Competition

Listed here are the reasons a buyer would pay more for the property (that initially glance looks similar to yours):

* It’s in a greater location
* There are garage or off-street parking
* There are private outdoor space (especially if it’s a large south-facing garden)
* Has an en-suite bathroom
* Has double bedrooms (min size 2.7 x 2.7m)
* Includes a conservatory that blends with the existing building
* Has a larger internal square footage
* Detached beats Semi-Detached which is better than End of Terrace, which is better than Mid-Terraced.
* Has newly fitted bathrooms or kitchens
* Has a large kitchen it is easy to eat in
* Is newly decorated throughout tastefully
* Has period features
* Is well maintained
* Has double glazing that compliments the design of the house (e.g. Not UPV on a period property)
* Has an alarm system
* The property is Freehold
* Has a healthy period of time left on the lease (more than 60 years)
* Includes a superior outlook (i.e. Over green space versus a road, railway or eye-sore)

You don’t need to know exactly how much extra value any of these items would add.

You just have to be critical, objective & realistic about why your competition could command a higher or lower price tag than your own property.

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As long as you’ve checked out the correct information sources, your opinion will be robust & it will likely be very difficult for just about any estate agents to pull the wool over your eyes.
Useful Links Contained In This Guide:
Property Portal (UK’s largest):

Rightmove

House Prices (free to use – highly recommended):

* Zoopla – Property Valuation Tool

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