There is no science to a valuation and once you understand how an estate agent or professional values your home you will be able to see how straightforward it is to value it yourself. The two ways to value are to find out how much a home like yours recently sold for and/or look at what you can buy at the level you think you should be selling for - ie if you think your 2 bedroom flat should be worth £130,000 but there are lots of 3 bedroom houses at a similar level - you are unlikely to achieve your price. Not much science to it really. Nothing that keeping a close eye on the local market and seeing how much other properties are selling for won't tell you.
Recently I had a valuation of £120,000 from one very large national agent and £250,000 from another for the same property (it ended up selling for £208,000). So if it’s all a bit of guesswork you can do a great deal of the same research yourself.
There are an increasing number of online valuation services too, Propertypriceadvice, Zoopla and Nethouseprices are among these, most of which use data on latest sale prices from the Land Registry or sophisticated algorithms to give predicted valuations based on your answers to sets of logical questions.
Comments (2)
The one major problem with house selling is how much is your house worth; easy, whatever someone is prepared to pay, but at what value do you start with. Estate agents will give you a figure, they usually ask you how much you think it is worth, and then stick about 8% on to wet your appetite.
Properties will sell in today’s market but don’t expect Lotto money, buyers are canny and you have to be one step ahead. The only sensible way is by sq meter, the Americans use this method, and it will eventually come over here.
When they try to whet your appetite just act dumb and say you don't know. When I asked about the disparity between their evaluation for me and a house up the road, they said 'Well, they have a garage'. I said, 'So do I -- look'. No response -- not only no 'Oops', but she didn't even adjust her evaluation. Again, I have a fabulous view, and the open fields across the road can never be built on; I was told they are just selling points, not evaluation points. Right. I agree on your second point too: hence I have not only put up my floor space (103sqm) but have given comparators for other bungalows (av. 78sqm) and semi's (av. 88sqm). Just giving the number of rooms is a poor measure. And as for gardens, all you ever see is e.g. 'large', 'very large'; I asked them why they can't give a measurement and was told it is 'fraught with difficulties'. Yah. Decking area high, over the carport, south-facing and looking over horse pastures -- what's that worth? Nothing, apparently.
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