How does an estate agent value your home? 8 Mar 2022
Although it can be tempting to click on the online valuation tools that exist and get a quick idea of what your property might be worth, it is always worth investing the time in getting a real expert round to give you a much more accurate figure.
How do we work out the best price for your property? Well, initially it relies on three quite simple factors – the location; the size of the property and plot; and what prices are doing in your local area. As we have eight offices covering the Isle of Wight, we can really drill down into the third factor, and give you hyper-local comparables coupled with true local knowledge.
As well as these quite obvious factors, we also take into account elements such as the condition of the property (is it turn-key ready, a proper doer-upper and everything in between); any changes you have made to the property (have you added an extension, overhauled the garden, had a loft conversion etc) and the internal fixtures and fittings, such as double glazing, central heating and the overall finish.
Once we have seen your home, we also need to establish your own unique circumstances which could have an influence on the market price. For example, you might be emigrating and need a quick sale so could price the property very competitively, or you might just want to test the water and not be in any rush, which would be reflected in the price. We will also want to know about what attracted you to the property in the first place and why you have enjoyed living there, which will help us in attracting the right buyers.
Your agent will know exactly what is going on in the market in your area at the time of valuing, and things are changing rapidly in the current climate. Your agent should be able to give you a very clear direction on the current demand for this type of property, how much have they sold for recently and how long is it taking to find a buyer. They can also give you advice on any improvements you could make which would attract a higher price. You can ask them if adding a new bathroom, an extension or a conservatory for example would be a worthwhile investment.
So in summary, although online valuation tools can be useful, if you are serious about selling your home and want to get an accurate market price, you are far better to ask a local agent to give you a valuation.