Your home should be valued fairly and realistically if you want to sell it quickly. A prospective buyer will not consider the property if the asking price is too high. On the other hand, a low value could get a lot of interest and lead to a rapid sale, but you won’t get the price you desire for your house. You can be sure that your home is valued accurately and sold for the right amount by selecting the best estate agent, like estate agents in Notting Hill.
Finding a seasoned estate agent is essential if you are thinking of moving. The top estate agents in your region are familiar with the neighbourhood market. To produce a reliable property valuation report, they will take into account all pertinent elements. Additionally, they will offer professional guidance on how to improve the curb appeal of your house for potential buyers.
How can you be certain that an estate agent has given your house a fair market value? You may also wonder, how much is your house worth in the current market because, with this knowledge, you will be better prepared to select a specialist to assist you in selling your house.
What factors estate agents consider when valuing a property
When pricing a house, estate agents take into account a number of things. The typical home price of comparable properties in your neighbourhood is one of the most important variables. The value of a home also depends on the housing market, the location of the property, the size of the rooms, the size of the kitchen and bathroom, and the possibility of remodelling.
But a qualified estate agent will also draw on their own experience. This is a crucial aspect to take into account while selling your house. A property valuation will also take into account the following elements in addition to location and property size:
- Proximity to facilities and schools
- Any existing additions or remodelling projects
- Work quality on the property
- Size of the outdoor area and garden
- Kerb appeal
- Access to important routes and public transportation
- The neighborhood’s reputation
- Audible levels and probable road, airport, or railroad disruptions
- Is there a driveway, garage, or on-street parking at the house?
To create a fair assessment, an estate agent will compile as much information as they can about your house and the surrounding area. Since no two houses are alike, the value of your home might be different from one in a similar neighbourhood.
When valuing a home, your estate agent will also take the market into account. For instance, it can be harder for homeowners to sell their house in a buyer‘s market. In the present property market, if supply outpaces demand, it can be difficult for you to sell your house for the price you had hoped for.
Accuracy of estate agent valuations
If you want to sell your house quickly, a correct appraisal is essential. The speed of the sale is not necessarily the most important factor, though. A home seller’s top priority is typically getting the best price when they are trying to sell their house.
Conducting some market research is the best approach to determine whether the estate agent’s first assessment is correct. Thankfully, it’s not as difficult as it first appears.
You may, for instance, look at the typical price of houses sold locally over the previous six months. To acquire a ballpark estimate of your home’s value, you could also look at internet valuation tools like a house price calculator. Never, however, make a choice based simply on an online appraisal.
If a chartered surveyor’s valuation differs noticeably from that of the estate agency, the home seller might challenge the estate agent’s assessment. For instance, the surveyor may have given a lower appraisal because they are following more stringent instructions.
It is possible that an estate agent will overprice a home in order to receive a bigger commission. However, the agent employs local expertise and experience to produce an accurate appraisal, thus the valuation may be greater than the surveyor’s.
Do estate agents inflatedly value homes?
How can you spot an inflated valuation by an estate agent? Sometimes, it can be difficult to determine whether your home is overpriced. But it’s uncommon for a estate agent to exaggerate a property’s worth. Instead, a reputable estate agent works in the client’s best interests and promotes a rapid sale of the property.
Two warning indications that a home is overpriced are as follows:
There is no interest in the available property.
House hunters submit meagre proposals.
Unfortunately, some estate agents overvalue houses in an effort to attract more clients because they operate on a fee basis.
What the market price will actually be
Estate agents must be well-informed on market trends. They draw on their knowledge to offer a fair assessment that reflects the property’s value in the current market. However, it makes sense to be aware of your home’s value if you plan to sell it. Let’s say you want to know what the asking price should be. In that scenario, have a look at recent sales of comparable properties in your neighbourhood. You may typically filter results on an online estate agent’s website depending on sale status, location, and the number of bedrooms. You can be certain that the appraisal is correct if the average price matches your agent’s valuation estimate.
Or, to find out the real selling price of residences in your area, you can obtain information from the HM Land Registry. You can use this information to get an accurate picture of how much your house might sell for.