One of the questions I get asked a lot is, “Can I value my property instantly?”
Well yes, you can value your property instantly in current times. Years ago it was much harder, but now with the internet, with the property portals, it’s much easier to do so.
Now when valuing a property, avoid the typical mistake 9/10 sellers do. That is they see what the price houses nearby are marketed for and assume their house is worth exactly the same, if not more.
It doesn’t work like that.
You’ve got to make sure that you’re going off sold prices. What a property sold for is more important than what it’s up for sale for. For example, it could be up for sale for £120,000 but the last sold house sold for £100,000.
These sorts of differences are very common so be aware.
You’ve got to have up to date data to give you an accurate valuation.
This is exactly the approach we take during our valuation process. Commonly we stat with looking at the portals:
And many more. I tend to use Rightmove more than anything. You go on and you can actually find houses for sale in the same postcode or street, their values and how long they have been on the market.
Onto the sold price
So there is a separate section on portals where you go on and see the sold prices. You want to filter the search to houses with the same number of rooms, within a 1/4 mile of your property and look at houses that have sold in the last 2 years if not 1 year.
If you go past 2 years you will really be looking at data that is not reflective of the current market.
Whilst looking at current and sold prices, remember what your property is worth is only what somebody is prepared to pay for it. And buyer demand can change very swiftly especially during large global, national or local events.
I hope that’s been helpful. If you want to have a chat about it anytime, please feel free to contact me at 0191 486 2386.