mooves

How do I value my property?

To apppraise your home is not a precise science but there simple steps in establishing a true open market price. There are various factors that effect its saleability but the most important two are being honest and realistic with yourself and the general market conditions that prevail at the time.

Firstly it is important to establish what comparible properties there are currently for sale, under offer and removed from the open market unsold. This portrays what other sellers expectations are, what buyers are paying and examples of houses with unrealistic asking prices. The comparible property needs to be similar in location, age, style and size. The more similarities between the two properties the better.

Once this information has been collated comparisons need to be made between the property under examination and the comparible properties to establish what price should be asked. However, every house is very individual therefore there will be factors unique to the house under examination which could affect its saleabilty e.g. the views from the windows, aspect, proximity to substations and rivers, plot size ect.

There are circumstances where the property may have a special feature for which a buyer will pay a premium price for, in this instance the buyer is known as a special purchaser. An example would be a developer paying an inflated price for a bugalow on a large plot that has development potential.

We regularly hear sellers claim their home will sell quickly, this is often the case, but in our opinion it is better to find a buyer for your own home before finding your dream home. The reason is simple, most Estate Agents will keep a property on the market until a buyer with a complete chain makes an acceptable offer on the property. So, as a buyer, if your not ready to proceed with a purchase the seller of the property you want to buy will continue to look for a buyer that is ready. This is best advice in the interest of the seller!

mooves do not undertake Market Appraisals at this juncture.

Professionals can get it wrong!

In most instances the valuer will come up with a reasonable assessment of a selling price. However, there are times where both over and under valuations occur. The latter is more of a concern. One real life example involved a close friend, who was selling an investment property. The friend used a reputable agent and numerous offers were made, however, these were unacceptable. After six weeks my friend was informed that maximum price achievable for the flat was �70,000 and it was folly looking to achieve anything above this price. Fair enough, until he advertised privately, and eventually sold it for �85,000. That is 21% higher. You can imagine the reaction and thoughts of my friend!