Before
putting your property up for sale, you need to get an up-to-date valuation to
determine the potential price you could sell the property for.
The
valuation provided by your estate agent can help you establish what your home
is worth, and a good agent will address any issues that you can solve in order
to increase the valuation further and get the best price for your property.
An instant online valuation is a great way to get a rough estimate of your properties’ price, but a ‘rough estimate’ is all it should ever be taken as. Every property is different, so every valuation is calculated on a case-by-case basis. Two properties on the same street that look similar on paper could, in reality, be at opposite ends of the price range.
A face-to-face valuation will provide a more accurate valuation
and an experienced agent will use
their expertise and in-depth research to form their valuation report.
So, what will an estate agent consider when
valuing your home and how does the process work?
Step 1: Before the valuation
As soon as you’ve booked the valuation with an agent, they’ll start to
put your valuation report together by assessing the area of your property
in-depth to understand more about your home. This will include:
- the price of properties in the
area - the sale duration of recently
sold properties - the overall buyer demands
- the type of properties that
sell well - the local amenities and
transport links - any local developments
- the local schools
- local and nationwide market
reports
These considerations can all affect the value of your property, and your
estate agent will make a note to point these out to buyers, too.
Step 2: Viewing your property
The next obvious step is to view your property. When your estate agent visits the property, they’ll have a chat with you to determine why you want to sell, what price you hope to sell for and whether they think it is achievable or not. Then they’ll take a tour of your property and make notes on their observations, measurements of the rooms, list all the selling points of your property, list all the selling points of your property as well as assess the general condition of the property.
They’ll more-than-likely also ask you:
- When were your windows last replaced?
- How old is your boiler?
- Is the property leasehold? If so, who owns it and how long is left?
- Do you know about anything else that might affect the price, such as structural issues?
There are no right or wrong answers, it’s about providing as much information
for the agent to give you an accurate valuation.
At this point, the agent will suggest and recommend any changes, fixes or improvements you could carry out to make the property more desirable and increase the valuation.
Step 3: The valuation report
Once the viewing is complete and the agent has gathered all the
information they need, they’ll then combine it with their market research and
provide you with a detailed valuation report.
When you’ve
received your report, the agent will be happy to discuss the reason behind
their valuation and answer any questions you might have. A selling agent should always be able to explain how they’ve come up
with their valuation and give examples of what comparable properties have sold
for.
Their priority is to get the best result for you and will take your
needs into account when marketing your property. For example, if you’re looking
to sell your home fast, agreeing to reduce the price slightly below market
value may help.
Choosing the right agent to sell
It’s not all about the numbers. While it can be tempting to choose the
agent that values your home at the highest price, this does not mean that they
can successfully sell it for that price. It’s all good and well having your
property priced high, but if it hasn’t sold, it may be because the valuation is
simply too high.
Additionally, the longer a home is on the market, the more likely buyers will think there’s something wrong with it, forcing you to then drop the price.
A sale at the right price is
more important than an overpriced property unable to sell.
Choosing an experienced agent that knows the area inside-out and has a good reputation is more likely to result in a quicker sale or at least a sale at the right price.
