The value of a property isn’t just about the bare bones of a house. The local area, the number of bedrooms, its condition and size of the garden will all have an impact.
There are also other factors that can make a big difference to the final price – such as market conditions and how quickly you need to sell.
Ultimately, a house is worth what a buyer is willing and able to pay for it.
So, how do you ensure you get a price you’re happy with?
In this guide, we break down the basics of understanding a property’s value, all the things to consider when selling your home and the things an estate agent should do to help you achieve the best possible price.
Understanding a property’s value
- Check online valuation tools
Online valuation tools are a useful starting point for gauging an approximate value of any property. To get an accurate picture it’s best to book a market appraisal with an estate agent.
- Check recent sold prices for comparable properties
Websites like HM Land Registry and Zoopla allow you to view recent sold prices for properties in the area. Look for comparable homes (similar size, type and condition) to see what they sold for and when.
Consider differences such as:
- Number of bedrooms and bathrooms
- Whether the property is detached, semi-detached, or terraced
- The overall condition and presentation of the home
- Any recent renovations or upgrades
Even if a similar home sold for a certain price, it doesn’t guarantee the property you’re viewing holds the same value. Many factors can influence the final sale price.
- Look at market trends
The UK House Price Index or Nationwide House Price Index are great places to look if you want to understand the current property market, both regionally and across the UK.
Websites like Zoopla can also give you an idea of market trends in your local area. Tracking these trends can help you spot whether prices are rising, stable, or falling, which will influence your marketing and offer strategy.
Things you can do to achieve the best price
First impressions count and most buyers make up their minds within a few minutes of arriving at the property.
It sounds obvious but as buyers come with a critical and unforgiving eye, give the property a good clean and tidy up paying particular attention to bathrooms and kitchens. Buyers will look in cupboards and check how clean a home is.
Declutter if you can so the space looks cosy but not overwhelming, do any remedial work necessary such as clearing gutters, replacing lightbulbs, sorting any leaks or replacing anything which is broken. Don’t forget outside space and make sure you hide the bins and if you have pets, tidy away their paraphernalia and try and get rid of unsavoury aromas.
Before viewings
Setting the scene
Some buyers are looking for a lifestyle as well as a home. Setting the table and adding fresh flowers can help create a luxurious feel to your home, appealing to those wanting the wow factor.
Finishing touches
Plump up cushions, pull back the curtains or blinds, make the beds and ensure everything is neat and tidy. Freshly brewed coffee, bread, a cake or freshly cut flowers will all add to the appeal of your home. Pet aromas won’t, so remove all traces if you can! Also, a roaring fire in winter and a well-ventilated home in summer will add to the buyer’s overall experience of your property.
Things your estate agent should do to help you achieve the best possible price
A good estate agent does more than just put your property on the market.
- Advise on how to present your home to attract buyers
- Market it across the right platforms
- Adjust the marketing strategy if it’s not performing as expected
- Arrange and manage viewings
- Handles offers and negotiates the best deal
- Supports the sale right through to completion
Some estate agents offer a service where photos, accompanied viewings and other services are only available for an additional fee. Make sure you’re clear if you want these services to be included when you get a quote.
It’s all about the asking price
The success of your property sale starts with the correct pricing strategy for your property and the market.
Pricing a property correctly is crucial for attracting potential buyers, minimising time
on the market and avoiding issues with mortgage valuations once a sale is agreed.
As 98% of buyers start their property search on portals like Rightmove, their searches are often governed by the key price points on those websites. The agent you choose should understand how this works and incorporate that into their strategy.
What happens if you get wildly different valuations?
If you’re getting house price valuations from different estate agents, it’s not uncommon to receive different numbers.
Although it may be tempting, going with the highest number isn’t always the best move for getting your property sold. Instead, you should focus on generating as much interest as possible.
A reliable valuation should consider the following:
- Recent comparable property sales
- Local market trends and demand
- Renovations, special features and the overall condition of your property
Once you’ve reviewed all your valuations, consider which agent demonstrates the best knowledge of your local market, gives a clear pricing and marketing strategy and has a good track record of sales in your area.
Still not sure which agent to go with? Read our guide on choosing the right estate agent for your property sale.
Ready to get your home on the market? Book a valuation today.