Selling without an agent – Property valuation
Most properties aren’t particularly difficult to value. Valuations are generally based on prices achieved in the last 6 months on sales of similar houses or flats in the local area (not on asking prices).
Basic sales data is freely available on websites such as Zoopla and Rightmove. Obviously adjustments will need to be made, up or down, to reflect things like the condition, location, number of bedrooms, and any extensions or loft conversions that may have boosted the overall floor area.
Of course not all properties are similar to the other homes down the road. Some designs are unique and highly invidividual. Fortunately, there’s nothing to stop you from obtaining free opinions of valuation from local agents. This can then be verified by searching online to discover actual sale prices achieved in your street, as well as checking the asking prices of similar nearby properties on the market.
Bear in mind that agents commonly talk in terms of an asking price that’s pitched to actually achieve a lower sale figure, which is sometimes presented as a range of ‘between £X and £Y’. In truth, it’s often the lower of these two figures that’s the one they consider realistic, whilst simultaneously keeping sellers happy with the prospect of achieving a bigger number.
To cut through the sales waffle, ask them for a realistic opinion of value. If they turn the tables and ask you first what you think, say you don’t want to influence their opinion and want an honest valuation.
In some cases a profesional RICS valuation from a chartered surveyor valuer will be money well spent because buyers are less likley to try and quibble or renegotiate when presented with a formal, legally-binding, and well resoned opnion of value.
Our next blog – coming soon ……
Selling privately (continued)
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