How Do Agents Value A Home?
11th November 2019
In a recent blog, we discussed the importance of property valuations. If you are selling your home, you must place an accurate value on your property. It is perfectly understandable you wish to maximise the value of your property, which means knowing how agents value a home is of interest to vendors.
At Merrys, we are pleased to say we have helped many Northampton vendors sell their home, and the valuation process is a crucial component of the work we do. There is a broad range of factors to consider when valuing property, and you may be surprised at how many elements are outside of the vendors' control.
It is understandable the size of your property, the number of bedrooms, the number of bathrooms, the condition of the property, and how the home is presented influences its value.
Vendors can influence certain aspects of their property’s value
As a vendor, you can control all these aspects, or at least you are aware of how they relate to the value of your home. If you have time and a suitable budget, you can enhance your home before you place it on the market, increasing value and making it more appealing to more buyers.
However, a lot of factors outside your control influence the value, and you must be aware of these elements.
An agent valuing a home will consider the following aspects:
· Market reports detailing the supply, demand and current prices and values of homes in the area
· Their local knowledge of the market and what the area has to offer
· Development opportunities and unique features
· The presence of desirable schools and transport options
· The availability of shops, leisure and entertainment purposes
Your home may be in fantastic condition with a lot of space, but if the external factors aren’t appealing, your property won’t have the value you would hope for or expect. An agent needs to know what homes in the local area have to offer.
Not all homes are like the average property
The average property price is a good starting point for anyone looking at homes in the area, but you need to know how a particular home relates to the average property. If your home is of a better standard than the average property, it should hold a higher value. The important aspect when considering property values is to make relatable and justifiable decisions, which is why it is best to call on an agent with sound local knowledge.
The level of supply and demand for property in the area is also a significant factor in determining property prices. If there are not many houses on the market, buyers will pay more to buy in the area. If there are too many homes compared to demand, buyers don’t have to overpay, which means price values fall.
The complexity of property values, and the importance of property values means it is best to call on a local expert to value your home.
If you plan on selling your Northampton home, you must correctly start the process. To book a free valuation, contact Merrys today, and we will be more than happy to provide you with this service, and any other estate agency service you require.
