The simple question of: How Much is My House Worth can be extremely tough to answer.
In reality a property is only worth what a purchaser is inclined to pay. Now you ask, “if I am not ın the marketplace and actively seeking to sell the home, how to i find out the value of the property in the absence of any real offers from any real buyers?”
Just as with an insurance valuation for an art work, it’s one thing for a knowledgeable expert to put a notional value on something but in a real marketplace (such as an auction room) it’s sale price may end up well in excess of the initial valuation.. It is even more difficult when it comes to valuing property because there are many more factors to consider, as will be explained below.
But, How Much Is My House Worth? There must be a way or ways to at least get an idea? You’re right, there are:
In days gone by it was a simple case of getting an estate agent to do a valuation. But in the current market; with estate agents trusted less than ever before, blamed for inflating the bubble and the array of other options at our fingertips (literally), like many others I wanted to know how to answer the question of how much is my house worth, if only to compare it with what an agent values it at.
The growth in property prices in 2009 showed us that short supply of property and particularly of good property in a good area, can cause houses to sell for more than their current value according to national and regional indices. So to answer the question how much is my house worth; I really need to do some detailed research.
That said: I decided the best place to start my research would be online. I had heard that the Nationwide and Land Registry allow people to find out how much homes in your locality are selling for.
In needing free online house valuations, my initial step was to take a look at The Land Registry data available. This told me just how much homes in my area have been selling for since 2006, organised by “property type”. Next I took a look at the Nationwide property value calculator and used it to see the change in value of property in my area over time.
This research provided me with a excellent kick off point, but for the best answer to the question of, “How Much is my House Worth?” I still had to hit the streets, the estate agents, as well as the online portals, to determine how many properties like ours there are for sale. When you attempt this little research exersize, pay particular attention as to whether there exists a shortage of supply for your style of property. If your home exceptional and in a good area, then you can afford to ask a little more than the local average. On the other hand, if you need to sell property fast and have an average property, which has lots of competition will need to be priced at either the local average or lower in order to find a buyer and as such have any value.
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