The easiest and most accurate method of establishing the market value of your home is to get an experienced and local real estate agent to evaluate your property. Pinpoint Property recommend that you get three valuations of your property so that you have independent confirmation of the figures you are quoted. If you have a house or apartment for sale Belfast and beyond, Pinpoint offer a free valuation service. You can call us on 02890 682 777 or click here to arrange.
How is the value figure reached?
The method used by most estate agents is a comparative market analysis (CMA). This involves analysing what houses of a similar size as yours sold for over the last six months or so, as well as determining the average price per square metre the homes in your area are commanding. They will take into account market demand and the condition of the property, its size and elevation, does it have a view, the state of the garden, the age and modernity of the kitchen and the bathrooms, various security features, as well as various cosmetic updates, such as the flooring, fireplaces, light fixtures, and whether the home has been painted with a fresh coat of paint for example. But the main element in determining an accurate value is current market conditions.
Why should I ask a local estate agent?
A good local estate agent will know their area, whats on for sale and recently sold with themselves, and with their competition. They will have the local knowledge and experience to be able to factor in local market conditions, supply and demand, as well as the variations in price that arise from cultural differences, sometimes in the same street. As online agents usually operate from nationwide mainland UK based call centres they may have more limited local knowledge, so valuing your house is often done using online data e.g. searching for comparable sales in a 1.5km radius and in cities like Belfast that kind of range is like trying to compare apples with pears.
I don't agree with the valuation given
Its quite common for a seller to be surprised by the pricing recommendation of their home, frequently feeling the home they have invested their time, love and money in is worth more than they are being advised. This is another reason we recommend you get at least three agents to value your property - so that you get a good balance of objective opinion on the value of your home.
Do a little research yourself prior to the valuation. Then, if you are not happy with the valuation figures given you can have an informed discussion with the valuer about the comparable properties they are basing their figures on and the market for a property of your type and in its location. A good estate agent will always be happy to explain the reasons behind their valuation and asking price recommendation.
Can I ask an agent to market my property for more than their valuation figure?
Absolutely - agents act on your instruction at the end of the day. We at Pinpoint will advise you against doing so, and ask you to reconsider before we carry out your instruction, however the market ultimately dictates what a buyer will offer.
Pricing a property correctly from the start can also save you much wasted time and stress. The average time on the market for an over priced property is, at our latest calculation, 382 days - just over a year. 17% of those are sale agreed following a reduction in price according to the agents recommendation. When asking prices are set in line with current market conditions, the average time a property is on the market is significantly reduced and the chances of a quick and successful sale are dramatically improved.