How do Estate Agents value properties that are in an area that is not established?
Asked on Aug 3 2012,
House Prices in Bushey |
Agents value houses based on what they know of the market and what they know of property prices in that area, usually gained through experience or a knowledge of the movement in the local market.
The most common way is by using comparable evidence in an attempt to find property that is similar which has sold in recent years. Zoopla and other popular property websites have tools that allow you to research your area in depth online from the comfort of your favourite armchair.
This data is reliable up to a point, but a house in your road or in your area that sold three or more years ago is probably going to be subject to a little speculation since economic factors such as interest rates, supply vs demand and new legislation all have an impact on house prices.
The best way to find a value of your property is to approach several agents and ask for a valuation - many will offer this service free of charge, and once you have a selection of three or more you should have a good idea of what your home might be worth on the open market.
However, be wary. Agents often like to tweak the price upwards to impress you and get you to agree to market the house with them. Take the advice with a pinch of salt and above all, don't join them in being greedy!
Hope this helps.
CEO - Evolve Properties
Answered on Aug 9 2012,
If they're really stuck, they might use a sq foot comparable with other nearby properties if they can find a similar example.
Answered on Sep 7 2012,
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