Are you looking to find out how much your property is worth today?
A house is the most valuable commodity that any individual will sell in their life. Therefore, it makes sense to understand how much your property is worth before you decide to sell.
The great news is that you can get a free valuation from your estate agent. Yes, nothing to pay and no commitment to sell.
They can give you a realistic valuation based on similar properties that have recently sold in your area.
Estate agents will often try to guess the value of your property. They will be competitive against their rival estate agents and over-value your property to win your business.
Their high estimations can give you a false sense of security and a feeling that you deserve more for your property. As a result, your property could end up being on the market for years. The asking price will go down and down because the house is not selling, and all the time, you are paying the fees for your Estate Agents.
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How do I find out how much my house is worth?
You would be wise to know whether the valuations by your estate agents are realistic or not. There are several ways to value a property in the UK. These range from price per foot to the price of the number of bedrooms in certain areas using properties that match exactly.
This guide to the process of valuing your property is very simple. We want to help you understand how much your property is worth.
Zoopla & Rightmove are great property portals to see what neighbouring properties in your area have sold for. If you own a 3-bed semi-detached in, say, Wakefield, then you need to compare your property against another 3-bed semi-detached sold in the last 3-6 months. You can do this by looking at the Rightmove ‘Sold Prices’ for your postcode. Armed with this knowledge, you can ask for your estate agents’ opinions regarding sale prices in your area.
If a 3-bed house within a ¼ mile radius has sold recently for £100,000, then you may struggle to achieve offers of over £120,000 for your property. To sell your property fast, you will need to create plenty of interest. One way of doing this is to ask for offers of around £90,000, for instance, if you need to sell your property quickly, perhaps in 2 months or less. This is also called known as a 30-day sale valuation.
Another crucial factor is how long it takes a house to sell.
Keep in mind that some types of properties will be in huge demand while others will be less desirable. For example, 3-bed semi-detached houses will sell much quicker than 3-bed bungalows. Only people looking to retire will be attracted to bungalows, whereas families prefer 3-bed semi-detached houses.
With rents at an all-time high, you may be willing to rent your property. However, you need to weigh up the pros of renting against higher taxation. Have you considered whether to rent or sell your second home?
How do I find out how much my house is worth in the UK?
The valuation of your UK property is dependent on several factors, such as:
- The number of first-time buyers actively looking for properties. First-time buyers are the real heart and soul of the UK property market because it is their buying ability that allows 2ndtime house buyers to move up the property chain.
There is a worrying trend that many first-time buyers now go for brand-new developments because they won’t have to decorate before moving in.
- With a realistic asking price, it is highly likely that you should be able to sell your property. Unless you have advertised your property six weeks before Christmas (not an ideal time to sell a property)! If you need to sell your property fast, call us on 0113 320 6700.
- The actual demand for properties in your area: 3-bed houses tend to be in much higher demand than 2-bed houses. 1-bed houses or bungalows are even harder to sell. If you have a 1-bed house or a bungalow to sell fast, request a free call back.
- Desirability of areas: Certain areas have become landlord heavens. These areas tend to have more tenants than owner-occupiers. Is your property located in landlord zones? If so, local landlords may offer you silly money. Why not get in touch with us? We are local and understand your issues. We will help you.
- Property condition: Does your property require a major renovation such as a new bathroom, a new central heating system, a new kitchen or new electrical rewiring? If so, you will probably struggle to sell your property fast. Even if you have inherited a property and need to sell the probate house quickly to settle the estate, we will help. You may need a quick sale because you don’t have the spare time or funds to manage the builders. We can help.
Have you invited an estate agent to give you a valuation? If so, ask them whether they are members of the Royal Institute of Chartered Surveyors (RICS).
Also, ask them whether they would match the RICS valuation if you were to instruct it. If they hesitate, you have a good idea that they don’t have confidence in their valuation. Of course, many estate agents are rewarded with bonuses for getting new properties on their books. Keep this in mind!
Are you unsure about the valuation of your property? Get in touch with us to see how we can help.
How to find motivated buyers?
A motivated buyer needs to buy a home quickly because of their circumstances, such as getting a child into a certain catchment area school, a change of job, a landlord selling up or another impending life change.
The majority of buyers are searching online for their next dream home. These buyer searches can be either speculative in nature or nosey neighbours spying on the internal condition of your property. Speculative searches include what you can buy for a million pounds in certain parts of the United Kingdom. Or people innocently click on the highest-priced properties as these are features first in the search results.
At this point, you may be wondering whether advertising your property on Rightmove or Zoopla can put your property in front of genuine buyers.
There is no denying that many of these searches lead to enquiries for viewing. It is a fact that millions of buyers are searching for properties on Rightmove.co.uk and Zoopla.co.uk. The quality and quantity of enquiries vary depending on how popular Rightmove and Zoopla are in parts of the UK. It really boils down to their local billboard advertising and TV advertising – as these adverts can target certain areas.
So, if you are looking to sell your property and you are not in a rush, it is recommended that you get an estate agent to advertise your property on Rightmove and Zoopla. You can’t advertise directly on Rightmove or Zoopla as estate agents can pay as much as thousands of pounds for having access to advertise on these portals.
These portals serve a great purpose. First, they are a primary source of search. Gone are the days when buyers visited various estate agents or went through local properties via newspapers. Buyers start their search with a postcode and find their property. If they like the property, they will make an enquiry and view the property.
As a seller, you do not really know if buyers are genuine or whether they are just browsing or doing their research. Many first-time buyers are attracted to newly built homes because they allure the show-home look. Many properties are outside the reach of first-time buyers, even in the northern parts of England and Wales.
This means that for many sellers, the first-time buyers will typically need a higher deposit to purchase your “pre-loved” property – and many of these first-time buyers are not savers, so unless their Bank of Mum and Dad will provide the financial assistance, it would be very difficult for them to buy.
With an estate agent, do not pay any fees upfront. There are disgruntled clients of estate agents who have paid money upfront, and the estate agent has not delivered on the promised sale. This leads to disappointment, frustration and feeling of being let down. It can be worse if you are looking to sell your property quickly – and you are under time pressure.
With a traditional estate agent or even with online estate agents, you can negotiate to pay on performance. This means that you only pay if the estate agent sells the property. Always make sure there are no fees for withdrawing the property if, for example, your estate agent has not been able to sell the property after 12 weeks of marketing.
You need to attract what we call a “motivated buyer” who has genuine reasons for buying your property. It could be someone moving into the area to be near the family, parents trying to get their children into a selective grammar school or countless other emotional reasons why a buyer really wants to buy a property within your area.
What if you need to sell now?
Often, an estate agent will call you and say that they have found a cash buyer for your house.
You are relieved because you think that your cash buyer will come through and quickly exchange contracts. Your cash buyer has told the estate agent that they do not have a chain and are able to buy your house with cash quickly.
In fact, not all estate agents ask for proof of funds or the details of their solicitors confirming that money is ready.
The “cash” will be coming through from the buyers’ mortgage lender, and any lender will take around 2-3 months to underwrite a mortgage application and satisfy themselves with searches before they release the funds.
This can leave a seller in a difficult position as expectations to sell a property for cash are shattered.
There are two reasons why your estate agent will tell you that they have a cash buyer, albeit without the cash:
- The estate agent wishes to keep you as a client and keep the process ticking along until a real cash buyer comes through or
- The estate agent was naïve and never qualified the cash buyer with proof of funds and their solicitor.
How can Property Saviour help?
If you need to sell your house fast because there’s time pressure for you to complete the sale of your property, then you will need a genuine cash buyer. The definition of a genuine cash buyer is someone with funds in the bank, a solicitor who is ready, willing and able to quickly exchange contracts and agree a completion date with you.
If you want someone to buy your house for cash, there’s just one catch: and that’s the price. If you need to sell a house fast, there are several companies that buy houses. The cash buyers for houses are looking to buy a property at its fair market value and often at a wholesale price.
This is typically 25% below the real market value of a property; for instance, if your house is worth £100,000, then companies that buy houses will be willing to offer you in the region of £75,000 for your property.
The upside is that there are no estate agent or solicitor fees to pay. You won’t have to wait many months for the sale the complete – and it could make you a cash buyer on your future purchase.
The value of your council house depends on any recent sales, the condition of property, its proximity to local amenities and desirability of the local area. If you’d like a free valuation, get in touch with us to see how we can help.
The valuation of your property depends on its potential and likelihood of being able to gain planning permission. With increased costs in materials and higher interest rates, the developers will pay less. There’s an alternative way to sell to us.