HOW TO ASSESS THE VALUE OF YOUR PROPERTY FOR SALE IN THE PRESENT DOWNTURN
Saturday, June 27th, 2009 Subscribe To Our Feed
When trying to sell a property, in particular in the present downturn, the most critical aspect is always the asking price. This may sound obvious, but it’s incredible how many house owners are presently burying their heads in the sand and sticking to a price which might have been reasonable 18 months ago, but which is now wildly overvalued. Anyone who is serious about a property sale, never mind a Quick Home Sale needs to accept that the value of their property is currently about 25% lower than it was at the peak of the market in mid 2007.
So arrivibg at the right asking price is essential. Buyers are now coming back to the market in adequate numbers to ensure sales are going through, but no purchaser will pay a 2007 price for a property bought in 2009. If you want to Sell Home Fast you have to be aware of that.
Some rules of thumb in working out what you should expect to achieve:
1. Are there any similar (or preferably identical) properties nearby which are currently for sale? If so at what price? These are your competition and to ensure yours sells before theirs you will need to undercut their price. You must have an aggressive “Sell House Fast” strategy
2. Have there been any recent sales of identical or similar properties to yours. Real sale prices are a reliable pointer, they tell you what purchasers are actually prepared to pay. The transactions are all recorded by the land registry as a matter of public record, they can best be accessed via the Rightmove website, by clicking the “house prices” tag on the top menu then typing in the postcode.
3. You can adjust actual sale prices made some while ago using these simple rules: houses are presently worth about a quarter less than in mid 2007 and values are approximately the same as they were in mid 2004.
4. If you would like a more accurate prediction from historical sold prices then go to the Nationwide Bank website. They provide a value calculator where you can input the price achieved and the date achieved, the calculator automatically calculates the present day value.
5. If you are able to remember the price you paid for your property then it can again be useful to put the valuation and date into the Nationwide calculator and again it will come up with a forecast present day value.
6. Do not be tempted to over value your property because you have spent money on it. Prepare your property well, and be realistic about the price, and you definitely can achieve a Quick House Sale even in the present economic climate. In particular, bear in mind that new kitchens and bathrooms do not add to overall value. That’s because most purchasers expect that these items will have been kept up to date and renewed from time to time during your ownership.
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