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How to value your home

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Thu 08 Feb 2018

How to value your home

How to value your home

There's no doubt about it - homeowners are very savvy when it comes to the value of their home, thanks to a new generation of websites which use data from Land Registry to compile SOLD prices, as well as the major property portals which helpfully show what's on the market, under offer and sold.

Since mid January there have been stirrings in the Brighton & Hove property market - Vendors tentatively seeking the potential selling price of their property, numerous price reductions and 'time spent on market' increasingly over 100 days; there have also been more enquiries from potential buyers.

'FREE VALUATIONS, scream Estate Agents' advertising...

But are FREE VALUATIONS worth having if they don't convert to a sale for a Vendor?  You can get your FREE VALUATION at valuations.callawaysestateagents.co.uk or from the major property portals, to be able to make your own decision about your home's value.  

Callaways' unique Marketing Appraisals have received rave reviews from our Vendors - thorough, in depth qualification of their property (of 26 points and growing) leaves Vendors in no doubt of the sale-ability of their properties.  Online valuations can't always give a true reflection of a property's benefits - that's when it pays to call in the experts.

Brighton & Hove's architectural past offers an abundance of property choices - £££multi-million properties, brand new developments, listed buildings, town-houses, conversions, purpose built, beach-huts - you name it, Brighton & Hove has it!

Those of us who live and work in Brighton & Hove are well aware of the diversity of homes and properties.  Added to which we are also bordered by the English Channel to the south, and the South Downs to the North, with numerous Sussex Villages twixt and between - hence its popularity!

Valuations (or marketing appraisals) can be tricky at the best of times, when taking into account proximity of schools, shops, main roads, local amenities, exceptional (or not so pretty) views, 'scope for improvement' projects, and redevelopment opportunities.

Valuing property of an individual style, design, materials etc can be even more of a challenge - especially when the layout is unconventional, as seen is some listed building conversions.

A case study ...

We were invited to visit a property in Hove which needed some TLC - the Vendor was open to our proposals, and with excellent professional photos, and a minimal amount of home staging, the property had an accepted offer on the first day of viewings. 

Significantly the price was right, and we've discovered that the quicker a home sells, the higher price it generally gets - it's no good languishing on the market for months. 

What advice did we give to the owners?  

Comparables – our research into properties that compared in some way to our client’s property, already on the market, was the first stage. 

Sold Prices – looking at what had sold before and the relative sale prices, gave an indicator as to the possible sale value. A surveyor will use precedent when making calculations to report to a lender, and sold prices carry considerable weight. Any property that seems to attempt to break the ‘ceiling’ price of a neighbourhood will be considered a risk.

Price per square foot/metre (£/sq.ft/m) - used as a valuation tool in our work with residential developers, it doesn’t take into account any amenities (e.g. views) or disadvantages (e.g. a or a train track in the back garden), but is a useful guide to see how much 'house' a buyer would get for their money, in terms of GIA (gross internal area).

Online Instant Valuation Tools – are becoming increasingly popular with homeowners looking for a quick answer to their question, ‘How much is my home worth?’ (and, admittedly, in an attempt NOT to have to engage with an Estate Agent).

Callaways' online valuation tool - valuation.callawaysestateagents.co.uk is a good place to start, but never replaces the insider knowledge of a specialist Estate Agent.  We all know that a property is worth what someone will pay for it, but we have to start somewhere!

So how did the story end for our latest 'Sold Subject to Contract'?

We're hopeful it'll be a quick transaction, but wait and see!

What to do next ...

Try our valuation tool here – valuation.callawaysestateagents.co.uk and tell us whether you believe the results are realistic, or let us tell you! Call us in, by dropping us a line at sales@callaways.co.uk or call 01273 735237.