House Valuations - A DIY Approach
The advent of the internet has not only meant curtains for the high street insurer but now could be the downfall for the estate agent.
Recently The Grocer reported that Tesco’s is to move into the property market and will unhinge the Estate Agent’s strong hold by selling homes through the net for a flat fee. Agents typically charge 1 to 2 percent to sell property – a flat fee of £50 could quickly change the face of the high street estate agent.
Reports by the consumer watch dog Which? laid bare the contradictions of Estate Agents in uk house valuations. Estate Agents were shown to over value property to get property on the books and others under valued for a quick sale.
Propertybroker.co.uk has been targeting an established haven of the estate agent - the London property market. At £137 the vendor receives a sales board and access to hundreds of ‘on-liners’ looking for their next property purchase. Similar estate agents rivals can be found around the country: The Little House Company, houseweb.co.uk and HomeNetwork.co.uk.
Selling a property privately can be daunting task – that is according to the Estate Agent – quoting that the valuation of a property is the preserve of the professional. However, some websites say that their days have just been numbered. Online websites can access information from Land Registry – giving details of property address, type, and how much it sold for. Using this information someone selling a property can gauge what they should market it for.
The Guestimation of Valuing Property - An Art Form or Science?
Ensuring that your property is not under valued or over valued is as much common sense, as it is a structural engineer’s science - If your house is subsiding then it’s not going to be worth as much as one that is not! However if a house next door sold for £200,000, and has had a major face lift and yours is in the ‘dark ages’ then you cannot expect £200,000 for it – unless the house was sold several years ago. The combination of information from rightmove.com (I know of many bank and building society valuers who use this Rightmove for comparisons and this forms basis of a mortgage offer!) and the prices of houses sold in your area - with a bit of common sense should give you a good indication of what you should market your house at.
One online site that gives you prices of houses sold is www.mouseprice.com – however they charge £1.90 per three transactions - a free one is ourproperty.co.uk. I’ve listed both so you have the choice! I'd try the THE FREE ONE if I were you!
Online Property Valuations