There are a number of legislative changes that come into force from August 1st 2007 which affect the home selling process. Rightmove is currently in the process of comprehensively updating our website information to ensure our content is as accurate as possible. Please come back soon to see our brand new Selling Guide.
The big moment has arrived for you to find out how much your home is worth. Make sure it looks its absolute best before the agent walks in the door to give you his or her best guess of what your home will fetch on the market.
What to Expect
Estate agents will give you a valuation on your home for free, in order to try to win an instruction from you to sell the property. So, it's worthwhile to contact three or four local agents and ask each one to give you their best price for your property.
If your property is quite unique, try to find at least one local agent who specialises in unique homes to value it.
Be aware that some agents may use high valuations as a way to persuade you to instruct them for the sale. But over pricing may mean that your property won't sell.
Also, different agents have different training, and this leads to discrepancies in how they value a property. Seek to understand how each agent came to the number he or she did.
Variables
While there are different techniques used to value properties, all rely on the same basic indicators:
- Economic Trends (see Rightmove's House Price Index to find out national and local housing price trends)
- Interest rates
- Housing Supply in your area
- Buyers' Demand in your area
- Price of similar houses recently sold
- Condition of the property.
Rightmove's Best Price Guide can help agents assess a fair value for your property in your local area by comparing it to similar properties in the area. Ask your agent about giving you a report on your home.
For more information on valuation techniques, refer to the Royal Institution of Chartered Surveyors.
Honesty is the Best Policy
Under the current home buying process in England and Wales, the onus is on the buyer to commission a survey of the property and discover any defects or risks after his offer has been accepted. If he does discover that the house needs a new roof, or the flat upstairs leaks water into his bathroom, then he will probably lower his offer. You'll be left with the choice of accepting a lower offer, repairing the defect and renegotiating with the prospective buyer, or putting the house back on the market and waiting for another buyer.
You can take a gamble that the buyer won't commission a survey, and won't find out about the defects until you've exchanged. But, it is a risk. It's usually better to be honest from the start, and let the agent know about any outstanding defects that could impact the value of the home. That way, the offer price will reflect the real value of the property, and expectations are managed fairly on all sides.