First of all, we’d like to wish you a very Happy New Year! But with 2023 now upon us, have you considered getting your property valued? A property valuation is an assessment of your property’s value, based on the location, condition and multiple other factors (access to major road networks, schools, city centres…etc).
We believe that valuing your property this year will give you the best outcome and return, especially with the housing market and interest rates constantly changing. No matter if you are buying, selling or even gifting a house or flat, an accurate assessment of its market value can provide important insights for options going forward.
The truth is you are unlikely to be able to proceed with a mortgage for purchasing a home, or a sale of a shared ownership property, without a residential property valuation.
How do I determine the value of a property?
In a nutshell, the market value is how much a buyer would be happy to pay for a property, assuming that they are willing to pay the current market rate. Understanding this value can be beneficial for a number of reasons, including selling your property, taking out insurance and remortgaging if you were choosing to follow any of these options in 2023.
Particularly with interest rates and the rate of inflation on the rise, property prices change all the time, so it’s important that you have an up-to-date valuation. Marketing your property at the right price is very important, as trying to sell it for more than its worth could leave you with no interested buyers, and undervaluing it could leave you out of pocket.
The same can be said if you are looking to take out property insurance. A current valuation is important here too, as underestimating what your house is worth could mean that you won’t have enough cover should something happen that you need to claim for.
Having up to date information is integral when remortgaging also as you need to ensure that you get the best product that’s in line with how much your property is worth.
Is now the right time to sell?
We are not in normal times having come out of the worldwide Covid pandemic, the Russian and Ukraine war happening, along with the knock-on effect of energy prices soaring and leaving many to struggle. Mortgage rates have rocketed meaning people can no longer afford to purchase at the level they were previously. We have seen property sales falling through as a result of rate rises and people are worried about future property values.
Whilst many are nervous to move at the current time as they are unsure what the future will bring, it could be a good time to move. Whilst you won’t see the levels of purchases we may have seen six months ago, it does also mean that you won’t be competing against as many buyers for the property you want to buy. More realistic property values will be achieved through this, rather than prices being driven higher through competitive auction buyers or through the huge demand.
Who do you trust?
It is paramount that the agent you entrust can offer you the knowledge and experience to assist every step of the way. Whether this is to simply provide a property valuation or to market your property for you, each step of the process needs to be dealt with professionally, using only the best expertise and knowledge surrounding the industry. You must be careful not to pick an agent that overvalues the property to try and win the instruction.
Here at Farr & Farr, we have a plethora of experience in this field, headed up by Julian who has seen the highs and lows of the property markets on multiple occasions over the last 40 years and has the knowledge and experience to guide and assist and to offer invaluable advice.
If you have a property in or around Gloucester and are thinking of selling and would like to discuss this further or you are just interested to know the current value of your property, then contact our team at Farr & Farr today and we’ll be happy to help you. We provide the following information using our expertise and industry knowledge:
- Property valuations online
- Property valuation services
- Property valuation methods
- Property valuation reports