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How Much Should I Sell My House For?

Selling a house

Get an Evaluation

An evaluation is one of the best ways to find an estimate for your property. This can be done in a number of ways with formal valuations made by an estate agent or mortgage evaluator. Estate agents and mortgage evaluators have two different motives behind these professional evaluations and it’s worth keeping in mind for consultation.

  • Estate agents evaluate properties on a range of factors including local knowledge and national house sale statistics. A local estate agent will know more about local area values, while a High-Street estate agent would rely more on factors such as local school catchment areas and other data. Estate agents will also set higher prices to increase the money earned on commission of the sale.
  • Mortgage evaluators will often give different valuations to estate agents as their interests are to protect the mortgage lender. These values can differ greatly from an estate agent as they look to provide the most conservative amount for lenders to supply.

Online vs. Traditional Estate Agents

Once you’ve decided on an estate agent you will need to consider whether you want to use a traditional estate agent or an online estate agent.

Traditional estate agents only require commission after the property has been sold meaning no up-front cost. However, they often charge a higher commission rate as a result. Online estate agents are significantly cheaper but charge upfront meaning if you don’t sell you still have the commission charge.

With such varied interpretations, you should consider using several resources. Consult an estate agent but also do your own research to make sure they are in line with your thinking.

For your own research there are several online tools to help you value your property including low and high estimations and even possible rental income. A quick search on your browser will provide a wealth of options, so test a few and find the tool that’s right for you. You can also check the prices of houses recently sold in your area by checking local real estate boards and websites to get an idea of similar values.

Once you have settled on a figure you can move on to the next phase.

Decide How to Sell Your Property

Time is the biggest factor deciding the next phase of your decision. If you need to sell your property quickly you may need to consider reducing the price to get offers sooner.

A property that is ‘priced to sell quickly’ is more likely to attract cash-rich, speculative owners who will speed up the process. Another way to ensure a quick sale is to use multiple estate agents. This is more expensive but will ensure greater coverage and competition. A sole mandate is cheaper but means only one estate agent can sell your property.

If time is not a factor you can leave your property on at a higher price and wait for the best offer to come through. Throughout all of this it is important to remember that an offer is not legally binding.

Once you’ve established your sale it is important to find a reliable solicitor or conveyancer. At Smith Partnership Move, we have experienced, friendly solicitors to help you with all the legal paperwork, including title deeds, ownership transfer, searches, and checks. For further guidance on property sales or purchases contact one of our convenient offices to ensure peace of mind and no-nonsense advice.