What Is The True Value Of Your Home?

Trying to work out just how much my house is worth is rather hard without investing some time in some deailed research

The fact remains a house is only worth what a buyer is prepared to pay. Now you ask ,, "if I'm not on the market and actively trying to sell the house, how to i find out the value of the property in the absence of any real offers from any real buyers?"

Just as with an insurance valuation for an art work, it's one thing for a knowelable expert to put a notional value on something but in a real marketplace (such as an aution room) it's sale price may end up well in excess of the initial valuation.. This problem is even more accute with houses as there are so many more factors (such as taste, location, availability and cost of mortgage funding etc.) to take into account.

But, How Much Is My House Worth? There must be a way or ways to at least get an idea? You're right, there are:

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In days gone by it was a simple case of getting an estate agent to do a valuation. But in the current market; with estate agents trusted less than ever before, blamed for inflating the bubble and the array of other options at our fingertips (literally), like many others I wanted to know how to answer the question of how much is my house worth, if only to compare it with what an agent values it at.

The growth in property prices in 2009 showed us that short supply of property and particularly of good property in a good area, can cause houses to sell for more than their current value according to national and regional indices. So to answer the question how much is my house worth; I really need to do some detailed research.

That said: I decided the best place to start my research would be online. I had heard that the Nationwide and Land Registry allow people to find out how much homes in your locality are selling for.

In trying to find free online house valuations, first I took a look at the Land Registry website. This told me just how much homes in my area have been selling for since 2006, organised by "property type". Next I went to the Nationwide property value calculator and used it to see the change in value of property in my area over time.

This quick bit of research provided me with a really good kick off point, however for the actual answer to the question of, "How Much is my House Worth?" I sitll had to hit the streets, the estate agents, as well as the online property portals such as Rightmove, to uncover how many properties like ours there are for sale. When you attempt this little research exersize, pay particular attention as to whether there is a shortage of supply for your type of property. If your home exceptional and in a good area, then on a pounds per square foot basis it's right to value it above the local average. On the other hand, if you need to sell property fast and have an average property, which has lots of competition will need to be priced at either the local average or lower in order to find a buyer and as such have any value.

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Posted in Real_Estate Post Date 08/06/2020


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