So you think you know what your property is worth? If you haven’t received an actual valuation recently and just rely on data from property sites online, you may need to think again…

Redbridge Borough homeowners would have been delighted indeed to have read that average house prices in the area were up by 7.7 per cent to around £478,000, according to a report in ES Homes and Property in August 2017. It was also pointed out, however, that Redbridge Borough ranked 10^th for the lowest prices – £40,000 below the average outer London price of £518,000, and a suggestion that prices in the borough may rise still further.

But how many homeowners know exactly the real value of their home in their particular street? And how would you really know exactly the right time to move if you’re only scanning data from umpteen different sources online.

House prices can fluctuate slightly from month to month

Most people do try to keep a close eye on property prices in their area, especially if they’re planning to move at a time when they hope their home will fetch the best-selling price. However, house prices can be fickle at the best of times, fluctuating slightly from month to month even when regular surveys seem to support the received wisdom that there is only one long term trend – upward!

According to the London House Prices website, for example, the average property value in Redbridge by January 2018, was £470,768 – an apparent drop of around 1.5 per cent from August 2017 while the average price paid for property in the borough stood at £457,704. At the same time, it is claimed that in the 12 months leading up to January 2018, property values saw an increase of 3.65 per cent. It has to be remembered there are many different methods by which data is collected by the sources you access online. It can get very confusing. Which information is best for you and your specific circumstances?

Some properties seem to hang around forever on the market

It can be surprising how some homeowners tend to just go straight ahead and start preparing with the customary fresh coat of paint on the inside and outside. However, maximising your chances of selling your house at the price you want involves more than simply “doing the place up”.

More worryingly still, many a homeowner may be unaware of an ever-growing list of things that they absolutely must do if they want to improve their chances of selling their home – and in the quickest time possible! There is always a reason why some properties sell almost immediately while others seem to hang around forever on the market. It’s not always only about the selling price!

Indicative valuations versus actual valuations

As you probably guessed, we’re talking about the difference between the two types of property valuation – indicative valuations and actual valuations. Indicative valuations are simple estimations usually based upon the average price of properties bought and sold in the same area. It’s important to remember that there can be a much bigger gap than you thought between the indicative valuations online and the true value of your property.

Remember – an overly high valuation may not only see your house left on the market for a long time but could also mean you end up accepting too low a price as frustration sets in or time runs out. There could also be a similar painful outcome if you undervalue your home for a quick sale.

Today, there are also an increasing number of property sites who operate only online, which offer to arrange valuations from a “local” agent at a significant high street saving. But stories have begun to emerge that show there is more to the arrangement and those “too good to be true” claims than first advertised.

Highly detailed analysis from a series of measurable data

The unavoidable truth is that there is no substitute for an actual valuation carried out by a long time, local high street agency in the area. The individual agents will know on a daily basis exactly what is happening, street by street – and even your part of the street! A valuation carried out by qualified surveyors and valuers can provide a highly detailed analysis from a series of measurable data, starting with the standard information on the number of rooms, age and condition, general location, land size and built-up area of the property, and vehicle accessibility.

But undoubtedly, the biggest benefit of a proper local agent valuation for a home owner is peace of mind from knowing the current real value of your property. This also extends to the potential buyer who knows that your agent has valued their intended purchase at a fair price, according to all the necessary detailed data, which should help with the avoidance of prolonged negotiations.

Best of all, your high street agent will arrange to carry out a free no obligation property valuation, and at a time convenient to you. If you are considering selling your house or need to know its value for other reasons you are strongly advised to get in touch with your local high street agent. You might be pleasantly surprised!