Step 1 - Market Information
Study the market in your area, ensure you have a good understanding of the current property market in your area and take some time to study current trends and pricing. There are many resources available today that can help you do this. One particular site is called www.hometrack.co.uk they can help you value your own property. Another useful site is called www.nethouseprice.com this site can help you look at selling prices for other similar properties (their database holds info on property anywhere in the UK) – these are the prominent tools used by estate agents to value properties – just look to see what other properties of similar style and close proximity have achieved. You should take particular notice of houses similar to yours, in your area. Look at the advertised selling price versus the time the house has been on the market. You can then gauge if they are overvaluing their property. Also look to see if the house has sold very quickly for that price as this means there is opportunity to charge more – you can always reduce your price but it is very difficult to increase it!!
