My 6 tips when trying to establish property market values

Buying at the right price is crucial. If you don’t, you end up chasing your tail to realise the margin in the deal later on. Here are 6 tips to establish the market value.

✔️Look at comparables – get a list of properties that have sold within the last 6 months in the particular area you are focusing on. Rightmove is great for this.

✔️Look at sold not asking prices – some people think that the value of a property is what is being listed for. The true value is what someone is willing to pay and someone else is willing to accept in an open market so you want to be looking at historic prices to determine this.

✔️The number of days it’s been on the market provides valuable information because it helps you understand the time it typically takes to sell a house in your area.⁣

✔️Looking at the square footage helps you determine the cost per square foot that homes are selling for.⁣

✔️Look for remarks such as fixer upper, needs TLC to get an idea on the condition of the house. It could also be an indicator the seller is motivated.⁣

✔️Actually driving by the neighborhood is a great way to understand why houses are selling for those prices⁣.