When it comes to buying or selling a property, knowing what it’s worth is half the battle
Speaking to Your Money Live, property commentator Margaret Lomas explained that when it comes to house values, the ball is in the buyers’ court.
“Market value actually hasn’t got so much with what a property is listed for, it’s more a matter of what similar properties in the same area have recently sold for,” Lomas explained.
“In reality, it’s the buyers who decide the market value, not the the sellers or the agent,” she added.
Therefore to figure out what your property is worth, Lomas said to look at the following:
- The recent sales over the previous three months
- How many days they spent on the market on average
- How much vendors are discounting them by
For more tips including where to find this information, watch the full interview above.