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Importance of Valuations When Selling Your Bury St Edmunds Home

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Wed 07 Aug 2019

Importance of Valuations When Selling Your Bury St Edmunds Home

Most vendors expect challenges when selling their home. This is a competitive marketplace, and so many factors influence what buyers are willing to do. Sometimes, it is factors outside a vendors’ control which have the most significant influence. The presence or lack of local schools, transport options, crime statistics and other amenities can shape what buyers are willing to pay for a new home.

Therefore, vendors should look to remain in control of as many aspects of the sales process as possible.  If you place too low a valuation on your home, you will attract attention and offers, but you’ll lose money.

Be wary of high valuations

If you place too high a valuation on your home, you will likely see no interest in your home. Also, if there are other homes in your neighbourhood up for sale, a high valuation on your home makes these homes more appealing. A high assessment could hamper your chances while helping others, so it is critical you place an accurate value on your Bury St Edmunds property.

There is a broad range of features which an agent considers when valuing a home, including:

·        The condition of the home

·        The size of the home and whether there is potential for expanding or improving the house

·        The number of bathrooms

·        The demand for homes in the local area

·        The supply of similar homes in the local area

·        Previous house prices in the area

·        External factors like school catchment areas, transport options and amenities also influence the value

As a vendor, you should take steps to improve the features you can affect. Ensuring your home is in the best possible condition is the ideal starting point when selling a property.

Stay in touch with Bury St Edmunds values

Whether you plan on selling your home soon or not, there is a lot to be said for staying in touch with property values. A lot of people take confidence from property values, and it is nice to know your investment is in safe hands. Of course, if you plan on selling your home soon, you must remain informed of what is happening in the market.

According to Zoopla, the current average value of property in Bury St Edmunds is £318,554. In the past 12 months, Zoopla has noted 1,290 sales in Bury St Edmunds and states the average price paid for Bury St Edmunds property in this time is £312,272.

·        The current average value for flats in Bury St Edmunds is: £182,879

·        The current average value for terraced properties in Bury St Edmunds is: £241,179

·        The current average value for semi-detached properties in Bury St Edmunds is: £260,887

·        The current average value for detached properties in Bury St Edmunds is: £420,080

You shouldn’t assume the average value of a property type applies to your property, but it is a useful starting point. Also, while these figures refer to Bury St Edmunds, we are also active in the surrounding areas. If you have more interest in one of these towns or villages, please let us know.

If you plan on selling your home, you must get an accurate valuation on your home. At Coakley & Theaker, we are pleased to offer valuation services. You can get an instant valuation for your property, or you can arrange an appointment for a more detailed assessment.

We are specialists in Bury St Edmunds and surrounding areas, and if you are keen to sell your home, we look forward to assisting you in achieving your property goals.