Just how do agents value property?

A Fine Opinion with sales director for Fine & Country in Norwich, Cameron Black.

People often ask me when I am valuing their home ‘How do you arrive at your valuation.’ There is no straightforward answer to this question. The properties that I value on a daily basis vary so dramatically which is the very reason why I love my job so much. In the morning I could be looking at a Georgian farmhouse whilst the afternoon could see me strolling round an Old Rectory or a pretty cottage. There are some obvious elements that I take into account when valuing a property; namely square footage, comparable properties and the quality of the accommodation. Other factors include location and the property’s surroundings. However, the majority of the properties I value are unique which, to some degree nullifies the above elements. I am left with the experience that I have gained over the last eight years dealing in one off properties. When it comes to unique property, unless the estate agent you have chosen deals in this type of property consistently, it can be extremely difficult for them to value correctly. It is not uncommon for a prospective vendor to have large fluctuations in the valuation of their own property which, with pricing so important in the current climate, can often be the difference between finding a successful buyer or staying on the market for a lengthy period of time.

*You can contact Cameron Black at Fine & Country in Norwich on 01603 221888.

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