Are You Overvaluing Your Home? Avoid This Housing Trap

6th July 2022
Home > News > Are You Overvaluing Your Home? Avoid This Housing Trap

You should take pride in your home. The work, effort and stress most homeowners go through to buy and maintain their home means that you should feel incredibly proud of it and yourself.

However, you mustn’t let pride or admiration for your home run away with you. A recent study indicates many homeowners overvalue their property by an average of 8%.

At Anthony Jones, we aim to provide you with the best standard of property valuation service we can. We take the time to visit you and examine the property in close detail. We also consider the local area and even demand and supply factors in the local market.

If you need assistance in any property market move in and around Darlington, we are here to assist you as best we can. It looks like many property owners will benefit from this service.

What value do you place on your house?

Renowned UK housing market professional Danny Luke spoke about the study and why so many homeowners overvalue their homes by an average of 8%.

Danny said; “When we first started comparing the figures in 2019 homeowners were overvaluing their properties by an average of eleven percent. The current figure of eight percent indicates that homeowners are becoming more accurate with their assessment of their home’s value. Property websites such as Rightmove and Zoopla are making it much easier for homeowners to gather information about the local property market and what their homes might be worth. Some sites allow the public to search for recent sold prices in the area, whilst others go a step further by using recently sold data and general property market trends to offer a basic property valuation tool.”

There is no denying the importance of sites like Rightmove and Zoopla for buyers, vendors and agents. We share data from these sites because they are of tremendous value if you are looking for a quick assessment or figures to make a rough calculation.

We help you make an informed decision

However, if you are looking for accurate information that assists you with a move in the market, it is vital to work with an experienced agent who knows the local market. Our insight provides you with confidence about any move you want to make or even to be fully informed about the value of your home.

This is something Danny Luke agrees with, saying; “Whilst it is handy to be able to go online and get a rough idea of how much your property might be worth, it is always best to ask a local independent estate agent for a formal valuation. Ultimately, any property is only worth what someone is willing to pay for it and a local estate agent is likely to have knowledge about the local market that an online valuation tool simply can’t compete with. That is especially true in the current market where things are changing very quickly from one week to the next. Now that the ‘cost of living’ crisis is really starting to hit, we are definitely beginning to see a cooling of the market. The first two weeks of marketing your property are the most important in terms of attracting a buyer, so it’s vital that you price your property correctly from the start.”

Contact Anthony Jones for all Darlington property matters

If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.

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