What Drives The Value Of A Property?

Location? Number of Bedrooms? Size of the Kitchen? Local Schools?

What exactly does drive the value of a property? And what exactly is the definition of value?

The market value is what a willing buyer would pay for the property to a willing seller, once the property was adequately exposed to the open market via the correct channels for the correct period of time (up to 3 months). This figure could vary dramatically depending upon the method(s) of marketing and how many buyers are drawn towards the property in the first place. The number of interested buyers in turn is driven by the quality of the marketing details and the asking price. The marketing details are in effect “the bait”. Poor marketing details (eg poor photographs) is like going fishing with no bait on the hook. You simply won’t catch anything.

The asking price is like a magnet for buyers. A competitive asking figure will create excitement and activity amongst potential purchasers, whereas a high asking figure will have the opposite effect and repel the most likely buyers away in the first place.

Both of these crucial elements (asking price and quality of marketing) will be driven by the choice of Estate Agent that you make. A poor agent will overprice (in order to win the instruction) and probably under market (simply because they don’t know how to use a camera). Elizabeth Davenport Estate Agents are experts in getting both of these fundamentals right and as a result have a very high success rate in selling all types of property.

Call today on 02476 010105 to speak to one of our experts about getting maximum market value for your own property.

 

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