How Much Is My House Worth: What Goes into Property Valuation

Are you ready to sell or considering selling your home? A major factor that may impact your decision is the current valuation of your property. Valuation isn’t the price you want to sell, but rather how much a potential buyer would be willing to pay. Think of it as a ‘market price’ for the asset you are putting on the market.

So what factors drive this market value? When an estate agent or appraiser does an inspection, what do they look at to value your house? Let’s take a look at how property features and market conditions affect property valuation.

Features of Your Property

Location

The geographical positioning of a property remains one of the most influential factors impacting its market value. In Lanarkshire, various micro-locations within the region hold different levels of desirability. Proximity to city centres or areas of employment, schools, public transportation and ease of access to major thoroughfares can substantially elevate a property’s worth. Additionally, factors like scenic views or historical significance can add premium value to homes.

Size and Layout

Homes with spacious, functional layouts and well-utilised space tend to attract more buyers, thus potentially commanding higher prices. Factors such as the number of bedrooms, bathrooms, and overall square footage are key considerations influencing the valuation process. Additionally, open-plan designs, ample storage, and natural light can enhance a property’s appeal and value.

Age and Condition

Newer constructions or recently renovated homes tend to command higher prices due to their updated features, modern amenities, and reduced need for immediate maintenance or repairs. However, a well-maintained older property with historic significance or unique architectural features might also hold considerable value in the market.

We wrote a blog about minor upgrades to your home you can do to increase property value. Without breaking the bank you can improve the condition of your home and make it more attractive to potential buyers. Check it out here: 21 Affordable Ways to Increase Property Value.

Unique Features

Properties with distinctive or unique features often stand out in the market and can influence their market value significantly. These features could range from specialised architectural designs, custom-built additions, smart home technology integration, eco-friendly attributes, or any other distinguishing aspect that sets the property apart from others in the area.

Amenities

The availability of amenities near the property can substantially impact its market value as well. Swimming pools, gyms, well-maintained landscaping, community spaces, and access to exclusive services can elevate a property’s worth. The convenience and quality of these amenities often contribute to a property’s attractiveness and eventual selling price.

Local Market Factors

Recent Comparable Sales

The sale prices of similar properties in the vicinity serve as benchmarks for estimating the market value. These comparable properties should share similar characteristics to your property, such as size, location, condition, and age. And of course the sale must have occurred not too long ago. Analysing recent sales data of similar properties provides insight into the realistic and achievable price if you list your property on the market.

Supply and Demand Trends

Understanding the current inventory of available properties and the demand for housing in a particular area influences pricing dynamics. For example if there is a trend of young families moving into a particular village for work and schooling needs, then we can reasonably expect starter homes to be in more demand in the area. If you know that there aren’t a lot of available such properties, whether three bed flats or smaller terraced homes, then it’s likely that such types of properties will be more valuable on the market.

General Economic Conditions

Interest Rates

Fluctuations in interest rates affect the affordability of mortgages, and this directly impacts the purchasing power of potential buyers. Lower interest rates make purchasing property more affordable, stimulate demand and, consequently result in higher property values.

Economic Outlook

Broader economic factors, including employment rates, GDP growth, and consumer confidence, shape the real estate market. A robust economy often leads to increased property values.

How Accurate are Purely Online Valuations for the All-Important Question: How Much Is My House Worth?

A number of factors need to be taken into account to come up with a realistic and fair valuation. It is not enough to use publicly available information about recently sold houses in the vicinity. One would need a good understanding of the local market, comparable properties and their sales trends, available supply and how it all plays together with broader economic factors. A personal inspection or site visit is key to appreciating the property-specific features that could add to or reduce its market price.

So it’s best to go to an expert who has access to this information, and the experience and insight to arrive at a reasonable valuation accounting for all this data for your property.

After all, setting a price that’s too high could result in no one making an offer on your home, and you would eventually have to reduce the price. This could negatively impact potential buyers’ view of your property. If you set a price that’s too low, you will miss out on the maximum value that you could have achieved with the property sale.

Kirkland Estate Agents are local experts in Glasgow and North Lanarkshire. We have helped over 400 clients sell their home at their ideal prices and time scale since 2020. We believe in taking a personal and honest approach to helping you sell your property – and that includes providing accurate and reliable valuations that make sense in the current markets.

Request a Property Valuation Online

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What Our Clients Say

"Selling our home with Kirkland was the best decision I have made. We managed to achieve an unbelievable price for our property and sold in a matter of days. Gillian has been an absolute joy to deal with, from arranging viewings to giving me advice, she has been on hand to answer any of my questions and could not be more helpful. She has taken care of everything for me, has ensured that I am up to date at all times and is just such a lovely person. I can’t thank her and the rest of the team enough. I would recommend Kirkland to anyone thinking of selling their home."

"Best decision I have made was to go with Kirkland Estate Agents. Their service was first class. I cannot thank them enough. They totally took the stress out of everything and kept me updated every step of the way. our property was sold in super fast time and the offer accepted, exceeded what we first expected. I can't thank Gillian, Ross and Heather enough, they made you feel like nothing was a bother. I'm actually going to miss my daily chats with Gillian. I would highly recommend them to anyone. Thanks so much again for everything."

"I cannot recommend Kirkland Estate Agents enough from start to finish the team have been so supportive. Ross is always contactable and offers advice throughout. Gillian kept in touch throughout all the viewings offering advice and support taking some of the stress out of the process. I cannot thank the team enough and would highly recommend using them."

"just want to say a huge thank you to Ross, Gillian and Wilma , i waiting a long time and done my research for the best company to sell my house, its been a very emotional time these ladies kept me informed from start to finish, their service was above and beyond what I expected, I would recommend Kirkland Estate agents 100%."

"A huge thank you to Gillian & Wilma for making both the purchase and sale process run so professionally. Your customer service, communication and understanding of your clients make everything so much easier and stress free. I would recommend Kirkland Estate Agents to anyone, they truly are first class. Thank you very much Nicola & Jean"

"Thank you to Ross and Gillian at Kirkland’s for helping me sell my home. Within 1 week of it being on the market we had around 20 viewings carried out and closing date set. Very happy with the price we achieved! This business is very well organised and each step of the process has been straightforward. The reason we picked this agent to begin with was for the marketing / professional photos and they did not disappoint. Great service. Would highly recommend."

"We selected Kirkland Estate Agents out of 3 estate agents. The valuation was spot on, there was no hard sell from Ross. We thought their photography set them apart from other estate agents and found out it was done by a professional photographer. We appreciated the fact they are a small, local company who would do their best to sell our house. As a meticulous graphic designer, I valued their swift responses to my photography and copy-related enquiries. This level of service might not have been possible with a large, national firm. Thanks to Wilma and Gillian for facilitating a quick, above-home-report offer in July and ensuring a smooth process. Wilma's solicitor recommendation was also excellent. If I was selling in the area again I would definitely use Kirkland as I found them super helpful and very quick to action everything."

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Looking for property valuation Coatbridge, Glasgow and anywhere else in Central Scotland in order to sell? Or are you in need of a trusted estate agent to help buy your dream home? Kirklands Estate Agents have you covered.

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