How Much Did A Property Sell For
How Much Did a Property Sell For?
If you are about to or in the process of selling a residential or commercial property, the first step is to estimate its value. Of course, its intrinsic characteristics will make a difference in how much it will sell for. However, other features that relate to the surrounding area can be just as influential. In this case, understanding how much a property near yours has sold for is essential to price yours correctly.
Whether you are selling through an auction or privately through an estate agent, start your journey by figuring out the market value of the properties in the area.
Reasons to analyze the market
Several reasons require you to analyze the surrounding area, but two, in particular, can be determining factors.
Firstly, you need an estimation to price your property correctly. Undervaluing your family home or the commercial business in which you grew your company can represent an economic and emotional loss for many sellers. Oppositely, overpricing the property can cause it to remain unsold for many months or years. In turn, this can financially impact you just like in the case of an underpriced property.
Secondly, buyers will have done the same type of research you are doing now, often to make a more conscious choice in their buying process. However, if you price your property incorrectly, potential buyers will discard it when comparing it with other, more suitable homes or commercial estates.
Average Selling price in the UK
The first factor to consider to estimate how much a specific property sold for is the average price of properties in the region. As per the UK House Price Index summary: March 2020 released by the UK government, the average cost for a home in the UK is £231,855. However, this estimation varies greatly depending on where you live. In the chart below, you can check the average price of properties in different regions in England.
|East of England||£291,254|
|West Midlands Region||£195,917|
What factors to consider when selling your property?
Of course, the average price of properties in an area can influence the way you will price your own. However, other essential elements include:
The conditions of your home
If your home is nearly new will be priced differently compared to a property that is in disrepair. Investing in additions, remodelling, renovations, and repairs can help you add value to the property.
Renovations you have completed
If you have completed renovations within your property recently, the value of the home might have increased. If these have taken care of structural or significant issues within the estate, you might be able to increase the price of the house even more.
If the area surrounding the property is complete with shops, supermarkets, and access to public transport, you can expect the price to increase. This can be even higher if the property falls within the catchment area of a prestigious school.
Demographics and statistics
Other statistics regarding the area, such as employment and crime, can cause the price to fluctuate.