The value of your property is ultimately what someone will pay for it. Our auction process, by attracting a number of interested parties who engage in a bidding process over a reasonable amount of time, will have a great chance of reaching a price that you are happy with.
If the highest bid meets or indeed exceeds your reserve price then we have a sale, subject to contract.
So you need to decide on the reserve price, i.e. the minimum price that you would be happy to sell at. Your property may sell for much more but this is the lowest that you would be prepared to accept. Prospective buyers cannot see this figure when they bid.
You might already have a rough idea of what your property is worth, but to make sure you have the right figure in mind, do some research.
Study house prices in your immediate area, both online and in the local newspaper's property section.
Look at the 'House Prices' section on Rightmove to see what local properties sold for recently. You can also find other relevant information on their site including market trends.
Browse the internet, keying how to value my home. There are some websites that offer a free calculator, all that you have to key is the price of your house when you bought it, the location and what you paid. Other sites may charge a small fee.
Please note, independent property valuations are only performed by chartered surveyors. Every property valuation can only ever be a guideline to what your house will eventually change hands for.
As mentioned previously, the true value of your property is what people are prepared to pay for it and that needs the right marketing and the right amount of time to achieve so our advice is to set the price you would be willing to accept and then let the market decide if they are willing to meet or even better it by bidding accordingly.
Please note that Hammer Price Homes is intending only to give very general common sense guidance in this article. We are not property valuation experts and do not accept any liability for valuations (reserve prices) that vendors put on their properties on our site.