A house is worth what someone is prepared to pay for it! The “man on the street” will determine the value of your home. The skill of the valuer, is to assess how the market will react to your home and is based on practical experience of talking to local buyers on a day to day basis along with technical knowledge of which factors and features enhance value or otherwise. National computer databases can provide a layer of information upon which an accurate valuation can be based. The accuracy of the valuation will be determined by the local knowledge, experience and qualifications of the valuer. He/she will be aware of which streets sell better than others, what affect an extension can have on value, how much extra a buyer will pay for a good view, how much less they will pay if there is no garage etc. These variations differ from town to town and indeed from area to area within each town. The local knowledge of the valuer is critical. The more first hand experience the estate agency can have in actually dealing with specific sales in the area, the easier it will be for the valuer to determine buyer trends, and the more accurate the valuation.
Valuation is not an exact science. It is, effectively, an educated guess. The greater the level of education (in the form of local knowledge, experience and “know how”) the more accurate the valuation will be. The more accurate the valuation, the more likely you are to find a buyer in the timescale you require.