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What's the real value of a home

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My partner and I are looking at our first purchase and are finding it a challenge to accurately price properties especially in a stagnating and falling market.

I guess the simple answer is what someone is willing to pay for it, but the issue is what is sensible.

Seller sentiment is an issue as they're still looking for peak prices.

I would appreciate your advice, below are some of the items we are struggling with:

1) How do you start pricing a property? We generally look at other properties that have sold recently in that area as a start but sometimes these are 1/2 years ago and of a different type.

2) How do you factor in prices dropping? Area are different, boroughs will generally have there niche areas etc....

3) How do you factor in modifications to a property I.e. loft, extension, rewiring and so on. 

4) Sometimes we come across developers who want to make a quick sale but it's hard to gauge what margins they are looking for.

Thank you all 😁

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
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      • up 5%

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