Selling · Buying · Help · Glossary
O is for Open Market Valuation
We're on a mission to demystify the world of buying and selling property! Whether you're a first-time buyer or a serial home-mover, our A-Z glossary of property-related terms has been designed to make it all, well, more accessible and less confusing!
An OPEN MARKET VALUATION is the price that a property is likely to achieve on the open market.So if you decide to sell your home yourself (without enlisting the help of a high street or online estate agent) then how do you go about setting your price?
Well, if you want to SELL YOUR HOME QUICKLY, then price it right from the word go. A 2020 report from Rightmove revealed that sellers are TWICE AS LIKELY to find a buyer for their home if there have been no reductions on the asking price.
On average, homes where no adjustments have been made to price go under offer 26 days quicker than those where price has been reduced once or more...that's almost a month faster! So think carefully about the value of your home...
💰 Research the local market: look at what similar properties in your area are selling for and try to ascertain whether your local property market is hot or cold and in which direction it's heading...
💰 Consider that you're likely to be emotionally attached to your home and so what you may think it's worth could be far removed from what it would actually achieve on the open market (remember, you're home is only worth what an active buyer in your area is willing to pay for it).
💰 Think about your valuation sweet spot. What price is likely to get the most interested buyers through your door? The more people that view your property, the higher the odds of selling your home fast.
About this article — written by the Agreed team. We publish honest, hands-on guides on UK property based on what our associates and developer partners are actually doing day-to-day. Spot something out of date or wrong? Tell us via the contact page.