You need to find out what's sold nearby and when, use The Move Market to find details of all property sold in the area you're interested in.
We offer price guidance based on our proprietary computer algorithms - whilst this technique isn't foolproof it does offer a good place to get a starting valuation.
To start, don't assume that the asking price is set at a sensible level.
Estate agents are under pressure from homeowners to value their property for as much money as possible to win the instruction (to act as the estate agent selling the property).
After all, a homeowner wants to get the highest possible price, so they are likely to choose the estate agent who says they can sell it for the most money.
This leads to properties going on the market overvalued.
Use The Move Market to see what other properties have sold for and what we predict they are worth today.
Needless to say, the homeowner is not happy and after three to six months typically looks to change agent and at the same time is persuaded to reduce their price significantly (to a more realistic level).
For most homeowners, this is a very frustrating process as they realise they have been duped by the first estate agent they appointed.
Whilst this is terrible for the homeowner, the first estate agent actually does very well out of this as they had to do very little work whilst at the same time they collect their fee in full.
So to summarise, a seller may be persuaded their home is worth more money than it really is.
About 30% of homeowners end up changing agent as the first agent fails to sell it for the price they promised.
If the property looks expensive relative to other properties on the market now or that have been over the past year, maybe hang on and wait for the homeowner to become more realistic about the real market value of their property before upping your offer.