How to Value Your Client’s Home During Coronavirus Lockdown

By
Mortgage and Lending with Olympus Labs

 

 

Meta: Home values are changing due to the Covid-19 pandemic, and comparables from even 60 days ago may not clearly indicate the current market.

 

It may be uncertain how long the covid-19 pandemic will still be around. However, it is certain that strong partnerships and modern tools will still allow you to determine the value of your property. Thanks to virtual valuations, you will still be able to flex with the current covid-19 situation and get the best value out of your property. But, how do you value your home without getting valuators to set their feet on it? Well, there are multiple ways of evaluating your home during the Coronavirus lockdown. Whether you are thinking about your home’s current value or you want to sell it later, you will find this article helpful. Read along!

a. Online Valuation Tools

Online valuation tools are becoming more popular in this decade than they were previously. With their improving accuracy, the tools are a reliable way of valuing your home during coronavirus lockdown. They work by going through the home registry data and ascertaining the price of your home. The price ascertained here refers to the cost of the house as it had previously been valued. The online valuation tools then apply matrices on the price and calculate the value of your home according to the current inflation rate. The estimates vary from one tool to another, and you may not get the exact price of your property. However, the estimates are helpful as they will give you a rough estimate of how you can value your home on the open market.

b. House Price Index Calculator

Another way that you can employ to remotely value your house is by using the House Price Index Calculator. It is an excellent tool as it gives accurate figures. With the figures, you will know the parts of the house that ought to be improved so that you can increase the overall cost of the house. It is packed with uncountable mortgage transactions assembled since the ‘70s. It can, therefore, track the value changes that have occurred in a house from one sale to another. With this information, the house price index calculator estimates how the value fluctuates in a particular market. This scientific approach is called the “repeat sales method” which offers a better way of valuing your home during the lockdown.

c. Virtual Valuation

If you lack the technology to help you with valuing your home in this pandemic, you are still covered. Most real estate companies are working from home, and they can help you to value your house from wherever you are. This process is simple; you only need to send some images of your home, and that will be sufficient enough to give you an estimate of your home's value. Get clear images of each room in your property without forgetting the exterior parts like the garage, garden, and parking.

You will receive an email or a call from the virtual valuation company explaining all that you need to know regarding the valuation. You will also be able to ask the questions and clarifications that you have concerning the home valuation process. This valuation method is quite affordable. After the valuation, you can still make plans with the company to facilitate the aspirations of your home after the lockdown is lifted .

d. Google Earth

Google Earth is an incredible app that will help you to value your property during the lockdown. It has very many features that are designed to estimate the square footage of your property, evaluate your neighborhood, and even verify the approximate construction dates of your home and the neighboring property. Google earth contains high-quality images of properties, and it will also give you an insight of the municipal property records. With all these information, the app comes with perfect mosaic pictures of your property and its value.

e. Property Valuators

Even though the current corona-virus pandemic has led to social movement restrictions, home valuations have not been limited. Some valuations lenders and firms have stopped carrying out physical valuations. However, not all home valuators have stopped making house visits. The only stringent limitation that they may encounter is from property occupants who are in isolation. Therefore, if your region allows movements, you can hire a property valuator to help you estimate the value of your home. Be sure to maintain social distancing during the valuation process.

With that said, knowing the value of your home is important as it helps you to decide how best you can price it. It also gives you ultimate control over the home as you will decide how to increase its value and what price to sell it. Though the covid-19 situation has resulted in a substantial decrease in the number of properties being valued, you can still find some valuators who are offering desktop or remote home valuations. You may not know how long the pandemic will continue, but you now know how to value your home during the lockdown.

 
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David Jackson, MBA

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