Property prices seem always to rise, but do they? Is your home worth more now than it was? Sara Grech explains what happens.

The axiom “your property is worth what you can get for it” is as accurate as you will ever get. Whatever category your property falls in to, its price is guided by supply and demand. In other words, if you have what people want and there is very little of its type available, your property is worth a lot. More, perhaps, than you had imagined. But that’s a rare scenario.

The key factors determining a price are its type. Is it a house of character, for example, or a townhouse, apartment etc., Is it large? And, of course, does it have a garden, a pool, or a garage? These are the kind of things we all want and so that increases the property’s worth.

Having said that, I also firmly believe what sells a property is: location, location, location. If it is where people want to be, it sells. The good news is that not everyone wants to live in the same place. Where you might want to live may not be where the next person wants to live. Also many of us don’t even consider certain areas because we know they are outside our budget and so we look for the next great location (and in that way help someone else’s property increase in value).

Over the last five years or so the market has become inflated and not all properties currently for sale or for rent (between 20% and 30%) are at true market value. At Sara Grech we work hard to achieve market value prices for our customers. Our property consultants are already seeing prices as coming down, currently by 8 – 15%, and each week a number of properties have their prices amended and reduced. As a result a considerable number of properties have now become attractive investments and rentals, at all price levels. I always recommend purchasers and tenants to see as many properties as they can, that way they can get a feel of true market prices as well as find the property they want within their budget.

I also recommend vendors and landlords to look at the prices of as many similar properties for sale or to let and consider the true commercial value of their property compared to the others. Naturally we all want the best possible price when selling and renting our property, but we have to be realistic, as we all know that we will only get what someone is prepared to pay.

At Sara Grech we take great care with valuations and enjoy discussing the possible asking price with the property owners, particularly if they want us to sell the property for them.

If you want to know how much your home is worth, ask us. Valuations are an important part of our business and we are optimistic. Alternatively click on to our website section “valuations” and fill in the form. A consultant will contact you within 24 hours.