Many North East homeowners undervalue properties significantly

Many homeowners are unsure about their property's true value. A study shows that 80% do not know how much their home is really worth. Two-thirds of these homeowners are undervaluing their properties, often missing out on potential financial gains. Over the past decade, house prices have increased. Most homeowners underestimate their property by £10,000 to £20,000. However, some significantly undervalue their homes by £100,000 or more. Approximately 13% of homeowners even overvalue their properties, leading to conflicts with estate agents. Homeowners in northern England are more prone to undervaluing their homes. For instance, 81% of homeowners in the North East undervalue theirs, compared to only 53% in the South East. Homeowners who disagree with their estate agents on pricing often take longer to sell their house. Reasons cited for increased home values include greater demand for homes and improvements in neighborhood desirability. Homeowners with longer tenure, at least 30 years, tend to have a better grasp of their home's worth compared to newer owners. In summary, many homeowners are not aware of current market conditions. While some may be pleasantly surprised by rising home values, others risk overestimating their property's worth. Experts advise following estate agent guidance to sell homes more effectively.