How to Value Your Property
You don’t need an agent to help you find out the fair value of your property. In fact, there are many ways to do it yourself for less.
When it comes to selling a property, setting an appropriate sale price is key to achieving a successful sale. Set your price too high and it could languish on the market. Set it too low and you risk missing out on well-deserved profit.
*Note: A property valuation is not to be confused with a bank valuation or a Valuer-General’s land valuation. The value placed on your property by the Valuer-General (usually the value displayed on your Rates Notice) doesn’t consider the value of buildings on the property. The bank’s valuation tends to be more conservative to secure a manageable mortgage.
Online is your starting point
One of the best indicators of an appropriate sale price is to research what properties with similar attributes to your own have sold for in your area. Begin by browsing the “Sold Properties” section for your suburb on Realestate.com.au and Domain and take note. This will give you an idea of how much homes have recently sold for in your area and how long they were on the market. The longer the property was on the market, the more likely their initial asking price was too high.
At buyMyplace, we offer Comparative Market Analysis reports, which are powered by Core Logic RPData – Australia’s leading real estate analytics service. The Comparative Market Analysis Report provides you with a data-driven property appraisal to guide you in setting an appropriate sale price. The report also includes real-time market insights such as a detailed suburb profile, historical property data, and information on properties currently for sale in your area.
Request your Comparative Market Analysis Report here.
If you’re willing to spend a few more dollars, you can have your home professionally valued, which is a great, objective way to achieve an accurate valuation.
The power of proximity
Another great way to gain market insights is by physically inspecting properties that are currently on the market. Arrange to attend a few Open for Inspections for properties in your area with similar attributes to your own. During your visit, try to remove any subjectivity with regards to aesthetics and focus instead on the similar features they share with your property. For example, the number of bedrooms, courtyards, garage spaces, pools and granny flats.
Try to keep an ear out for what buyers say about the property and/ or its price point. This information can be helpful when determining your sale price and it gives you an idea of how buyers think when searching for their next property.
Wrapping it up
It’s ideal to use a variety of techniques to determine a fair and reasonable sale price for your property. And remember, the price you set isn’t permanent. Play the market and adjust the price as you go!