Before contacting a Real Estate Agent following are a few tips to help you establish what your property may be worth. This can be helpful in both, deciding whether or not to sell and feeling confident when engaging an agent. Please note however that most Real Estate Agents have access to detailed market data not readily available to the general public.
Following are some helpful ways to build a picture on your properties estimated worth:
Examine recently sold ‘similar’ homes in your area
Look closely at properties with similar location and assess to local facilities (shops, buses, schools etc.). It is essential that you look at homes that are as similar to yours as possible and have been sold recently (within the last six months or so). Take the time to search sites like Realestate.com.au and make a list of comparable properties and their selling prices.
Compare and rate features
Rate your property (on a spreadsheet) against property sales with certain similar features. This might include looking at properties with a similar:
- Number of bedrooms and bathrooms
- Style of building (for example, heritage or new build)
- Land size and size of the property
- Condition and state of repair – is it in need of renovation? How up-to-date are the fittings and appliances?
- External features like a garage or off-road parking, swimming pool, and gardens
For example, let’s imagine that your home is a single story similar to another that sold across the road, except that yours has a much bigger backyard and rear lane access. This might mean that your property might have a higher market value. Furthermore if that place is in need of updating and yours has been recently renovated, your property could potentially sell for a higher price. In any case, a valuation at this stage should be treated as a ballpark figure.
Track the property market
Comparing one property versus another will always be a case-by-case issue, so it’s important to be aware of the market in your area and what buyers are looking for in your suburb. That means keeping an eye on how long different types of properties take to sell, as well as auctions in your area.
Visit ‘Open Homes’ in your area to physically examine and compare your property size, features, condition and asking price.
HAVING COMPLETED THE ABOVE ANALYSIS CALL YOUR REAL ESTATE AGENT FOR AN OBLIGATION FREE PROPERTY APPRAISAL, CONFIDENT THAT YOU’VE DONE YOUR HOMEWORK………………