What is my home worth?

Things to ponder when considering a selling price

When it comes to selling property, “How much is your house worth?” can be on par with the “How long is a piece of string?” question.

There are dozens of factors that determine the price of a property, and an astute Vendor needs to weigh up all of them. 

Pricing a property incorrectly – too high – could see little buyer interest from the beginning of the selling campaign leading to the property sitting on the market for months at a time, making people wonder if the property is overpriced or there is something wrong with it. Pricing the property too low could cheat the Vendor out of a decent monetary gain. 

Discerning a property’s current market value in preparation for sale is vital.

Here are some tips for those thinking about selling their homes:

1. Don’t move too fast

Sellers can often make an offer or buy another property before their current property is sold. This can lead them to demanding a higher price than what their property is worth simply because they cannot accept any less. With no science behind their desired figure, finding a buyer willing to meet the asking price may be impossible.

2. Keep emotion out of it

Emotional attachment to the property is a common reason for overpricing. Vendors commonly attach a dollar value to the moments and memories they have shared in their home. However, buyers with no ‘bond’ to the home, will have trouble paying forward more than they should. The seller needs to take a logical and analytical approach to the sales process in order to get the best results.

3. Be knowledgeable

Facts and information are a seller’s biggest asset when listing a property for sale. Vendors can stay ahead of the game by attending auctions and open homes in the area and knowing what similar properties have recently sold for. The sellers will then know what they’re up against because they would have seen firsthand the other listed properties on the market, in other words, their competition.  This will help the Vendor put their property on the market at a suitable and desirable price.

4. Be aware

A Vendor should never limit their education to only listed properties in the area. A seller should also ensure they are aware of what hasn’t sold. It’s a great way to find out what “overvalued” or “incorrectly priced” looks like. Are they similar properties to theirs? If so, the seller needs to adjust their price accordingly.

Putting all this information together will enable a seller to gain a clearer understanding of what sale price range they can expect to get from their property and will help them to answer the question – “How much is your house worth?” When sharing and discussing their options with a trusted and dedicated real estate agent, Vendors will be able to confidently help create a selling campaign to reflect this and list their home at the correct, current market sale price.

Any Questions? Contact our professional Sales Consultants at One Agency Robert Mure who are more than happy to assist you with any of your real estate needs.

                              email: kooweerup@oneagency.com.au                    web: oneagencykooweerup.com.au

Purchaser Sales Vendor
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What is my home worth?