What is my property worth?

Our property practitioners are well equipped to assist any seller in establishing a true market related value of a property.

Comparisons need to be made with what has recently sold in the area. Frequently sellers believe that the asking price is what their neighbor’s property sold for and are often surprised to hear what the actual selling price was.

Even more importantly, a comparison has to be made with what is currently available on the market. Properties of similar value, condition, and amenities to what your house will be competing with your property in the open market.

An experienced practitioner will give invaluable assistance in this regard and will be able to assist in giving advice on what to do to improve the desirability of your property.

Value

Value is determined by the prices of recent sales in the specific suburb based on square meterage of the property and the prevalent market conditions at the time such as interest rate and number of competing properties on the market.

Marketability

Marketability however is how ready the property is to sell. When you want to determine the marketability of a property the following questions need to be asked: Has the property been priced at the correct price, is there a demand for property in that area and is the property in saleable state when compared to similar properties?

Market value

It is not wise to list a property at a value higher than what is considered market value after having taken the aforementioned into consideration.  A correctly priced property will attract attention, and potentially can create a competitive environment in which buyers can compete for the property, often resulting in the best possible price for the sellers.

 Creating the wrong impression

Incorrectly priced properties that are not well prepared and presented to the market with a well thought out marketing plan, tend to stay on the market for extended periods.  These properties do unfortunately create an impression that there is something wrong with them (which is the logical assumption when it does not sell), and eventually the asking price needs to be lowered to below the initial market value before it attracts attention.

Choose wisely

Be extremely careful when the value of your property is determined.  An experienced property practitioner will not necessarily tell you what you want to hear but will be able to give you the advice that will help you get the property sold.  Do not fall into the trap of appointing the person who quoted you the highest price. Frequently you then end up with the person who quoted the highest price, but who is also the least competent to achieve the sale.