Looking to sell and keen to know what other properties in your area recently sold for?
Or…just curious about how much your neighbour paid?
This is an essential part of understanding your financial position knowing what your current home is worth as one day you maybe asked to sell to unlock the profits to fund your retirement lifestyle.
Determining your property’s value is based on a whole lot of variables, what price your neighbour got may not be an adequate measure of what you should expect – you might get more than what they did or you might get less.
To determine how much your property is worth, you must take into account all its important features, including:
Location of the property to amenities considered desirable by potential buyers, e.g. schools, transport, work, beach, river, views,
The size of both the house and the block of land that it is built upon,
The age of the building,
The condition of the building,
Of less importance, but still a factor in determining value are the ‘fixtures and fittings’ that a property has, e.g.
Swimming pools,
Decks,
Heating, air conditioning, ceiling fans,
Burglar alarms,
Floor coverings,
Appliances,
Light fittings, etc.
The next step is to find homes in your area with features similar to yours and check how much they have sold for. Recent sales of similar properties are a great source of information and what real estate agents rely on when they appraise properties as well. If you’d like iBlinks can assist by send through a list of similar properties to yours that have sold recently – just send through an enquire and we’ll discuss to option of the specific report for you. There aplenty of places you can receive FREE report, but the information is of a general nature,why not work with iBlinks and receive detailed information to know exactly where you stand with the benefit at a fraction of the cost from going direct to RP Data.
Looking in real estate agents’ windows, or searching property that are currently for sale on the internet will give you a good indication of how much other home owners are asking for their properties in your area. But remember, these prices may not accurately reflect the price at which the homes are eventually sold for.
Changes in the state of the economy, interest rates and property market sentiment will also affect the value of your home.
The two most important variables that will have a significant impact on the price you will be able to sell your property for are these:
How many other similar properties to yours are also for sale.
How many buyers are looking to purchase similar types of property to yours.
I know it sounds a little simplistic but when it comes down to it that’s the truth – simple supply and demand. The fewer there are for sale the less choice a buyer has and the less scope they have to negotiate on price. The fewer buyers the more choice they have and the more scope they have to negotiate on price.
Free Real Estate Appraisals
Not confident that you can come up with a good estimate of how much your property is worth? That’s okay – most people aren’t. However, just realise using the services of a Real Estate agent, the appraisals can be up to 10-15% higher than what the market really is.
Your first step could be to obtain a free market opinion from an experienced real estate agent. Real estate agents will inspect your home and offer an estimate of its worth based on a working knowledge of the local property market and recent sales prices. Real estate agents provide this service all the time and there is absolutely no obligation to engage the agent who gives the market opinion. Many people who intend to sell property often obtain more than one opinion.
Sometimes, unethical agents will overestimate the price of your property to persuade you to sell your property with them rather than another agent. Always get the agent to go over their appraisal of your property and get them to explain why they believe it to be worth that much.
Not sure what agents to approach to do a free market appraisal – no problem. If you’d like, we’d be more than happy to independently research and source an appraisal of your property by some of the more experienced and realistic agents in your area – just let us know – it’s all part of the free service we offer.
Contact us today to organise a property report from Australia’s leading property information specialist RP Data. We provide simple reports to very detail comprehensive reports with the ability to also conduct rental comparison to your property. Isn’t it worth while to know the value of your property today?