When we're selling a property, the million dollar question is, 'What is it worth?' Here, Andrew Winter tells you how to determine the value of your house.
- Contrary to popular belief it’s not you or your agent that sets the value, it’s the market. So be objective.
- It’s very easy for buyers to do their research these days. All the information is right there on the internet. So don’t expect them to pay for your over capitalised renovations or unrealistic expectations, because they wont.
- There are a number of factors you can consider to help you choose the right price tag. Look at similar ‘sold’ or ‘for sale’ properties in your area – ones within about a kilometer of where you live. This will reflect a realistic value of your home.
- But beware! Make sure you are comparing like for like. Look at location first, then size and lastly condition and features.
- If your neighbourhood has a 'right side of the tracks' and 'wrong side' only choose properties on the same side as you.
- The first three weeks of any sales campaign are vital. If you set your price too high you could lose potential buyers.
- It’s your agent’s job to market your property and negotiate for you – but they can’t do that if the offers have dried up. An initial lower selling price could stimulate a bidding.
- Finally think about the consequences of rejecting an offer lower than you expected - it could be better to cut your losses and move on.