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So what is your property worth?

How to establish the value of real estate for the purpose of setting a selling price or asking price for your house is one of the most concerning questions faced by home sellers Australia wide.

The 2 main dangers with setting the wrong price are:-

1. Too high a price- will result in the ‘wrong’ buyers seeing the property and will most likely mean that inspections will be few and far between and worse still, offers will probably be non existent. The property will sit on the real estate market for a long period of time and will end up selling for less than it should have done if the price was correctly established to begin with.

2. Setting too low a price- this doesn’t need too much explaining… you would only ever do this if you were very keen to sell and a quick sale was paramount so as to avoid financial crisis.

So what are your options in establishing what your property is worth?

Real Estate agents are one way of obtaining property prices and probable sale prices. Agents do provide an appraisal of the likely selling price and suggested asking price for home sellers and they do this with a view to securing the property for sale. Because their ultimate agenda is to secure your business this can sometimes influence the opinion given as the agent will possibly inflate the price estimate to secure the business over their competitors.

Registered Valuers are another method of getting a likely sale value on your home.
Registered Valuers are a little more unbiased but will come at a cost, as a minimum it will be in the vicinity of a few hundred dollars and will get dearer as the value of the property increases.

There is also another option which uses sold property data and statistical analysis to establish the price of the particular piece of real estate. At Independent Real Estate Consulting we offer this service to consumers who are looking to sell their property and may have concerns relating to the current market value.

The process is not complicated, the subject property is compared to properties which have been sold in that area, with your input the comparable properties are then graded on a sliding scale as a better or worse than the subject property scenario. This “grading” results in the price being calculated based on statistics and on the sold prices of the comparable properties.

If you are about to sell your property contact the team at Independent Real Estate Consulting CLICK HERE