Pricing your property and attracting buyers.
Pricing your property
Is the price right? This is a crucial part to ensure you will be attracting the RIGHT buyers to your property. The good news is, you’ll find many independent resources to help you get a better idea of a realistic & achievable price.
Tips to pricing it right
Do a little homework. Many banks now offer free property reports and property apps. Or you can check out propertyvalue.com.au, realestate.com.au or onthehouse.com.au to see suburb reports and what properties have actually sold for in your area.
Put yourself in a buyer’s shoes and attend a few open homes in your area to see how your place stacks up to similar properties. It will also give you a chance to see how agents market and handle buyers.
Ask an agent that’s active in your area, for an up to date market appraisal. They should be able to give you an honest—not inflated—estimate of your home value, based on market conditions and the following factors:
Location: Where your home is located, may have a major influence on its sale price. Is it in a popular neighbourhood, on a leafy avenue, close to local amenities such as a public transport, good schools, bike paths, parks, shops and trendy cafes, or an easy commute away from major employment centres? All of these will attract interest and competition for your home.
Similar Sales: Recent sales around your home will also have a reflection on your property’s value. Like a real estate agent, buyers can find out these days what properties have sold for and will be comparing yours with these. Ultimately, how much your property is worth is not an exact science, but it’s important not to make it a completely emotional choice either. We all generally think our home is worth more and should sell quickly, but talking to the right agent first before setting a final price range helps—after all, they’ve sold hundreds of properties in your neighbourhood, are talking to active buyers every day and can look at your home objectively.
Condition: Demand for your home also depends on what state it’s in. Is it modern, attractive and well maintained or in need of a little love and attention? Has it just been updated with all mod cons, or have a huge backyard with plenty of room to expand? Making sure your home is in the best shape possible, and highlighting its best features—even if that’s simply the potential to renovate—are the keys to driving up your final sale price. The more work there is for a buyer to do, the more the buyers will try to reduce the price of your home.
Undecided: If you are confused by the range of different values that agents suggest your house is worth, you can always employ a Licensed Real Estate Valuer to provide a truly independent valuation.