Tips for valuing your property

As a vendor, you want to get the highest possible price for your property.

However, setting an unrealistic price will deter buyers. The value of your property can depend on factors such as:

  • The state of the market

  • Current interest rates

  • The type of property

  • The sold prices of similar properties in the area

Ultimately the market will decide what it is prepared to pay, but you need a realistic starting point. An experienced local real estate agent will provide the best indication.

When to sell

So how do you pick your timing? Your own life and finances will always be the primary deciding factors. But once you’re in the mode, it’s important to judge the market. Here’s what to consider:

Hot Market vs. Cool Market

A hot market is a sellers market, where there are more buyers than sellers and competition amongst buyers is fierce. This high demand usually drives up both listing prices and final selling prices, and makes properties quick to turn over. With more buyers around, there’s generally a stronger focus on the location, potential and price of your property, rather than a long list of features or maintenance.

If you do need to sell in a cold market, it’s vital to set your price correctly, make sure your home is as bright and attractive as possible, and that you have a solid marketing plan.

A cold market may sound like a disaster for you as a seller, but just remember, if you’re also going to be purchasing a new property, you could be moving sideways or up for a more reasonable price, and have your pick of the bunch as well. Essentially, whichever market you’re selling in, your changeover price will stay the same, unless your purchasing in a different state/market place.

Whichever season or market conditions you choose to sell in, an experienced quality agent can help you make the most of it to maximise your selling price. Cairns has a very stable record with sales throughout the year not fluctuating dramatically. The best time would be the time that suits you best.

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