What is my property worth in this market?

One of the most common questions from those looking to sell property is ‘what’s my property worth in this market?’ Well marketed, well presented homes that are priced competitively will always sell better than an unrealistically priced home. Whether the property market is buoyant and incredibly busy, or nice and steady, the information from the marketplace will always be the best guide in your pricing decisions.

Working with a property professional will help you to gather that all important marketplace information. Current market research includes not only what similar properties in your area have been selling for recently, it also covers a smart marketing plan to provide you with a range of options to reach out to that all important buying interest.

One of the biggest risks is overpricing because:

  • Price is the first window through which a property is viewed. An over-priced property attracts buyers who quickly decide your home compares unfavorably with other homes in that price bracket.
  • Overpricing can also reduce the number of inspections, as consultants working hard for their buyers will be reluctant to show your home to a buyer for fear of ruining their credibility.
  • Overpricing can also serve to make other similarly priced properties look even more attractive to buyers when they are making comparisons.
  • A high price sends a message that you are too far out of touch and reach, so buyers may not want to take the time to start negotiating with you.
  • Overpricing can also mean missing your buyers who if focused at only looking at property within a certain price range simply don’t see your home. Buyers looking in the price range your property is in will then be comparing it with homes offering a much higher level of value than yours.

However much you love your home, whatever you have spent on it, and whatever you need to get out of it to move on to your next property, these factors have little influence on actual value. The value is determined by a buyer’s perception and how much they are prepared to pay for your home.

Tip:
Keep an open mind and listen to feedback. An experienced sales consultant will use their skills to extract key information from potential buyers visiting your home to report any features or issues that may be holding buyers back. Feedback is invaluable for checking whether your pricing is right as many buyers will have inspected a number of similar properties, so their opinion is crucial.

For an obligation free market appraisal please contact:

Dionne Wilson

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Director – Harcourts City Residential

Ph: 03 9664 8100          Mob: 0417 318 705

E: dionne.wilson@harcourts.com.au Web: www.cityresidential.harcourts.com.au

*Harcourts City Residential has gathered this information to provide an interesting document for apartment owners and prospective purchasers. Harcourts City Residential may not have affected any or all of the transactions noted; rather we’ve gathered as much market information as possible on ALL transactions to be as conclusive as possible.

Information contained herein is gathered from a range of sources including but not limited to; The Age Property Results, The Herald Sun Property Results, Valuer General Information & Agents own investigations. All efforts are made to verify the information provided. The information is not to be relied upon or used in dealings with third parties and people should make their own investigations regarding their own property or personal circumstances. Opinions offered are just that, our opinions & observations and should not be treated as fact.

If your property is exclusively listed with another agent please disregard this communication.

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