When considering selling your home, the initial phase in the process of selling a house is to check your house value to ensure an accurate assessment of its current market price. This vital preliminary task will set you up for success when it's time to list your property.
Did you know that around 30% of Australian homes are incorrectly priced when first put on the market? Getting a professional valuation is crucial to avoid overpricing mistakes that can cause your home to linger. Properties priced within 2-3% of market value are selling about 30% faster than those above or below that range.
Why Is It Important to Check Your House Value Before Marketing It?
Knowing the true worth of your house is undoubtedly the most critical aspect before you even think of marketing it. Here are some of the reasons you should do this.
Setting the Right Price
An accurate valuation lets you set the price of your property competitively, positioning it to sell quickly. An overpriced home may not attract buyers, while the underpricing could lose you money easily.
Targeting the Right Buyers
With property details and neighbourhood trends, you can identify buyers most likely to be interested. You can target your marketing towards these audiences through tailored open houses, listings, and advertising.
Highlighting Your Home's Strengths
A good valuation highlights positive factors about your home like recent updates, large blocks or alignment like northern aspects. Your agent will use these to emphasise unique selling points capture buyer interest, and fetch a better price.
Avoiding Costly Mistakes
Incorrect pricing could mean losing prospective buyers and needing to relist at a lower price. Getting a valuation first saves wasted time and delivers the best chance of one smooth sale. Going blind risks lengthy marketing and lower-than-expected deals.
Methods for Checking House Value
Now that you know how important it is to check house values, what are some methods you can use to do this? Well, you can either use online tools, valuer appraisals or have consultations with professional real estate agents.
Let's take a closer look at each method.
Online Tools
Many online tools exist that can provide only a general property value estimate based on recent sale prices of comparable properties in the local area.
These include sites like;
onthehouse.com.au
realestate.com.au
domain.com.au.
All these feature valuation tools that ask for these details.
The property address,
Number of bedrooms/bathrooms,
And lot size to generate an estimated value range.
While convenient, you should not consider online estimates as reliable compared to options involving professional personnel and a structured property inspection. The algorithms powering these tools have limitations and may not account for unique property attributes that impact value.
Still, online tools can serve as a starting point for researching estimated property worth before pursuing additional methods.
Appraisals
When determining their property's market value, getting a valuation or appraisal from a local real estate agent is a common step homeowners take. In Australia, real estate agents typically offer free basic appraisals as part of their services.
Agents will inspect the property in person and consider location, size, condition, and recent comparable sales data. They then provide a professional opinion on the property value estimate and an estimated selling price if the property were to be listed.
While not legally binding like a formal appraisal from a certified valuer, realtor appraisals offer informed guidance directly from an expert actively working within the local market. Agents want to provide a realistic estimated value to secure potential new listings.
Consultations with Professional Real Estate Agents
A professional property valuer should conduct a formally registered valuation to check house value intended for legal or financial purposes like settling an estate or obtaining a loan against equity.
Qualified valuers hold accredited qualifications and are registered under governing valuation bodies. They inspect properties and apply specialised techniques, benchmarked data analysis, and market research to determine a supportable market value as of a given date.
Because of the expertise and documentation involved, professional valuations performed by registered valuers come at a cost, typically $300-$500, depending on property type and location within Australia.
However, for situations requiring an official market value assessment, the credentials of a qualified valuer provide reliability and could protect against legal challenges regarding the determined property worth.
How to Choose the Right Method for You
When it comes time to sell your home or simply stay on top of your property's current market value, it's essential to use an accurate method to check house value to determine its worth. Here are three factors you should consider to check your house value.
Managing Your Budget
Online estimates are typically the most cost-effective option if you're working with a limited budget. They often provide ballpark valuations for little to no cost. While professional appraisals give very accurate results, they can also be quite expensive. It's crucial to weigh your budgetary limits against the exact value you require.
Consider Your Timeline
When selling your house, time is of the essence and will definitely affect your selling price. If you are in a hurry, you can use quick options like online tools or chatting with agents to check house value. However, appraisals and professional licensed agents take longer to examine your property and give its actual value.
Think About Accuracy Needs
Appraisers will complete an exhaustive evaluation, leaving no stone unturned. But digital or agent estimates could work well if a ballpark number suits your needs and you don't require pinpoint precision. Given your specific objectives and expectations, let your desired accuracy level guide you towards the most suitable approach.
Tips for Selling Your Home for Top Dollar
If you want top dollar for your home, follow these essential tips to stage, market, and sell your property for the best price.
Make Necessary Repairs and Updates
One of the best investments you can make is fixing any outstanding issues with your home. Issues like leaky taps, chipped paint or damaged fences will turn buyers away. Be sure to;
Repaint the interior and exterior
Replace old fixtures
Ensure everything is in top working order
By doing this, you'll attract more buyers and can feel confident asking for a higher sale price.
Declutter and Stage Your Home
Less is more when it comes to selling your home. Declutter your space and pack away personal items so buyers can better visualise living in the home. Staging is also necessary to highlight the best features and space.
Use neutral furnishings, declutter counters, and let light flood in to make your home appealing. First impressions are critical, so ensure curb appeal and curb appeal are top-notch.
Hire a Professional Photographer
People shop for homes online first before visiting. Hiring a professional real estate photographer will produce high-quality photos that spotlight your home's best attributes.
Ensure photos are well-lit, not crowded, and showcase open floor plans. Use photographs to pique buyers' interest, so your home stands out from the competition.
Market Your Home Effectively
With Australia's current competitive real estate industry, you need to market strategically. Host open houses on weekends to welcome maximum buyers. Leverage social media and websites like realestate.com.au to extend your reach further.
Consider signage outside your home and colourful printed flyers with a QR code for your online profile. The right marketing will attract the right buyers who will pay the top price. Work with an experienced local agent to devise the best promotional strategy.
Conclusion
As we have seen, it is imperative for you to check your home’s value and be sure about it even before you put it up for sale. This knowledge will greatly help you get the best price for your property and not leave some cash on the table. One way you can make your house value much better is by doing some repairs and upgrades before you can list the house.
With the right ways to check house value and prepare yourself for the market, you can increase your chances of selling your house at a reasonable price.
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