Deciding on an accurate asking price for a property can sometimes be difficult and it involves a lot of knowledge and research. Some real estate agents may simply base a property’s value on historical data, or worse on their first initial opinions, without doing any further research.
Unfortunately if a real estate agent does this then they are not taking into account valuable information that will help get a more accurate asking price for your house.
There can be large differences between getting a regular appraisal and an accurate one that has taken some analysis. When a real estate agent is calculating the value that your property is worth, there should be a number of factors that they take into consideration:
- Previous sales in the area are a good starting point to help determine what people have been will to pay for properties like yours in the area.
- The current trends or mood of the buying public is another important factor to consider. Different locations and types of homes become popular at varying times and depending on the market, buyers will be looking for different things.
- Council regulations will also have a changing impact on the value of your property. Changes in zoning or whether or not you can subdivide on the land can significantly change what buyers may be willing to pay.
- Another big factor is whether or not there is news of new developments in the area. What your neighbours are getting up to is very important, and if there are plans for major improvements or changes to the area then this will impact the asking price of your property.
- Changes in the community and demographics will also occur over time, and this will change the value of your area. For instance, Australia’s major cities are becoming increasingly crowded and this is pushing even higher income households further out of central areas.
- Last but not least is the potential of a home. A home may be run down and need a bit of renovation, but if it is located in a sought after area or just needs a good paint job it can be worth a lot more than what a first glance may provide.
All of the factors mentioned above will influence a property’s asking price. Different agents may also give a different appraisal depending on their individual ability to sell a home, so you want to make sure that you get a professional real estate agent that can give you the most accurate appraisal possible.
Having an accurate asking price for your home is extremely important in marketing your home to the right buyers. If your property’s asking price is too low or too high it will deter potential buyers from inspecting your property.
If you would like any more information about how to get the best appraisal for your home or are looking to get your home appraised in the Erskine Park, St Marys or Plumpton area, then please feel free get in touch with me.