Before you put your home on the market, it’s essential to know how much you can expect to sell it for. By looking at some key indicators of your home’s value, you’ll be able to get an idea of whether or not you’re asking too much, or if you should ask for more. Here are 3 ways to check the value of your home and how they work.
1. Utilize an Online Home Value Estimator
With the constantly changing Australian housing market like every other property market in the world, your house may have appreciated or depreciated in the last five years. It cannot be reliably priced when considering that when you bought your home it cost that.
In this case, home valuation tools you can access online will help you find the potential of your property in the current market.
Referred to as automated valuation models, online home value estimators are sites that predict what a property might be worth, based on the prices and recent sales in the area. With the data from these sites, which relies on many different facts from the public record, mathematical models can tell an accurate estimate of the potential value of a home.
For example, online home value estimators such as Lendi and Value Our House only provide estimates, and while they do offer a ballpark estimation of the value of your property, they don’t guarantee it will sell at a specific price. Minor renovations might lead to big financial gains when you sell, while in a weak housing market a small alteration could lead to a big reduction in price. You need to talk to your real estate agent about the cost of your house to know how much you will profit.
Depending on the market in the city or suburb your agent works, he or she can make recommendations about repairs and renovations that could add value.
2. Ask Your Real Estate Agent to do A Comparative Market Analysis
It’s one more thing your agent can do to help: comparative market analysis of your property. You do this by evaluating comparably priced homes in a specific geographic area for the last six to twelve months.
It takes into account the type of property you are selling, its size and features, the nearby suburbs and areas, as well as the homes around it. You may also want to consider the school district within which your home is located. Among the factors considered during a comparative market analysis are the interior, exterior, mechanical, yard, and style features of your home.
By undertaking comparative market analysis, a real estate agent can estimate the worth of your property when considering its pros and cons, advising you on an achievable, yet reasonable price with a probability of you being happy with the result.
3. Compare The Home to Others in The Area Online
It is fair to say that most homebuyers begin their search online, and this is how they first learn what is available in specific cities and suburbs.
Thus, your house will be competing against others on the market in an atmosphere of increasing transparency and limited availability. Therefore, be cognizant that how your property is perceived is key to attracting interest from buyers.
Online listings give you a good idea of what properties in your city or neighborhood are selling for, though be sure to remember you’ll have to compare your property to others of similar size, condition, and location– a house like yours might be sold for different prices in Sydney and Hobart.
Why Knowing a Home Value is Important
Understanding what your home is worth is invaluable in figuring out an asking price that is doable but leaves room to make some profit.
Despite whatever personal attachment may linger for the homeowner about his or her property, there are other, more objective ways to come to an accurate evaluation of its worth.
For homeowners, online home value estimators can be a way to estimate a property’s value. These automated estimators utilize a standard technical and mathematical model and offer a prediction of how much a house will be worth.
When assessing the worth of a property, follow these tips. One way is to use comparative market analysis, appraisals, and thorough local housing market analysis in your fight to better understand the value of a property.
Choose an excellent real estate agent when it comes time to sell your home. A great agent is the most valuable asset a seller can have when moving. Still unsure how much your home is worth? Let the Sydney Property Realtor website recommend real estate agents in your city who you can trust to know the area, who can assess the true worth of your property, and who will be able to set a price on your behalf.