How much is your property REALLY worth? - Shields Gillman

How much is your property REALLY worth?

A couple of weeks ago, we explained why these cold Winter months are the perfect opportunity to land a price for your property you wouldn’t fetch at any other time of the year:

 

Why Winter Is A Golden Opportunity To Sell Your Home

But we then we realised it might be putting the cart before the horse to share this with you, without first giving you an idea of what your property is worth to begin with. So-

Today we help you get clear on how much your property is really worth, via a number of sources:

 

Professional Valuers

According to the Australian Property Institute, a Certified Practising Valuer is somebody with the training, education and experience that qualifies them to perform a property valuation. A competent valuer has a good knowledge of a particular area and they start by searching for completed sales of comparable properties. With market conditions that constantly fluctuate, these sales need to be transactions conducted fairly recently (i.e within the previous 6 months)

Top Tips For Engaging A Valuer:

  • Presentation is key: Make sure your gardens are looking nice and tidy and clear up the clutter throughout your house. Even with valuers, first impressions count.

  • Recent sales evidence: If you know what price a property in your area recently achieved, have that information on-hand for your valuer to take a look at.

  • Clear Instructions: If you have plans for future improvements with quotes and costings and you’re going with a lender, make sure the lender requests an “as if complete” valuation.

  • Don’t Overcapitalise: Improvements and renovations ad value, no surprises there. But at the same time, you’ve got to be careful you don’t overcapitalise and spend more on a particular renovation than that area can cope with.

  • Shoot Straight: Honesty is your best policy here. Somebody might claim a neighbouring property sold for $500,000, but the valuer might have evidence on hand that it sold for $50,000 less. A valuer can see right through the smoke and mirrors.

Online Valuations And Reports

Online valuation methods have become increasingly accessible to homeowners today, and are often the first place people go for a quick and easy report. But the quick and easy way isn’t always the best way. Sure, these reports can provide you with useful general information, but remember that they’re conducted without anybody actually walking through your property, so the factors that may or may not make it comparable to similar properties can be overlooked.

Real Estate Agents

Real Estate Agents provide what’s known as an “appraisal” rather than a valuation. This appraisal is based upon other sales in the area and their experience. Remember, real-estate agents are working for their vendor (who could be you), who pays commission on the price they achieve- not the official valuation.

What Difference Does It Make?

A professional valuation is based upon market analysis and doesn’t reveal how much somebody might be interested in your home. Using this method alone to decide the market price of your property could negatively impact the potential sale price of your property.

However, an agent appraisal can also differ depending on who you speak to, and what selling price they think can be obtained if they were your agent. So if you rely on the appraisal of just one agent, it can be a disadvantage as we’ve looked at before:

The Real Reason A View Like THIS Doesn’t Sell Itself:

A local agent, however, has a very reliable on-ground, first-hand knowledge of the area, in addition to the kind of buyers and any current changes in interest. Having this to your advantage puts you in great stead.

So if you’re in the Forest area and you’re interested in finding out just how much you stand to make from the potential sale of your property, why not contact us? With over 30 years’ real estate expertise and nearly 20 years history living in the Forest, we’re happy to give you the expert valuation that allows you to make the best decision moving forward.

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How Much is My Home Worth?