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Real estate for sale: how much does your property worth

29/05/2016

If you have real estate for sale, it’s very important to set the right price so you don’t scare off potential buyers, or sell it for less than its worth. If in doubts, ultimately keep in mind that a property is worth as much as the buyer is willing to pay.

We wrote previously about staging a home for viewing, about how to take great pictures that sell your home and the buyer vs. seller vs. agent expectations, but now it’s time to talk about your property’s worth.

There are several things that influence prices, such as the construction year, the property’s size and its facilities, location, orientation, insulation, neighbourhood. All these influence the market’s price.

To get a real estimate, there are several ways to find out and make an average from the amounts each of the following sources provided:

1. Wizmo

Browse through the properties listed on Wizmo and find 5-10 properties that are comparable to yours in size and features, and see what their selling price is. Remember to account for all the factors we mentioned above. Objectively compare location first, size second and then the condition and features. The buyer will.

2. Real estate agents

Bring in a couple of real estate agents who you know recently have sold similar properties and ask them for a property valuation. Don’t simply pick the highest amount - use the research you have done previously to work out a realistic level to set your price at. By working with real estate agents you have the opportunity to get insights on the market and on your property’s value.

3. Hire an assessor

Hiring a 3rd party can also give you an overview on the price of your real estate. Keep in mind that he, as well, will use the market prices to establish what would be a correct starting point for your property.
It’s definitely in your advantage to have your property surveyed before you put it on the market. If there are any problems with your home this will give you a chance to fix them before you lose potential buyers with a keen eye for details.

4. Economy section of business magazines

Our last piece of advice is to keep an eye out on the economy section from business magazines. You don’t have to read it through and through, but it can provide useful information about the country’s economy and debts. This could be a good indicator on how the value of real estate will start to fluctuate, therefore giving you a better understanding on how to set the price.
All in all, the selling price should be based on the minimum amount you can accept. Be realistic and think that you may be able to get back the price difference the buyer negotiated from the seller you’re planning to buy from. :)

Good luck!

References: 1, 2

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