Before you get started with the valuation process for your home, it’s a good idea to familiarise yourself with your local market so you’re not going into the process relying on one source only. Here’s how you can get to know the value of your home:
As a part of the services provided by a real estate agent, we would visit your property and give you a free property appraisal. (This is an estimate of the value of your property).
Real Estate Agents will generally offer this appraisal for free so we can build a relationship with you. We tend to focus on one specific area, and with that, develop deep knowledge of the local market.
Local agents also know exactly what buyers in your area are looking for as they’re talking to them all the time. So, would give you an appraisal but can also suggest ways to help to bump up the value of your property ahead of hitting the market.
We will also look at the number of sold properties in your area and the general inventory. We would have viewed many of these homes in your neighbourhood and would know how your home measures up.
Other factors that may weigh into the home’s value could include your property’s curb appeal. Furthermore, it’s access to local amenities, decorations, and move-in readiness.
If your house price has been set too high, you may not receive any serious offers.
This could lead to your home being on the market for a longer time period, which may scare away further buyers who may believe that something is inherently wrong with the property. As well as thinking that there is something wrong with the home, buyers may bargain for a lower price or refuse to pay market value on homes that have been on the market too long because they (rightly) assess that the seller is desperate for a sale.
Yet there are also dangers in setting the bar too low; a low price could scare away buyers who may perceive that the property must have flaws or imperfections. A real estate agent will be able to prevent both of these scenarios by helping you set the listing price as realistically and accurately as possible.