THE SELLING PRICE

The selling price is the minimum price you will accept in order to sell your property (it’s similar to setting a reserve price for an auction). To have a balanced opinion of your property value, you must compare your property to similar ones that have sold in your area. Having confidence in the value of your property will make it much easier during your negotiations with potential homebuyers.

THERE ARE TWO WAYS THIS CAN BE DONE:

1) A professional valuation report (highly recommended)

This is considered the most accurate way to establish your property’s value. It’s an unbiased opinion set out by a registered valuer, who provides a detailed description of your property and includes up-to-date comparable properties sold in your area.Other factors considered in the valuation report include:

• Land size
• Property aspect
• Land value
• Age of building
• Construction type
• Condition
• Economic effects, eg: interest rates.

Tip: Use the valuer’s professional description about your property when preparing your advertising material. It will help you to provide potential homebuyers with comprehensive, accurate details about your property.

Here’s a sample valuation report
The cost of professional valuation reports varies, but you should allow at least $250.

Click here to find valuers and discover what your property is really worth.

2) Comparative market analysis

You can also determine the selling price for your property by asking real estate agents for a comparative sales report. Or you can do your own market analysis by comparing your home to similar homes that have sold in your area over the past 3-6 months

Free data on sold properties can be found on these websites, so search them and compare your property to others that have sold.

• realestate.com.au
• domain.com.au
• homeguru.com.au
• onthehouse.com.au

Paid data REPORTS on sold properties can be found on these websites:

• rpdata.com
• apm.com.au
• pricefinder.com.au

THE ASKING PRICE

The asking price is the advertised price. We all believe our property is more valuable than the next, however, if you set the asking price or price range too high you may take longer to sell and scare away genuine buyers.

Before establishing the asking price or price range you must compare your property to similar properties currently for sale in your area. Then price your property a little lower than those being sold through agents. Of course you don’t want to give away your property, but this way potential homebuyers will feel they can pick up a bargain when dealing direct with the home owner. It’s like buying direct from a wholesaler – and let’s face it – we all love a bargain!

However, you should consider setting your asking price higher than the valuation price, because if you don’t ask for more, you won’t get it.

CONTINUE TO STEP 3