Q: How can I make sure that I don’t “over” or “under” price my property. I want to sell for as much as possible!
A: Well firstly, you are not alone in wanting as much for your property as possible, but what is realistically possible? The value of your property is directly linked to factors such as area, specifications and condition …. many other factors also play a role such as a buyers personal taste but we can’t take that into consideration. We do however know that most buyers see aspects such as a busy street or staying on the boundary of a complex as negative.
Taking all of the factors into consideration, the Banks for instance, in granting a Bond to a buyer also look at resent sales in the area. Although they do not always know the condition of the property that has recently sold, it gives them an idea of the value in the specific area. Pricing your property too high and getting an offer might result in the Bank not finding value to grant a bond and then it is back to square one.
Valuations are more accurate when it comes to Cluster or Townhouse developments as most of the units are very similar in size and finishings. After all of this, any decent agent, specialising in your area and type of property should be able to give you an honest valuation on Marketing and expected Selling price. We also know most buyers assume that all Sellers are negotiable but this is not always the case and pricing your property right could mean that you are more likely to get a full offer.
There are many systems and stats to aid agents with valuations but the best valuation comes from personal experience!
Some agents will try to value your property high with the hope of getting a mandate and then over time, work the price down. Other agents will value very low hoping for a very quick sale