What is Your Property Worth?
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Your property’s value is determined only by what a buyer is willing to pay in today’s market, based on comparing your property to others currently on the market for sale.
The value of your property is not determined by any of the following:
- what you paid for your property
- the amount of cash you need from the sale of your property
- what you want for your property
- what another real estate agent says your property is worth
- what an appraiser says your property is worth
- your personal opinion
- what your neighbor got for their house
- what you’ve spent on improvements/renovations
Remember, buyers always determine the sale price.
How you control the sale of your home
There are 5 reasons a property sells:
- the real estate agent you choose
- your property’s location
- price of your property
- condition of your property
- marketing of your property
Real estate agent
The agent advises you on market conditions, pricing, ‘staging’ recommendations, contracting, financing, appraising, marketing and closing the sale of your property. You deserve an agent with a proven track record and that’s what Raine & Horne deliver.
You have no control over the location of your home, but its location contributes to its value.
The best price can be determined by a well-researched marketing evaluation. As a seller, you should get a market analysis comparing your home to similar properties that have recently sold and are currently on the market.
You'll sell faster and at a higher price with a clean, well-maintained property. Making the most of your asset will give it a competitive edge over others on the market.
A clearly designed and professional marketing campaign and strategy that will reach the widest buyer audience is vital to the sale of your property. There is no one strategy that fits all properties, so a tailored approach by one of our experienced agents is recommended. It is important that you understand the marketing plan being recommended as well as the costs. You can monitor the progress of your marketing plan and develop a good relationship with your real estate agent.
A few words on pricing
Do not simply list with the real estate agent who gives you the highest price.
Expect the agent to suggest a price range but be aware that some agents might suggest a very handsome, yet unrealistic price. Then, after your property hasn't sold, they'll come back with a pitch to lower the price.
Raine & Horne’s experienced agents know the market and can provide informed, realistic advice on what price your property might fetch. A sound and realistic strategy in setting your price can ensure you will be more likely to obtain your asking price (or close to it) and you'll get it sooner.
The buyer/seller psychology
In any buyer/seller relationship it's normal for the seller to ask themselves if they should have asked for more. Similarly, the buyer might question whether they could have paid less. The art of negotiating the best price is a skill that the Raine & Horne team has mastered. One way of achieving a speedy, successful sale is to start with a realistic price in the first place. Remember, like you, we have a keen interest in getting the best possible price for your house.
Overpricing can be costly
Real estate agents work with buyers who have seen what is currently on the market and are waiting for something new to be listed. Therefore, most activity will take place in the first 30 days of listing. Your property will most likely receive its highest and best offers during this time.
After this initial period, the only people to look at your home will be new buyers in the market place, and buyers brought through to compare other properties. If your property is overpriced it makes other properties appear as ‘bargains’.
Further information on selling your property is available through the Office of Fair Trading at www.fairtrading.qld.gov.au