Now that you’ve given your house a facelift, seen to any small issues there might have been, and spruced up the exterior and interior, it’s time to think about the price.
This part of selling a property can be a difficult one. After spending many years in your house, putting hard earned money and extra time into it, deciding on a price for your home can be an emotional decision. Luckily, your estate agent will be able to do a Market Valuation to help you determine a realistic price for your home.
It’s essential to keep a realistic market-related value in mind. In order to sell your property, you need to get into the mindset of the buyer. Compare your property size to those of a similar nature in the same area, so that you can get an idea of your ‘competitors’. Again, your agent will be able to help you with this, but it’s also a good idea to do your own market research.
Online property valuations
An online valuation for your property can help you with a ballpark price evaluation. This is determined through property industry resources such as the Deeds Office, Surveyor General and market trends. An Online Property Valuation will give you information such as:
- Comparable market sales
- Transfer history of the property
- Selling history
- Market trends
- Municipal value
- Estimated property worth
- Comparative Market Analysis (CMA)
A CMA is performed by an estate agent. The agent assesses your home, points out any unique features and lets you know how they will affect the selling price – positively and negatively.
Remember, when putting a price on your property, going too high can be dangerous. The longer your property is on the market, the more likely it is to go ‘stale’ and drop in value. Keep in mind what you paid for the property, how much capital you have spent on renovations or improvements, and most importantly, what the market-related average prices are. And as much as possible, try not to get too sentimental! (Sometimes easier said than done).
Words: Lauren Joubert