When you decide it’s time to sell your property there are many things you need to consider. One of these things is the price you are willing to put it up for sale for. There are many factors that can affect how high a price you be able to achieve. There are two different types of property value estimates you can have done to give you a good indication of what price you should set.
Property Valuation
A property valuation is a formal process that costs between $300-$600 and are carried out by independent professional valuers, normally on behalf of banks or lenders.
The following considerations are taken into account for a property valuation:
Property size
Types and number of rooms
Fixtures and fittings
Structural condition of the building
Architectural style and fit-out of the property
Council zoning and restrictions
Properties location and the size of the block; and
Topography, aspect and layout of the block
The valuers will take into account any recent comparable sales in the area and compare them to your property using the above criteria. They will also visit your property to assess the actual condition of the building and take note of any structural defects that could affect its value and/or sale.
Market Appraisal
Market appraisals, however, are conducted by real estate agents. Estate agents draw upon their experience as well as the following factors to assess the value of a property:
Properties location, size and features
Number or sales and average days on the market in your area
Successful sale prices of other similar properties in your area; and
Overall trends in the property market
Generally real estate agents will give a higher estimate for your properties value because independent valuers look at the property from a risk perspective for the bank or lender so it may not be as high as what you could potentially achieve in the current market. Although a property valuation may be a more accurate reflection of its worth, a market appraisal by a real estate agent is a better indication of the actual amount you could achieve as people emotions play a big part when purchasing property.
Considering a market appraisal is free people generally obtain multiple appraisals from different agents to compare their fees such as advertising, commission and other associated costs related to the sale.
Specifically, at TM Estate Agents we will provide the following as part of our comprehensive market appraisals. (Subject to Availability)
Property details and Photos
Property floor plan
Estimated property value and value range
Property activity
Property sales history
Property listing history
Property rental history
Recent sold properties
Properties currently for sale
Properties currently for rent
Suburb insights
Local school details
Number of sales
Median value
Change in median value
Number sold by price
Median days on the market
Median vendor discount
Median asking rent; and
Indicative gross rental yield
At TM Estate Agents we pride ourselves in providing the best service to our clients. If you have been thinking of selling or would like more information regarding how we can evaluate property or have any questions, please don’t hesitate to contact me.
Carmel Fulton
Licensed Real Estate
0488 443 239 | carmel@tmestateagents.com.au
Buderim Mall
Shop 7, 86 Burnett Street, Buderim QLD 4556 | 07 5373 5077