Valuing Your Property in the Current Market

No agent will ever be able to give you an exact figure of what your property will sell for! However, you can and should expect to be provided with a qualified approximate price range in which your property should sell for. An ethical agent will follow a strategic and professional approach in determining the current approximate market value of your property, giving you the tools to make an educated decision on your agent and the initial price to take it to market.

Important elements that should be taken into consideration for pricing approximations are:

• Recent sales activity in the immediate area of the property’s address. For apartments this would mean, research recent sales in the complex or in similar apartment complexes in the area and determining comparable sales. With houses it is researching the immediate street as well as surrounding addresses. These recent sales need to be current, meaning no further back the 12 months.
• Understanding what is currently on the market for sale plus what has recently gone under contract, and compare with the property in question. At the end of the day, what is currently on the market is your competition when you decide to sell, so you need to be completely aware of what is in the marketplace.
• Thoroughly understand and know the advantages of the property – attributes, size, location, advantages over other properties.
• Understanding the current market conditions, ensuring you have a professional knowledge of what is happening e.g. how the market is performing.

Based on comprehensive professional research, it is the price range which the property will sell close to. There is no over inflation of pricing, no lies or dishonestly, just the facts. It is very difficult for you to make an informed decision about selling your property if you are given inflated information about its value. This information is one of the most critical factors in the entire selling process and sadly if it sounds too good to be true … most times it is!

Once you have agreed on the pricing range, you can then focus on the strategies and plans needed to ensure the best possible price is achieved, and again this is determined professionally and strategically to ensure all potential buyers for each individual property are reached. The more potential buyers your property has the greater negotiating power you have and the best chance is gained to achieve the highest possible price.

When choosing your agent, discuss their negotiation abilities, be wary if they are quick to discount their commission and increase your sale price just to gain your listing. This really is a red flag and for you to obtain the fairest price for your property in any market a little bit of research on the agent goes a long way to helping you achieve your goals.

** FYI – Ethical agents will welcome your questions and expect you to research …. they will not be afraid for you to do some digging, as they have nothing to hide! **

It is important to understand that price is not everything and all agents are not the same! Good advice, sound knowledge of the local area and the overall market, a strong strategic marketing focus on the individual attributes of your property and especially a good feeling about your agent should all count in your decision making process.

Remember, your agent is there to serve you, facilitate the sale of your property and make your real estate transaction a pleasant and seamless experience.

Good luck, fair winds and happy selling!

 

Article source: http://mypropertypulse.wordpress.com/2011/03/10/valuing-your-property-in-the-current-market/