How do I understand the value of my own home or the property I am looking to buy?
In both situations, we undertake the same process we look for recently sold properties as well as properties currently for sale that are similar to the subject property.
We assess the following in comparison to other properties:
- Location
- Style and age of the property
- Land size and internal square meterage rates And interestingly enough the look and feel of the property, the valuation of real estate often come down to a feeling, a prospective buyer will either get a good feeling or a bad feeling when they walk into a property, presentation makes all the difference.
Most of the time we will come to an approximate price range, prior to the sale we can never really know the exact figure a property will sell for.
How many times have you seen an auction sell for exactly the reserve price?
It rarely happens, it either sells over or under this selected figure. The final sale price is often dependant on the market and the agent's ability to negotiate.