Want to sell your house, but first need a valuation? Don't know where to start? Here’s how to do i
When it is time to sell or even when you are just thinking about selling, getting a valuation of your property is paramount. It is often tempting to look at what other houses in your area are selling for and to then think that your house could sell for a similar price and that you may be able to make quite a handsome profit. Seeff however, says that valuing a property and pricing it when you want to sell, is a specialist skill. It is a task that is best left to an expert property agent in your area and should include consideration of a range of factors that affect the value and price that a buyer may be willing to pay for your home. Each house in a suburb is different in terms of the location, the views, the finishes, the size of the home, the size of the land, garden and other added extras. It therefore follows that each house is unique with a unique value attached to it. You can therefore often find two houses in the same street selling for different prices – one may for example sell for R1.8m while the neighbouring house could sell for R2.3m. If you are looking to sell, always guard against giving a mandate to the agent that promises you the highest price. That is not the smart way to sell as any successful seller will tell you. If you go to market at a too high price, you will waste time as buyers will simply go to another property or they will wait until the price comes down, it is that simple. Research has also shown that properties that start at a too high price tend to sell for less compared to what they would have if the price was set at the correct market level in the first instance. You also risk buyer fatigue. It also depends on the particular economic and market cycle. The right price at the end of the day is the price that a willing buyer is prepared to pay and, there are a number of steps that you can take to ensure you at least start out pricing or valuing your home correctly. When selling or valuing your property, the location and condition of a property plays a vital role, so too, the particular trends in the neighbourhood as no two areas are alike and you could sometimes find that two neighbouring suburbs can differ greatly in regard to the prices that buyers are willing to pay. A Comparative Market Analysis (CMA), an analysis that compares your property to other comparable properties that have recently sold in your area, is a vital tool used by Seeff’s agents to assist sellers to determine the right price or value range for their property. The CMA will typically include the following information: 1) The prices fetched by similar properties in your area 2) How long they were on the market 3) Which properties are currently on the market that will be competing with yours 4) Which properties could not sell due to being over-priced. We cannot over-emphasise the risk of selecting an agent purely on the promise of a highest price. You will find yourself tied to an agent for a period of time and could incur possible cost implications should you decide to switch to another agency. Be wary of an estate agent who tells you he/she is going to get you the most money for your property. Such promises usually indicate unprofessional behaviour and such agents usually do not have your interest at heart. Never choose an estate agent simply because they take the lowest commission. Although they may take a smaller piece of the pie, the pie will invariably be smaller to begin with. The advantage of a large brand like Seeff is that the net is cast wider and we have a long track record of achieving amongst the highest prices and even record prices for our sellers. Look for an agency and agent with a credible and verifiable track record that can be trusted. Facts and figures do not lie. Above all, selective estate agents are those who are sensitive to the market. They know that an asking price that is too low disadvantages the seller, while a too high price will alienate potential buyers. The ability to read the market is vital in providing an accurate gauge and price range aimed at leading to a successful sale that satisfies both the buyer and the seller.
