“Knowing the market and pricing your property”

It’s not just about location, location, location. The real estate market in Australia is fluctuating constantly, influenced by economics, our ageing and growing population, infrastructure, new housing supply and many other factors.

When to sell? So how do you pick your timing? Your own life and finances will always be the primary deciding factors. But once you’re in the mode, it’s important to judge your market. Here’s what to consider:

Hot Market – A hot market is a sellers market, where there are more buyers than sellers and competition amongst buyers is fierce. With more buyers around, there’s generally a stronger focus on the location, potential and price of your property, rather than a long list of features or maintenance.

Pricing your property – Is the price right? That’s a very good question and one you’ll want the right answer for, to attract not only buyers, but the right buyers.

TIPS TO PRICING IT RIGHT

Property valueDo a little homework… Check out propertyvalue.com.au or realestate.com.au or onthehouse.com.au to see suburb reports and what properties have actually sold for in your area.

Ask for an agent appraisal…They should be able to give you an honest – not inflated – estimate of your home value, based on market conditions and the following factors:

LocationWhere your home is located, and even what street it’s on will have a major influence on its sale price.

Condition…Making sure your home is in its absolute best shape possible, and highlighting its best features – even if that’s simply the potential to renovate – are the keys to driving up the final sale price.

Similar sales…Real estate agents will also base their appraisal on recent sales right around you. They’ll analyse their own figures as well as the competition’s, and look for similar properties in size, location, features, condition and appeal, to let you know how much you can realistically expect for your property.

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