Tips for estimating your home’s value
With the Sydney market in a downturn and newspapers reports speculating about further falls, it’s a nervous time for anyone thinking of putting their home on the market. And if you do, you’ll want to know its value.
If, like many of my clients across the Northern Districts, you are ready to sell your family home, it’s worth remembering that you will be buying your new home in the same market. And if you have lived here for any length of time, you still stand to do well in your sale.
There’s also the fact that fewer people put their homes on the market during a downturn. This gives yours the chance to stand out in a less crowded playing field. This is a significant advantage, particularly if your home is well presented and close to good schools.
Before you take the leap and sign up to an agent, it’s worth doing some research to find out what you can expect to receive for your home. Here are some ways to gain a rough idea of your sale price.
Look at equivalent homes in your area
Doing your research will give you a good idea of what is happening in the local market. Attend a few open homes and auctions to find out how many people are house hunting and what the competition is like. By viewing other homes on the market, you will get a sense of what buyers are looking for and perhaps even pick up a few tips on how to boost your home’s value.
Finding out what homes in Thornleigh and the Northern Districts actually sell for is another benefit of attending local auctions, as asking prices aren’t always realistic. You can also do this by looking up recent sold prices online. Remember, though, that prices from a few years back aren’t much use. You want recent data, which is reflective of the current market.
Of course, every home is unique, so looking at local homes will only give you a rough idea. Compare factors such as location, number of bedrooms, block size and presentation against your own, and work out where yours sits in comparison to others. You will then have a fair idea of your home’s value in the current market, and the particular buyers it will appeal to.
Obtain appraisals from a few different agents
Just as you would obtain more than one quote for any work you need done around the house, it’s worth talking to a few different agents to gain an idea of price expectations. This is also a good opportunity to find out how much these agents know about your area.
As a local resident in Thornleigh I know this area well and can talk about it with genuine enthusiasm to buyers, which is particularly important when talking to people from outside the district.
One tip: beware of the agent who promises you a dream price. More often that not, this won’t materialise. They have said it to get your listing even though it is unrealistic.
Online property reports
Widely available online, these reports are relatively new tools, and are often used by buyers to negotiate on price.
While online reports will give you some data, including median prices, historical trends in your area, and the number of people house hunting locally, they don’t give the full picture, particularly if there haven’t been many sales recently. Nor can an online report put a price on your home’s unique features and ‘X factor’ that will make buyers feel emotionally connected to it.
Talk to me about your home’s value
Along with doing your research, why not get in touch? I am always happy to talk to people here in Thornleigh, Pennant Hills, Westleigh and Normanhurst who are thinking of putting their home on the market. Give me a call for a free appraisal today.
