We all want our property to get top dollar, but the value of your property very much depends on whose eyes it is you're looking through.
Here are viewpoints from the 'different eyes' when it come to the value of your property:
Your Eyes:
Yes, you can appraise your property yourself by looking online to see what similar properties are selling for, and there are also some other online tools you can use.
Online estimates are generally powered by an industry-leading algorithm, using data from trusted sources; as well as the size of your property, the algorithm will look at other factors such as the proximity to schools and amenities.
The danger of using an online tool is, it may well over-estimate what your property is worth; this will mean your sale expectations be an unrealistic value, and you will be disappointed if you won't get it.
What The Real Estate Agent Sees
While online tools and your own research is a good starting point, they do not take the place of a valuation from an experienced specialist. A real estate agent will determine the market value of a property based on size, location, condition, and a variety of other factors. For instance, the algorithm may not pick up on whether a suburb is on the rise or fall in popularity.
Because an agent physically visits your home, they will pick up on things online tools may not be aware of, such as renovations. They will also notice the things home owners prefer them not to see, such as damp behind the sink, cracks in walls and tatty décor.
A good agent knows (or they should know) the area well, and what the current market is dictating. Furthermore, a good agent will make suggestions of ways in which you can add-value to your property without breaking the bank.
The main thing to remember is, because the agent knows the market, the agent's appraisal is a more realistic guide to how much your property may get if put on the market.
A Financial Lender's Viewpoint:
If the purchaser of your property is not a cash buyer, and needs to raise finance, the mortgage lender's valuation is something a potential buyer needs to consider.
A finance provider is looking at your property from a totally different viewpoint; they obviously don't want to live there, or do any work to improve the value. The lender is primarily interested in being able to get its money back if the new homeowner fails to make the repayments and the property must sell quickly.
For this reason, the lender's valuation will probably be less than your own or real estate agent's valuation.
If you're thinking of selling your property, we suggest doing your own research and getting a valuation from a real estate agent. Then you'll get a more realistic idea of what you can expect if you want to sell your property.
Why don't you contact us for a non-obligatory quote? When we see your property, we'll also highlight cost-effective ways in which you can add value to the property and show you recent market trends for your area. We have a large database of interested buyers after all types of property too.