Why use com­pa­ra­bles when valu­ing your home?

Wangaratta Chronicle - North East Property Guide - - NEWS - Writ­ten by | realestat­e­view.com.au in Na­tional

When was the last time you walked into a store ( wear­ing spe­cially de­signed hu­man blink­ers), ig­nored the wor­ried looks from the staff and made a bee­line to­wards the first (and prob­a­bly the most ex­pen­sive) tele­vi­sion you saw? It is com­pletely nat­u­ral and wise to spend time re­search­ing prod­ucts and costs for some of the small­est pur­chases we make. We even spend time squeez­ing av­o­ca­dos and smelling rock melons just to make sure we get the piece of fruit that was des­tined for our own bel­lies. So, when it comes to one of the largest trans­ac­tions we can make, if we are fruit ex­perts then why not be prop­erty ex­perts?

It has never been eas­ier to use free and ac­ces­si­ble tools to re­search the real es­tate mar­ket, and one of the most ef­fec­tive mea­sure­ments to make is how your prop­erty com­pares to its neigh­bours.

As­sess­ing com­pa­ra­ble prop­er­ties

There is no greater lit­mus test for how your prop­erty may do on the mar­ket then look­ing to your neigh­bours. Us­ing up-to-date com­pa­ra­ble prop­erty data is the first and fun­da­men­tal step in the process of valu­ing your home.

Why not go straight to hav­ing your prop­erty val­ued by a pro­fes­sional?

If it is time to sell, then you will def­i­nitely want to have your prop­erty val­ued but it is now eas­ier than ever to have a con­tin­u­ous eye on the mar­ket and your prop­erty’s value with­out hav­ing to spend any money. Hav­ing this knowl­edge through­out the time you own your prop­erty will help you iden­tify trends in the mar­ket and in turn help you choose the right time and right way to sell.

For in­stance, look­ing at com­pa­ra­ble prop­erty data may re­veal that two houses within your neigh­bour­hood, which share the same at­tributes as yours (i.e. 3 bed­rooms, 2 bath­rooms, 2 car spa­ces), sold at dif­fer­ent price points. If they sold within a sim­i­lar time pe­riod, you can then fo­cus your anal­y­sis of these sales to iden­tify what prop­erty seek­ers are look­ing for in your neigh­bour­hood. Lo­ca­tion, the lay­out of a home or how re­cently it was ren­o­vated may be the dis­cern­ing fac­tor sep­a­rat­ing those two prop­er­ties, and iden­ti­fy­ing what worked for one prop­erty will help you re­alise what will work for the sale of your prop­erty.

With this in­for­ma­tion and knowl­edge, you can ap­proach your real es­tate agent en­tirely in­formed and re­al­is­tic about the sale of your prop­erty. This doesn’t mean you shouldn’t lis­ten to your agent, as they have years of daily ex­pe­ri­ence within the mar­ket and should be the most in­formed source of in­for­ma­tion and lead­er­ship for you dur­ing the sell­ing pe­riod. But ask your­self: does your real es­tate agent live in your street? Just as they have ex­pert knowl­edge on the mar­ket and sales tech­niques, you know the prod­uct you are sell­ing bet­ter than any­one else and be­ing in­formed means you won’t go into the process blind.

Us­ing view.com.au’s Prop­erty 360 Price Es­ti­mates tool, you have the free­dom to see key sales data for ev­ery ad­dress in Aus­tralia, view neigh­bour­hood de­mo­graph­ics, ad­just the at­tributes of your home (for in­stance, if you have added a sec­ond bath­room) and then choose your own com­pa­ra­ble prop­er­ties to find a price es­ti­mate for your own prop­erty.

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