Gold Coast Property Market Appraisal - Gold Coast

Market Appraisal

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Once you have decided to sell your home, the next major decision you must make is how much to ask for it. A sound and realistic strategy in setting your price can ensure you of two things - you will be more likely to obtain your asking price (or very close to it) and you'll get it sooner.

So you invite a few agents to give you an opinion. And all too often they'll come back to you with a bewildering range of prices. Or ask you what price you think you should ask. Like most people, you'd like to get the highest possible price. Be very wary of agents that will not give you a market appraisal of your home preferring to push the Auction method of sale so as not to confront huge price differences between what you were hoping to achieve and what the market is prepared to pay.

The temptation is to appoint the agent who comes up with the highest figure, then pin your hopes on achieving "your" price and, possibly, commit yourself to another more expensive property. Then, if the asking price for your home turns out to be more than the market is prepared to pay, you could end up not only disappointed but financially embarrassed.

And if you start with a fair and realistic appraisal you'll start with a better chance of achieving the "right price". Once you appoint us you won't find we lose interest and you can rest easy with out Guarantee of Service. We make a point of keeping you informed every step of the way.

Pricing

Rely on us, your First National agent

The hardest part of selling a house is establishing a fair value. This can be a traumatic  experience because you have to ignore the personal feelings that go with the home and try to see it through the eyes of a buyer. First, get rid of the notion that what you paid for the home, or what it has cost you, has anything to do with its present value. Your property has one value - that is what a buyer who likes it is prepared to pay.

Through expert local knowledge we can help you establish a realistic price for your home based on its location, age, size, features and market variables such as interest rates and the availability of financing.

We share your goal of obtaining the best possible price for your home. Avoid the temptation to be influenced by the experiences other people have had in the sale of their homes. After all, no two homes, streets, or buyer/seller relationships are ever the same.

The sale price of your home should be based on prices achieved recently on similar properties within your neighbourhood. Question the motives of anyone who may suggest that you could obtain a higher price. Remember the true value of your property will ultimately be determined by the purchaser. Fair Trading Queensland recommends that you obtain a sworn valuation for

Pricing for the market

If your price is too high, you could shut off the most important ingredient of real estate selling - a constant flow of qualified prospective purchasers who are looking for homes in the price range you establish. Astute purchasers will develop a sense of values for properties and will quickly reject those they perceive to be overpriced (often even before inspecting them).

While a prospect might submit a lower bid and give you a price to at least begin negotiations, this certainly won't happen automatically. Many prospects are embarrassed to make offers that are substantially below your asking price.

Buyer/seller psychology

In any buyer/seller relationship it's normal for the seller to ask him or herself "I wonder if I could have asked more?" On the other hand the buyer may question whether he/she could have paid less. The professional art of negotiating for the best price is a skill that we have mastered. Knowing when the time is right to stand firm requires specialised experience. One key of obtaining a speedy, successful sale, of course, is starting with a realistic price in the first place.

Time is money

When it comes to selling your home, time is money. Every day a home does not sell because it is incorrectly priced can mean extra expenses that the owner has to incur for repayments of principal, interest, taxes, insurance and maintenance. And...a home that is on the market too long because of uncompetitive price sends out signals that "something must be wrong with it".

Nerang First National shares your interest. Remember, like you, we have a keen interest in getting the best possible price for your home. Sound, up-to-the minute market experience will help you price your home to sell!

How do we Calculate the Market Value of a Property

In order to arrive at a price we believe the market (a genuine buyer, willing and able) would currently pay for the property, we use both the summation and the comparison method.

The summation method basically takes into account the size, design and construction of the home, improvements such as paths, fences, gardens and other improvements, the land and the chattels. This is not to be confused with the replacement cost of the home and surrounds as the replacement cost of a 50 year old home in poor condition if built new might be around $80,000. This house may also be sitting on a block of land that could be rezoned for commercial use. The house itself would have to be demolished to make way for a brand new shopping centre and as such would have no value at all.

The comparison method is made by cross-checking the subject property with similar properties that have recently sold and that are currently on the market.  This method is usually as a support function to the summation method but in a rising market it is possible for houses to sell far in excess of the summation value and on a dropping market houses may sell for less than the summation value.

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