How much is my home worth?
Are you thinking about selling your property and wondering, “what’s my house worth?” To kick off the selling process, you’ll want to find out how much your property is worth. Ultimately, you’ll want to find a source that can give you the most accurate valuation for the best price. It’s a good idea to do your own research online to begin with. Then, if you’re serious about selling, you can go on to do a real estate appraisal or valuation. To find out the value of your home, you can use our online valuation tool to get a free property value estimate as well as recent sales insights and market data on your suburb.
What is the market value of my house?
Before you get started with the valuation process, it’s a good idea to familiarise yourself with your local market so you’re not going into the process relying on one source only. Here’s how you can get to know the value of your property:
1. Online valuations
To get an understanding of the value of your property, you can use our online valuation tool to get a free property value estimate as well as recent sales insights and market data on your suburb. It’s important to remember that many important variables that can affect a home’s value are only noticeable during in-person appraisals with real estate agents. So,it’s a good idea to use this tool as a general guideline to get you started prior to getting a property professional to around to estimate its value.
2. Valuation by licensed professional
Getting a professional in to give you an unbiased, accurate view on the value of your property is a good option, but will come at a small cost. Professional property valuers are independent parties who have no direct financial stake in a property’s sale. Their valuations are legal documents, so they can be used for negotiation or litigation down the road if necessary. There are a variety of factors that can affect the cost of this service: the type of home being evaluated, the format that is used and the reason for the report. A legal valuation report could cost as little as $300 (plus GST) in many Australian metropolitan areas, but bear in mind that this will vary depending on the factors mentioned above and the complexity of your situation. If you need a valuation report for non-legal reasons, these can be completed in a short time period for a standard urban or suburban home. You’ll want to be sure that you choose a valuation expert with the proper qualifications. In many cases, your real estate agent will have professional connections with independent valuers. They’ll be able to help put you in touch. Be sure that your valuer has specific qualifications attained via tertiary level studies along with a license or registration from the appropriate state body. You can expect to pay around $300 for a professional to come to your property and give you a property valuation.
3. Using a vendor advocate
Another option is using the services of a vendor advocate. They’ll gather information from a few real estate agents and an independent valuer to determine a likely estimate for the value of your home.
4. A local real estate agent
As a part of the services provided by a real estate agent, they’ll come to your property and give you a free property appraisal. (This is an estimate of the value of your property). The real estate agent will generally offer this appraisal for free so they can build a relationship with you. Real estate agents tend to focus on one specific area, and with that, develop deep knowledge of the local market. A good real estate agent will also know exactly what buyers in your area are looking for as they’re talking to them all the time. So, they’ll give you an appraisal but can also suggest ways to help to bump up the value of your property ahead of hitting the market. A good real estate agent will also look at the number of sold properties in your area and the general inventory. They should have viewed many of these homes if they specialise in your neighbourhood. And they’ll know how your home measures up. Other factors that may weigh into the home’s value could include your property’s curb appeal. Furthermore, it’s access to local amenities, decorations, and move-in readiness.
5. What’s the importance of an accurate appraisal or valuation?
If the house price has been set too high, you may not receive any serious offers. This could lead to your home being on the market for a longer time period, which may scare away further buyers who may believe that something is inherently wrong with the property. As well as thinking that there is something wrong with the home, buyers may bargain for a lower price or refuse to pay market value on homes that have been on the market too long because they (rightly) assess that the seller is desperate for a sale. Yet there are also dangers in setting the bar too low; a low price could scare away buyers who may perceive that the property must have flaws or imperfections. A good real estate agent will be able to prevent both of these scenarios by helping you set the listing price as realistically and accurately as possible.
6. Factors that affect the value of your property
Factors such as your home’s square footage, the quality of fixtures and the number of appliances will all weigh into your property’s current value. However, there is far more that goes into this price. Your real estate agent will be able to help you compare your home to recently sold properties in your area, looking at further features such as the size of the lot, the home’s amenities and its location. Home improvements, upgrades, repairs or extensions could also add to the value of your property. If you have made any home improvements in recent years, be sure to let your agent know about these so that they can factor this into the appraisal. The neighbourhood itself will also factor into home values. Are there shopping centres, supermarkets, schools, parks, and hospitals nearby? Convenient public transport links and vicinity to metropolitan areas will all affect home values, as will crime rates and traffic levels. Lastly, it’s important to look at the current market in your neighbourhood; whether it is saturated, scarce or somewhere in between.
How much is my property worth – what’s next?
If you’d like to find an agent with great market knowledge and experience, you can compare real estate agents at LocalAgentFinder. They’ll be able to give you an accurate estimate of the value of your home. Using our online comparison tool, you can also compare their sales history, performance data, commissions, fees and more. You can book a property appraisal through LocalAgentFinder.
When thinking about selling your property, one of the first questions that comes to mind is ‘how much is my house worth?’. The answer could influence your decision on whether to sell so it is important to ensure the valuation is accurate. To begin, doing your own research is recommended; look at similar property types in your area to help shape an expectation for your home.
Once undertaking some independent research into similar properties, you will be looking for a better understanding of your own property value. When obtaining a property valuation, there are a number of options:
Companies like LocalAgentFinder have an online value estimate tool that will provide an estimate for the value of your property as well as statistics on similar sales in your area. Benefits of using this service is that it is free of charge and can give sellers a ballpark figure of what their property may achieve.
Local Real Estate Agencies
Using a local real estate agent to sell your property is a wise decision. They have incomparable market knowledge and experience to help your property achieve its full potential. Often, a perk of working with an estate agent is that they offer a free appraisal of your home, providing you with an estimate value. A local agent will also be able to give you tips and advice on what can be done to increase your property value and how best to advertise.
Use an Independent Party
You can also appoint an independent professional to value your property. The cost will depend on a few factors such as the size of your home, how much detail is required and the reason for the valuation. On average, these range around $300 - $600 in urban areas but can be more for rural areas. Using an independent property valuer is beneficial because the valuation will be accurate, unbiased and can be used as legal documentation.
Obtaining an accurate value estimate is very important when starting the sale process. This affects the advertised price of your property; too high and you are less likely to receive interest, too low and you could be compromising your profit. Selling through a real estate agent is advantageous because they will have the experience to ensure the listing price is realistic and doing your property justice.
When people think ‘what’s my house worth?’ the first aspects that come to mind are relative to the property itself; how many bedrooms there are, the size of the plot, the décor and so on. Whilst all of these are important factors, the valuation is made up of much more. Considerations are made for public transport links, proximity to local shops and schools, level of crime and more.
Now you have the tools, you are ready to start. Connect with real estate agents in your area by utilising our industry-leading agent comparison platform. Compare performance data, marketing plans, sales history, commission rates and more. Use the knowledge of an experienced agent to understand and achieve your property’s potential.