We get it, setting the sale price of your most valuable asset can seem like a pretty daunting task.
But the truth is, you don’t need an agent to help you find the correct value for your property. In fact, there are many ways to do it yourself for free!
Finding the right price for your home is essential when it comes to selling property privately because you need to find the ideal price. Too much, and it can languish for months on the market, and too little might see you missing out on the money.
Firstly, don’t confuse valuation for sales purposes with a bank valuation or Valuer General’s land valuation. They are not interchangeable as the Valuer General’s doesn’t take into account your home or buildings, and the banks tend to be more conservative to secure a manageable mortgage.
In the first instance, you should look up the realestate.com.au and domain.com.au sold listings to ascertain what homes have sold for in your area. You can also see how long properties were for sale. In the current market, the longer they were for sale, the more likely it is their initial asking price was too high.
These sites often have links to valuations, so use them. Also, compare the price to other sites like www.propertyvalue.com.au, Australia’s leading real estate analytic service. There is no cost to this technique.
There are also other free sites such as www.onthehouse.com.au for an instant valuation. They will even give you an idea of how accurate their valuation is, based on descriptions used the last time your home was on sale, so be sure to check they are correct. If you have renovated since your purchase and update the record, www.Onthehouse.com.au will amend its valuation accordingly.
Take the time to check out what is currently on the market too. Arrange to view the properties in your area with comparable features to your own. Unless they are very dated, and yours is flash and modern or vice versa, try to remove any subjectivity about the way they are decorated and focus only on like-for-like features, such as a pool or garage.
If you list with buymyplace.com.au, you can have access to the valuation service we use, which is
powered by Core Logic-RP Data, the same subscription-based service used by traditional agents!
If you are happy to spend a few dollars, you can have your home valued by a professional and you can find a reputable local valuer by doing a quick Google search. This is a very objective way to gain an accurate valuation.
It is ideal if you can use a couple of techniques and find a good middle ground when you are setting a sales price. Ultimately though, the value of your house is what a buyer is willing to pay at that point in time. Many vendors conducting no-agent property sales also choose to sell at a figure higher than the true value with the expectation that a buyer will negotiate the price down - and it is a bonus if they don’t! But again, this is just one strategy.