Most home owners tend to start the process by keeping an eye out on what has sold in their area. This can now be done easily with a few clicks of a button online or even see what is currently selling by looking at the new apps from the major website providers.
Some companies are now providing reports can you purchase directly so you know exactly what has sold, when and for how much.
Large websites often publicise sales figures giving a good indication on what may be able to expect for your home.
Generally speaking, you need to look at sales figures within the last 3 – 6 months if possible. Any older and the sale price will reflect differing market conditions and potentially a higher or lower price than may be achieved at the moment.
Every now and then, you will find a property that shows up much higher or lower than the other sales would indicate. Please keep in mind that some houses sell without ever coming to the market. There may be a relationship change and one party buys out the other, family member purchase or even a sale from a person to company they own. Emotional buyers also pay a premium for a home they love so often these will be reflected in the sale price.
Your local agent should be able to provide you with a CMA (comparative market analysis) of what is currently for sale and what has sold within a 500m radius of your home.
When comparing your property to what is for sale, please keep in mind that an overpriced property that has been on the market for some time, is not a reflection of market value. Should you decide to view this home at a open for inspection time and find your home is better presented and offers more, don’t be tempted to price your home higher than this already inflated price and have the same problem. You only have one chance to make a first impression on the market and you need the price to be as accurate as possible. Much better to price accurately and get a sale before the other property than to just sit on the market and watch the interest in your property diminish as the eventual sale price lowers and lowers.
Most sellers will do their own private research to get an indication on what they feel they might achieve before contacting a local agent but it’s not a must. To make sure you have a fair indication on price, contact 3 agents in your area that are active and getting results.
Another option, often used in legal matters, it a sworn valuation. These can cost between $ 500 – $800 dollars so make sure you shop around.
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