How To Estimate Property Value?

Selling your house is not that easy, and it gets specifically difficult when you know nothing about your property value, and you can't completely rely on brokers either. Also, determining the value estimate of your property is not as simple as it sounds.

There constantly are fluctuations in the real estate market, and valuations might take forever. So, just go through this guide and make it super-easy for you to value your property in Australia.

Top 6 Ways to Estimate Property Values

We are listing the top 6 ways by which you can estimate the value of your property and make comparable sales without any hassle. Let's dive right into it.👊

1. Online Tools

We certainly live in an era of digitization, and you can even estimate property value with just a few clicks. More than 20% of people use online tools for estimating their house's value which means they are pretty accurate.

These free property value estimate tools are formally called automated valuation models, and they don't just work on speculations. These tools are designed to analyze the area, condition, and other important factors and then compare them to the recent conditions of the real estate market.

Then these tools give you a final estimated property value which usually is on point. But if you don't want to rely on property valuation online, then we have other options for you, too, so keep reading.

2. Local Prices

It would help if you also had an obvious idea of what the prices are in your local real estate market, and only then can you make an accurate estimation. If similar properties in your area are recently sold, make sure to get a quote from them.

You can perfectly determine what your property could be worth by looking at the prices of those properties. Just make sure to look around and ask your real estate agent about property value estimates of different places in the neighborhood.

3. Condition of Property

The final price of your property also depends upon the condition of that property. You cannot sell a poorly structured place at rates higher than its real market value. So, just make sure that your property is in good condition.

And even if it is not in a very good condition, you can still seal a good deal only if you clear out everything with your local real estate agent. Also, by looking at the condition of your property, you can make a well-informed decision and make a better property value estimate.

4. Location of Property

You can also estimate a property value by looking at its location. Properties located in posh neighborhoods are worth a lot more than the ones located on highways and busy areas.

Also, if you have a place with beautiful views and not many people live in the neighborhood, you can ask for more money, and you would surely get it, considering the amazing property details.

5. Size Of The Property

In a city where you can get a home in a hundred thousand dollars, people buy homes worth millions of dollars, so what exactly is the difference? Well, in most houses of this sort, the main difference is size.

If your property is built on a large piece of land, its property value estimate would be a lot more than smaller ones. People also prefer houses with front and backyards, and for that, you need a lot of space, and if you have this kind of space, your property can get a higher estimated value.

6. The Layout Of Property

If your property is beautifully built from the inside out, it would be worth a lot more. For example, people prefer an attached bathroom and a centralized kitchen, and if you have everything that modern houses offer, then you can set a higher value.

Though people who are specialists in this industry would still evaluate your property, it is better to check whether your property is made according to the market trends.

Understanding the Real Estate Market for Sellers

The real estate market is trickier than most people understand, and it keeps switching from favoring the seller to favoring the buyer. So, let's see when the real estate market is perfect for sellers:

Experts across Australia suggest that sellers should sell their houses at the end of every year because, at that time, the real estate market favors the sellers quite a lot. This favor usually means that sellers could ask for higher prices, and buyers usually pay them those prices.

Around these times, there are not a lot of properties up for sale in the market either, so you can just calculate your estimated value range and sell your property to a potential buyer in no time.

You also get to negotiate more when the market favors sellers because there obviously are not a lot of properties in the market around this time.

At the time when the real estate market is of sellers, your property won't be in the market for a longer period because people will buy it immediately due to the lack of available properties, which is a legitimate case.

Also, a perfect time for selling your property is when buyers are more, and sellers are hardly any, but for understanding this time, you need to study the real estate market slightly more. Once you get a hold of it, you can get a pretty decent quote for your property.

Conclusion

Property valuation is not a piece of cake, and a lot goes into it. But, if you follow a few simple steps to value your property, you will be good to go. Just make sure that you roughly estimate your property all by yourself before going for agents and evaluators.

It helps a lot with understanding your property and will also assist you while you are looking at different quotes from buyers. We hope this guide was helpful for you and now you can sell your property with ease.

Have a great day!