If you’re pondering a property sale, you need to know what your house is worth in the current real estate market. This information allows you to set a realistic selling price – without it, your listing could languish. Here’s how to get started.
Step 1: Understand what determines market value of a home
Your property value will determine on several different factors. While location is undoubtedly the most important, house price will also depend on layout, condition, size in square metres, future developments, and desirable features. Details like a newly renovated kitchen or manicured lawn surrounded by mature oak trees will add to your property’s value. Yet house prices are constantly shifting, which means that the property could be valued at a very different price today than what you originally paid for it, or even what it was worth one month ago. It’s essential to understand your property’s current market value in order to present buyers with a focused marketing strategy, otherwise you may run the risk of selling below value.
Step 2: Obtain an expert valuation
While you can glean data from comparable recent property sales in your area, it’s highly recommended to obtain a professional valuation. The housing market changes daily, so it’s advisable to gain access to the latest sales trends in order to achieve a desirable house price. At Engel & Völkers, our expert real estate agents have the most current, targeted sales data in each location at their fingertips. Our comprehensive, widespread sales network is able to provide local knowledge, ensuring that you’ll receive a realistic, accurate property value to work with.
Step 3: Use your valuation to set a realistic sales price
Your property value report is more than just a number. You can use this figure as a starting point for potential remodelling before putting the house on the market. There are a number of ways to boost your home’s market value, chief among them being a loft conversion which can add an average 12.5% to your selling price. Building a well-crafted conservatory that fits well within your current décor is also a good way to add both space and a sales boost of 7-11% in value. In many cases, simple home repairs and a fresh, neutral slick of matte paint will create a small increase in value. Your agent can best advise you regarding how to proceed.
Step 4: Market your property with value in mind
Qualified real estate agents can optimise the marketing and sales process by using market value as a guide. When consulting our agents, you can choose from a classic sale with public marketing efforts used to secure maximum coverage, or a discrete sale where we market directly to prestige buyers. In either case, we use the market value of a home to craft premium printed materials as well as online advertisements, and reach out to the target buyer demographic at the ideal price point.
Are you ready to sell your property? Get in touch with our team of real estate experts and obtain a professional valuation for your home.