Once you have decided to take the plunge and sell your home, researching the market in your local area is a key
When an agent or your bank values your home they will find recent sales in the area to help determine an estimate. They can then narrow down the price further by finding recent sales that are the most similar to your property.
Of course this is easier said than done, but you’ve got to start somewhere.
Things to consider when researching the market are:
How many properties have sold in the last month in your area.
This will help you determine the current state of the market.
For example if the number of sales in low in comparison to the number of listings available this means there is low demand for property in the area. When deciding on a price to market your home for, in this market you should focus on a good pricing strategy.
However if there is a high number of sales for the month compared to the amount of listings this means that the demand is high and you can be a little more optimistic with your price expectations.
How long each home was on the market for.
Similar to supply and demand, days of market will help you determine how the market is performing. Usually the longer a property is on the market the less desirable it is to buyers and demand for that particular property will decline.
Is there a particular style or size of home that seems to be more popular.
If your home is unique it may attract extra attention, however it may to have the desired affect if other homes that are more popular are selling faster. Be careful not to fall into the trap of thinking because your home is unique that it will demand more buyers because it may not.
All of these factors will help you determine what you feel is a fair market value for your home. Once you have agreed with your agent as to a fair market value you can then discuss strategies on how to capitalise on the current market and give you the best possible outcome.
Click below to view the sales for April in Narara and if you have any questions please don't hesitate to get in contact with me anytime on 0422 105 729.