What Is My House Worth?
You definitely do not want to undervalue your house , but at the same time , not have grandiose ideas about just what it could be worth.
The E valuation reports will not be absolutely definitive but are a very good starting point to the answer the question ; “what is my house worth “.
Here’s a quick list of things to consider that will to help you work out what your major asset may be worth.
1. Compare your house to others in your suburb :
With your online house valuation at hand you will see the recent sales reports. Now go to the real estate listing websites and start making a list of similar houses for sale. Your aim is to compare your house to what else is for sale.
2. Target four houses that have similar characteristics
At this stage you want to get a good idea of what the competition would be. Select say four similar homes to yours in nearby locations that are for sale and get out and have a look at them. Look at the other comparative factors such as proximity to schools, shop centres , public transport
and recreational area when making comparisons.
3. Try and esimate the price of the four selected properties
With changed regulations about agents offering house valuations to prospective buyers it is a bit harder to get a handle on what the other competing houses may be worth. But the on line website valuations are a very good guide as they are based on reported actual sales. You going through the other houses will tell you what the on line reports cant do and that is what are they like inside.
4. Use all the information gathered to form a good idea of what your house is worth
You are now getting very close to a good estimate of your houses real “selling value”. This is important and your hard work will pay off. It may be that your area is not getting super high prices and you would be better served to wait a year or two. The important thing is that you are not relying on just the agents valuation but you have done your homework to fairly accurately determine what your house is worth.
At the end of the day , whether you actually decide to list your home for sale or not, the exercise of checking what your houses value is, has become a lot easier and will put you in more control than ever before. House valuation information is free and abundant and that is a game changer for sellers.
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