Tips on how to determine the price of your property when selling.

When it comes to selling a property, knowing your property's value is key to achieving a successful sale. So, exactly how should you go about checking the value of your property? In this article, we unpack the research and tools to use to help value your home.

Is there a way I can determine the value of my house or property online?

There are online resources available to you to help you value your property:

• RP Data valuation – RP Data, powered by CoreLogic, one of Australia’s leading real estate value databases, can provide you with property value report to help you decide on your house price value.
• One of the best indicators of the value of your home is to research what properties with similar attributes to your own have sold for in your area. To check your house value, browse the “Sold Properties” section for your suburb on Realestate.com.au and Domain. This will give you an idea of how much homes have recently sold for in your area and how long they were on the market, which is a great guide as to what the market has been paying in your area for similar properties, which in turn will help value my home. 
• If you’re selling land, these resources can help value your land – however be aware that in some areas, land sales will not be as frequent as home or house sales, and so you’ll likely be working with a smaller number of sold, similar properties. 

There are so many resources to help value your property; we recommend you use a variety of sources to decide on your sale value.

How can Buymyplace help determine the value of my home or the value of my property? 

As a private seller, you ultimately determine your house value. We do offer additional tools to assist with the value of your property, including a Comparative Market Analysis report, which is powered by CoreLogic / RPData – Australia’s leading real estate analytics service. This report provides you with a data-driven property appraisal to guide you in setting an appropriate sale price. To request your CoreLogic Comparative Market Analysis Report, click here. 

Can you value my house or value my home?  

We don’t perform professional valuations at Buymyplace. However, if you’re willing to spend a few more dollars, you can have your home professionally valued, which is a great, objective way to achieve an accurate valuation. In terms of professional valuations, we are often asked the about the following. 

What is the Valuer General guide to property values? 

The Valuer General is an independent statutory officer, appointed by the Governor of each State to oversee the State's land valuation system. The Valuer General determine land values on 1 July each year, assuming that the land is vacant. They then value it on its highest and best permitted use. This is based on current zoning and planning restrictions determined by councils.

How conservative are bank valuations? 

Bank valuations will usually be conservative, sometimes 5%-10% less than the current selling prices of comparable homes. This conservative valuation gives the lender confidence your asset offers ample security against the borrowed amount if, for some reason, you cannot pay your mortgage, and the lender must sell the property to recoup its debt.

How to get a property valuation? 

A formal property valuation can only be undertaken by a qualified valuer who has undertaken specific education and training. They have a systematic approach and take in all factors that can possibly affect the value, providing a comprehensive, unbiased report on the property’s value. A property valuation is generally completed within 2-3 business days and comes at a cost.

For sellers, valuations are used for multiple reasons. One, to get an idea of the potential selling price of their property, and two, to gain an understanding of whether they can make any improvements to the value of their properties. They can also be a good indicator of whether they should sell now or hold off until the market picks up.

Visiting properties in your area can help with house price valuation. 

Need more information on how to value a house?  Another great way to gain market insights is by physically inspecting properties that are currently on the market. Arrange to attend a few Open for Inspections for properties in your area with similar attributes to your own. 

During your visit, try to remove any subjectivity with regards to aesthetics and focus instead on the similar features they share with your property. For example, the number of bedrooms, courtyards, garage spaces, pools and granny flats.

Try to keep an ear out for what buyers say about the property and its price point. This information can be helpful when determining your sale price and it gives you an idea of how buyers think when searching for their next property. Ultimately, it is the market that determines what is the value of your house.

Wrapping it up. 

There are many resources available to find property value. To value your house, it’s ideal to use a variety of techniques to determine a fair and reasonable sale price for your property. 

Ultimately, the market will decide the price of your home. Many considerations go into the value of a property. Buyers will place offers based on their opinion of what your property value; typically formed by a mix of emotion and knowledge of the market. However, a property estimate price that is both realistic and in tune with the market is key to attracting the right buyers, and ultimately, your successful sale.