If you’re selling real estate in Australia, one of the most important decisions you need to make as a vendor is your asking price. This is what the potential buyers will use as a starting point for negotiations.
One of the things to consider when setting your selling price is reflecting the full market value of your property. Strike a balance between being realistic and still attracting buyers. Remember, if the potential buyer negotiates for a lower price, you might end up accepting an offer that is significantly less than your original asking price.
There are four things to take into account when identifying your asking price: location, size, age and additions to the property. Valuators and real estate agents usually have access to information on similar properties in the area. These are called comparables. They take what has been sold in the area in the last three to six months and those that are still in the market, then they compare its size (number of bedrooms, number of bathrooms, floor area, lot area, car garage), the age of the property (when it was built, latest date of renovation and extent of renovation) and any extras (hardwood floors, new fireplace, pool, landscaped garden, etc).
You can even do a primary search yourself. You’ll find the asking price for these properties in the internet or in the auction section of the local newspaper. Remember though, that the real estate’s listing price may not be the same amount at which it was sold. Negotiations could have occurred that could bring the property’s price up or down.
Additionally, other factors can affect the value of your home. This includes the availability of other properties in the area, buyer demand and the fluctuation of home loan interest rates.
Finally, chattels, fixtures or fittings that come with the property can be added to its value. These include carpets, heaters, air conditioning systems, burglar alarms, light fixtures, awnings, curtains, refrigerators and above-ground pool are examples of such.
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