How to determine the value of your home
The best way to boost your home's sale is to start with the right price tag. Buyers tend to shop in a price bracket that they can afford, so you need to know the optimal price from the get-go.
To price your home right, you have to understand how home values are calculated and what elements play a role. Here are four factors that determine the value of your property:
Location of your home
Your house might be beautiful but if it's in the wrong area, you could face issues when trying to agree on a fair market value.
Time of the year
There are always buyers throughout the year, but sales volumes will go up and down at certain times. This is referred to as seasonality.
Market Conditions
For most of us, our property is one of our biggest investments, but what happens in the economy reflects in the property market. Therefore, it is critical to assess the climate of the market you are entering
Competition
At the end of the day, the true market value of your home is determined by what a buyer is willing to pay. If you list your home at a competitive price, the interest among buyers may conclude with you receiving more than your listing price.
08 Mar 2023
Author Harcourts SA
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