Calculating Your Home Value

IMAGES BY – Andy Macpherson Studio
WORDS BY – Brodie Low

You needn’t be racking your brain over this. As the market constantly changes, home prices adjust accordingly to supply and demand. This is where an appraisal from our agency really helps you position your goals realistically.

Numbers do not lie, and seeing a comparison of your home with the likes of similar properties in your area that have recently sold gives you greater insight into what the market’s price expectations are. GPC provides a direct data sheet of homes that have settled in the past 3-6 months that would be searched within the same buyer category as you are offering.

Of course, if you have a unique home with features that are custom-made, high-end, oversized and/or less common in your neighbourhood, then this always has to be taken into account when creating a price guide. This is particularly true when pricing a home where the value is not just in the land and building cost but also when it has a guaranteed holiday rental return that can be run as a profitable business to the next buyer.

The three ways to price your home:

Fixed Price: Where the price you advertise is the most accurate amount you would sell your home for today if a buyer were to put pen to paper. This strategy works best if the home is priced accurately.

Price Range: This provides a lower and higher amount within an acceptable range to guide the market on your price expectations. This generally has a 10% price range variance where interested parties are able to compete for the purchase price according to how many serious buyers there are.

Private: A private treaty can be positioned in a few ways- mainly by EOI (Expressions of Interest) so that the sale price can have a degree of confidentiality. This engages buyers to make a direct offer according to market confidence, catalysing the negotiation process.

Always use the market as a guide. Of course, never compare the value of your home to another that has yet to sell. As we see it, the underlying value always has and always will be in the value of your… land. Land size and position is the most crucial factor when it comes to ‘true’ value. Of course, analysing what is on offer regarding your home’s interior and exterior condition, age, size, and locality are all moving the parts that ultimately impact how much interest your campaign generates. Our agency’s senior agents will assess your square meterage rate and compare it to your suburb’s market ‘norm.’ This will give you peace of mind that there hasn’t been a number just pulled from the air. Leading from that, well-priced homes will always sell no matter what- the data shows this.

If in doubt, allow our team to provide a detailed price guide to see your home’s worth in the current real estate market. We are experts in the luxury residential sector and sell homes for the most through nurturing all touch points during the sales process.


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