Discover the value of your home
When contemplating selling, most of us have a figure in mind we feel our home is worth.
People overvalue possessions because of an emotional attachment. This tendency was studied by Harvard Professor De Max Bazerman and he called it “the endowment effect”.
The family home is a one asset that a lot of people struggle to put a fair and realistic market price on, probably because of its significant for us. This is why home sellers tend to overprice their family home and reject good early offers.
However, unless a genuine buyer is prepared to offer this amount it remains just a figure in your mind.
There are a few different options available for you to discover your home’s potential market value and one sure way to discover its real market value.
If you are only interested in an estimated value Quotable Value offer an online evaluation for around $50. Remember however, your property has not been inspected, and so this is a statistical estimate only. It can only be used as a loose guide.
If you’re serious about selling and need to know more accurately how much your property is likely to sell for in the current market, then a licensed valuer will provide you with a written report detailing how and why they arrived at the market value. A valuer aims to be as accurate as possible and provide the best evidence available in an impartial way.
Given that an Agent’s chances of being selected to market our home increase if they are optimistic about your probable selling price, some agents boost their appraisal above that of a valuer to win your business. There is one method that puts an absolutely accurate figure on the value of your home. That is to list it on the market.
When genuine buyers begin to make offers, you will then know what your property is really worth at that point in time.
If the best offer allows you to achieve your plans, it would make sense for you to sell immediately. If it does not, simply decline the offer and stay put.
When trying to identify the true market value of their home the biggest cost blowout for some sellers is paying for advertising with an agent. This is why we recommend you pay nothing until you’re happily sold.
