Residential Property Valuations Made Easy. Is your property ON the market or IN the market? How Buyers view your Property:
Buyers assess the value of Property "on the market today" They are only interested in the value of properties on the market currently as this is the stock that they are able to choose from.
Your property needs to compete favourably with all similar properties on the market in your suburb today! If you do not compete then you are OUT the market and your property is only making up the numbers.
Buyers spend weeks assessing the value of a particular suburb before selecting a few properties to view.
They will calculate the average weighted price per square meter and quickly weed out the overpriced properties.
Know your pricing in an instant with tomprop stats. The market is fluid like any other market.
Past pricing has no bearing on current pricing and so it should not. Take for example that in the past month there were 20 buyers looking for property in a suburb that only had 15 listings.
Sellers would receive close to 100% of asking price as buyers would be competing with a shortage of stock.
Reverse that situation that this month there are only 10 buyers looking at 15 listings and you will see plenty of negotiations taking place and offers will come in around the 90% mark.
Many sales take place between family members, or under stress. there are also many sales taking place under liquidation or instruction from bankers. as there are many more reasons for a particular sale which we are unable to factor into past sale stats as mentioned above. LIVE property pricing accurately reflects the market and mood of the day. Tomprop is the only company in SA today who provide these stats LIVE for you, saving time for property practitioners, buyers, and sellers. See your property pricing in an instant and see if you are IN the market!
Watch a youtube video on Property Pricing Today https://youtu.be/Jlc4Yqo5LKwhttps://youtu.be/Jlc4Yqo5LKw
Adjusting Factors: which may be found on our built-in Valuation Calculator
A few easy steps will help you accurately value your property. EXAMPLE: if your property has superior, same as or inferior finishes relative the average property in your suburb, you would either ad a 1% or perhaps a -2% dependent on the status quo
Positioning within suburb (-6% to +23%)
This is particularly prevalent to coastal apartments whom may have a front-row positioning on the seafront or maybe a few rows back. Also note that every suburb has the good, bad and ugly streets or positioning within.
Condition/finishes relative to the suburb (-5% to +11%)
It is common cause that if you have a recently refurbished interior/exterior or highly appointed property relative to those in your suburb, you would be able to add a factor or conversely need to reduce the value for old and ageing finishes.
Views relative to the suburb (-5% to +5%)
Always consider if you have already factored in your superior or inferior “position within suburb” as mentioned above. This is for that house on a hill that overlooks the city or sadly a house that faces onto old warehouse buildings. Centrally situated relative to the suburb could always be neutral (0%)
Age of Apartment Block (-3, 5% to +3, 5%)
A factor which would be used when considering the age of an apartment block or cluster homes is the likelihood of maintenance costs/extra levies which could impact negatively if the body corporate is not well capitalised at the time of buying/selling. Generally speaking, the older blocks will require more maintenance.
Parking Facilities – 2 p/bays or more etc. (-3% to +4%)
Again this would be more applicable to cluster homes and apartments. Often modern apartments have little to no extra parking and this comes at a premium if you do have. Consider parking facilities for visitors and compare with the norm in your suburb.
Brand New Developments (+13%)
A rule of thumb exists after measuring many new developments against the market and second-hand sales. Buying off-plan generally saves transfer duties and due to the fact that all fixtures and fittings are brand new, a 13% positive factor is the norm. Do not forget that you are factoring in all the other relevant adjustments above.
Your Own Factor – Call it Intuition
This we leave to you, there could be extra-ordinary factors such as development rights for further densification or any other reason that you will intuitively add or subtract. Never get emotional and always consider how your property needs to compete with the pricing of all other properties on the market in your suburb today
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