What is my property worth. The dreaded question

That’s the dreaded question of real estate.  Everyone wants to know but sometimes the truth is not the answer they want to hear.  Of course it’s a very important question so what is the correct etiquette and expectation for asking and answering a question about the value of your property?

1. Do your own homework:
It might sound counter intuitive but it’s a good idea to have your own estimate before you ask an agent for their opinion.  That means doing some homework.  List the positives of your property but also be realistic and list the negatives.  Research what has sold in your local area, focus on comparative properties and check how long the properties were on the market as well as the selling price compared to the asking price. 

2. Be aware:
Don’t expect an agent to give you a property value on the spot and if they do be wary.  A true estimation will be based on more than just a walk through your home.  The NSW Office of Fair Trading (hyperlink to relevant page?) identifies nine criteria that should be considered when determining an estimated selling price, many of which require research.  At Morton & Morton we have incorporated those criteria into a compulsory checklist which ensures our agents must complete to help us make a confident, informed evaluation.

3. Be prepared:
There is a chance your agent will give you an estimated selling price lower than you want, need or were expecting so prepare for the possibility of bad news.  At Morton & Morton we don’t just give you a number. We run through our checklist so you can follow the process that lead to our evaluation.  We can also run through options for how to increase that evaluation by doing some maintenance and/or minor upgrades.

The most important point to remember when getting a property valuation is you that you need to be able to trust your agent.  However you might feel about the answer you are given when you ask ‘how much is my property worth’ you should be confident that you have been given a fair and honest valuation. For more information click here.