What Factors Determine the Estimated Price of a Home?
When you are planning to buy or sell a home, the price is often one of the most important details. A property report will offer a price estimate for the house, which is a good starting point for negotiating a home sale. However, the price estimate is just an estimate.
The price estimate is not always the most accurate way to evaluate the real worth of a house. You need to explore a variety of factors that influence this estimate.
Sales History of the Property
One of the details that real estate agents look at first is the sales history of a property. The last sale price of the property offers a baseline for determining the current value. However, some factors can impact the price since the previous sale, including the following details. Discover the full details of your property online.
Current State of the Market
The current health of the real estate market also influences home prices. As with most markets, the housing market operates on supply and demand. When supply is low, or the demand for home is high, homeowners can often get more for their properties.
Overall Condition of the Home
The appearance and condition of the property also impact the home price. When the home is in disrepair, the homeowner may need to lower the asking price as he or she is selling a property that needs work.
While cosmetic issues can lower the price estimate, the layout and overall appeal also influence this estimate. Real estate agents know that traditional layouts and floor plans tend to be more attractive to buyers, possibly resulting in a higher home price.
Recent Sale Prices of Comparable Properties
Comparable properties are commonly used to determine a price estimate for a home. These are homes with similar square meters that have sold recently. By looking at these home sales, it is easier to estimate the interest in homes in the neighbourhood. Your local state can provide some basic information regarding property in your area.
Features of the Neighbourhood
Besides recent home sales, other details in the neighbourhood may affect the home price.
For example, if the home is in a neighbourhood with a highly rated school system, the homes may fetch a higher asking price. Other attractive features in the region may include nearby amenities such as a community pool or a dog park.
How Can You Find the Price Estimate for a Home?
If you are interested in buying or selling a home, you can search for a free property report. These detailed reports are available for most residential properties throughout Australia. Some news outlets also give you the top suburbs to buy in Australia.
The property value report will include the estimated sale price of the home along with a few other useful details. This is the same information that real estate agents gain access to.
Besides the price estimate, you may find more information about the sale or rental history of the property. You may also learn when the house was built and the general condition of the property.
You do not need to wait for a real estate agent to tell you the estimated price of a property. Request your free property value report to learn more about the home that you are interested in buying.