Did you know, that all agents, regardless of real estate company, all have access to the same information sources?
So don’t be fooled if a non-EVES sales agent tells you you’ll get more if you list your home with them.
The 5 factors you must ignore when determining a price:
1. Historic price of this home
- What you paid for it 20 years ago, 10 years ago, 6 months ago, last week has no bearing on your market value today
2. What you have spent on your next home
- Will not determine what the value of your current home is - the market does that
3. Your emotional connection to this house
- The memories you’ve formed here, the emotional connections you have to your home, your personal favourite aspects are important and valuable to you.
- This is called emotional value - not market value
4. The rateable value
- Is simply a mechanism for local councils to calculate your contribution to the running costs of your suburb and city
- Rateable value is not market value
5. Recovering costs of repairs and maintenance
- You’ve done some renovations, you’ve kept up with the maintenance, great!
- These actual costs may not add value unless you are adding on bedrooms or upgrading bathrooms and kitchens.
The ONLY 3 factors that will set the price for your home are:
- What are the recent sale prices for similar homes in this suburb and neighbouring suburbs?
- What is your home competing against in the market at this point in time?
- What is the current supply and demand for homes with the same number of bedrooms as yours?