Tips for knowing how your property is valued

The challenge lies in evaluating the property’s value correctly: undervalue it and the seller loses financially, overvalue it and it won’t sell. But how does one determine the true value of a residential property?

A property valuation is based on many factors. A professional estate agent will be able to determine the value of your property based on it's size, location and looking at what similar homes in the area are selling for. Ultimately the property is only worth what a willing buyer will pay a willing seller.

A perfect example of where an estate agent can assist by making a proper determination on price: in the Umhlanga area at the moment buyers are looking for affordable, ‘lock-up and go’ homes, hence the sectional title market is doing better than the freehold market. As such sellers of freehold properties need to know that an inflated asking price won’t float at the moment. 

My advice to sellers is not to be misled by emotion; trust accurate market evaluations from respected agents and let that determine your sales price.

Sellers and buyers need to educate themselves on the market value of properties in a particular area so as to make the most informed decision possible when it comes to either selling or buying property. 

This can be done by working with a trusted property advisor and relying on a comparative market analysis, here at Prime Property we offer free market valuations for sellers wishing to market their property with us.