Let’s consider how and what we look for when we determine the resale value of your home. There are a few things to consider, and they all work together to determine the resale value of your home. Nothing is seen in isolation, and it all culminates in the asking price we agree on when you sell your property. Remember it’s important to price your property to sell, not to negotiate.
Property Price versus Market Value
When we consider the question of property price versus market value, we need to ultimately determine the resale value of your home. This is step 1 when you decide to sell your property. There are many factors that contribute to understanding the resale value of your home. But let’s start with the property price or the current market value of your home. That’s step number one.
The Market Value of your home is the actual amount that the property is worth and what it will sell for. This is always in relation to properties that are the same or similar in terms of your surrounding area and corresponding neighbourhoods. You see we need to compare what your property features are with the same or similar properties in the area. Basically, this is the price that your property will sell for on the open market. Getting to the correct value of your property and getting the Market Value correct is imperative to any agent, and essential to you when you decide to sell your home. The market-related value is also explained as what a competitive price would be when you sell your property. There are a few other considerations here to consider that include:
- The location of your property.
- The condition of your home.
- The age of your property.
- The layout of your home
- And also, the quality of your finishes.
- The demand for a property in your area or suburb.
We understand that when you Sell, you will always want the most out. Meaning the highest sales price possible. And as estate agents, we would like this too. On the other hand, buyers will want to buy the most value for the least amount of money. Meeting in the middle is where your agent will work hard to negotiate on your behalf. Setting a realistic asking price and then working to keep the price stable at the negotiation stage. It’s all part of what a good agent will do for you.
Location, Location, Location
Location, location, location! I know you have heard it a million times but as estate agents, we underscore this point and we put it in lights. This is a primary consideration that will influence the value of a property 100%. For example, how close is your property to the main key local amenities, being schools shopping centres, access to major traffic routes and retail or business hubs? Potential buyers value location very highly. Buyers will often also pick an area they prefer based on some key considerations like travel to school, travel to work, etc. Many areas are simply more valuable in this regard than others.
Then we consider the location of the neighbourhood. We also know the areas very well and will quite quickly be able to judge the demand for your neighbourhood.
Buyers also come in two forms. Those that want to move in and do nothing. And those that want to re-do your home to meet their requirements. Buyers want well-maintained homes and properties. They want a stunning neighbourhood. They want it all and more. Security is becoming more of a need than a want. Buyers need to know that they are safe and secure. Another factor if you are selling a unit in a complex is how many secure covered and secure garages do you have. Are the garage doors automated? Is there parking for visitors?
Condition of your property
Remember that first impressions count. Make sure you do your level best to clean up and pack stuff away that you don’t use. Have the walls inside and out been painted? Is the roof in tip-top condition? Are there leaks? Does the garden look superb? What would you say the first impression is of your home? And let’s consider for a moment what you look for when you go shopping for your next home?
Renovations, repairs, upgrades, and improvements do add value to your home. But don’t overcapitalise in an area where demand is low. You will simply not get your money back. But things like rainwater harvesting, solar panels, larger than usual geysers all go a long way and your estate agent will point these features out at viewings.
Age of your Property
Older homes are often highly sought after because they were built well. And the size of the rooms, lounges, kitchen and dining areas were built bigger than many new developments built recently. But an older home that has not been well maintained could work against you.
Layout
More and more buyers are looking for modern open plan living. Something that’s easy to live in and maintain. Gone are the days where mom stands in the kitchen on her own. More and more buyers are integrating these aspects of their lives and time is so precious why not share the preparation of family meals. Remember we shop with our eyes as well. The vintage look may not get you a modern price. Vintage taps and baths don’t get you top dollar these days. But again, let’s bring it back to the price, this all works together to determine an accurate market-related value of a property.
The Quality of your Finishes
More and more buyers know exactly what they don’t’ want. Old bathrooms that need work. Older and dated looks in a kitchen. Formica countertops in the kitchen. New, modern, and stylish taps and lighting. This again all works together if you want top dollar when you sell your property. Granite or Caesar stone countertops in the kitchen add value in a buyer’s eyes. Again, we buy with our eyes.
Demand
It’s all about how the market will respond to your property on the open market. If you want top dollar for your home but have bottom dollar finishes, this may work against you. We always do our level best to push the price up as high as possible but it’s very much about how the market will respond to your home when you sell it.
How can Keller Williams help you?
Keller Williams Select is the fastest real estate brand in South Africa. We have top agents that are at the top of their game and trust me the training that you get as a KW estate agent is world-class. And I mean world-class because Keller Williams is also the largest real estate brand in the world. Largest by agent count, largest by sales turnover, but more importantly it’s the KW culture that sets us apart from the rest. You see our KW culture is all about sharing. That means that if I have recently sold a property for R1,500,000 and I took 14 buyers through my property, but only 1 bought, that means that there are 13 buyers still looking for their dream home. If you consider that there are almost 1,500 KW estate agents across SA that means we all share our listings. This is great for you the Seller because what makes Keller Williams the best agency to work with is our ability to leverage buyers and sellers. This works for you as a seller because we are able to conclude more transactions faster than any other brand. And we work with outside agencies. You see Keller Williams is not the right brand for any run-of-the-mill agent, especially agents that are not technology-led. And certainly not for agents that are dependent on the brand. We value independence in an agent and everything we do is aimed at helping you sell fast and for the best price.
Get in touch now
So, if you need a valuation done on a property anywhere in Randburg or elsewhere in Jhb, we can help. Give us a call on telephone number (064) 549-3123. Alternatively, drop us an e-mail at kwselect@kwsa.co.za. We have a vast network of almost 1,500 top Keller Williams agents at our fingertips who are all just dying for the opportunity to partner with you to sell and conclude your property transaction in record time.
If you want to view all the Keller Williams properties across the country, click on our website to start the search for your dream home. Need help getting a pre-approved homeloan, it’s free and our strategic partners will find you the best rate over 20 years! And finally, if you are thinking of putting your property on the market and need a free property valuation, click here!
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