Valuate the price of your real estate property
The estimation of the price of your property is often the first step in your sale venture. This first part is very important because the price will most likely influence on the timeframe of the sale.
It is possible to use online tools to evaluate the price of your house or flat but nothing replace the experience and advices provided by a local real estate professional.
We have tested multiple online tools in 2016 and have found some surprising results. Find out more on our blog.
How do you evaluate the price of your house or flat?
In order to have a correct price, the real estate expert will take into account multiple factors:
- Factual elements such as the property’s characteristics
- Geographical factors: address and location
- Some factors are more subjective: the state of the property and also the quality
- But also other elements which can vary like the local market pressure for similar goods in the area at the moment of the sale.
The property’s characteristics:
- The liveable area, net surface area and number of rooms are the first elements which allow the expert to determine a price range. It is important to memorise the liveable surface and not the total surface because it is the latter’s value that will be used to divide the price so to compare with other similar goods.
- The number of bedrooms, living room’s size, and the presence of a balcony or a garden are also factors which impact the price.
- If the property has a garage or a parking space that will create added value to your house or flat.
The geographical factors:
- The address is an important factor when evaluating the price of a property. Indeed, it is directly linked to the local price market in your town, neighbourhood or even your street. In the same town prices in different neighbourhoods can double.
- The direction the property faces and what the house or flat overlooks can impact up to 10% of the price.
- The peace and calm, the facilities, the public parks and the view are also positive characteristics.
- Proximity to schools, shops, town market, local businesses and the centre of town are a plus if they do not constitute disturbances.
- In a urban environment, the access to local public transport is also strength for your property. In a more rural area closeness to the school bus network will be an interesting facto to put forward.
The state and quality of the property
These aspects are often difficult to take into consideration with online tools and only a human eye with experience can actually see how they will impact the price. In some case, the seller has difficulties to see the property’s defects and/or has been used to them. This characteristic is a factor taken into account when comparing multiple goods.
- A newly renovated property is always appreciated and will be valuated at a higher price. On the opposite some buyers prefer a house or flat to remodel in exchange of a lower price.
- Before selling, the owner must compile the mandatory diagnostics so as to provide proof of the state of the house or flat (EPC, sewer systems, etc…).
Local market price:
This factor can be versatile and changes in function of the offerings and the demand depends of the local market competition at a given time. Only a field expert, a real estate professional with big enough property portfolio will be able to give you a correct price for your house or flat.
- It is in the professional’s benefit to calculate a fair price. This will make sure the sale is quick with little if any complex negotiating with potential buyers.
- If you are alone to sell a property in an area or neighbourhood, you can increase your price by a little. The opposite is true also, if you have a house or flat on sale whilst a number of your neighbours are selling theirs, you will be in direct competition especially if you are offering similar properties.
What to think of online valuations tools?
It is possible to use online tools to evaluate the price of your house or flat but nothing replace the experience and advices provided by a local real estate professional.
We have tested multiple online tools in 2016 and have found some surprising results. Find out more on our blog. So do not hesitate to complement the average price found with these online tools with an appraisal done by one of our local real estate agents.
We encourage you to take contact with us by calling: +33 55 92 01 201 or by visiting us at one of our 40 plus agencies and meet our experienced agents who have in depth knowledge of your neighbourhood or town. They will come to you in order to discover your property and will offer you a personalised valuation. This service is free and with no commitment.
Selling quickly depends on calculating a fair and correct price.
Find out more on the particularities of a flat price valuation.
Find out more on the particularities of a house price valuation.
