THINGS HAVE CHANGED!
The property market in Brisbane has changed. We’ve seen several dramatic events that have impacted the market since late 2019 and throughout 2020. Events such as the historic low interest rates, Australia’s thus far overall successful navigation of the COVID-19 pandemic and the subsequent brief period of recession which thankfully we are now out of. This has resulted in rising optimism for 2021 and an improving property outlook. Your property value will have changed in 2020.
But these events aren’t the only things influencing your property’s potential sale price, there are other less obvious influencers that could make you or lose you money . . .
HOW IS IT THAT SIMILAR PROPERTIES CAN SELL FOR VERY DIFFERENT AMOUNTS IN THE SAME MARKET?
The fact is, what your property sells for depends not only on its location and qualities but several other factors that have a major influence on the price.
Just consider a few of these ‘influences’ at play in your average agent’s Comparative Market Appraisal (‘CMA’) – where they’ll list properties that have sold that are similar to yours.
For example . . .
— One of the comparison properties may have been sold under some kind of ‘seller duress’ (e.g. the seller had lost their job and had to sell quickly)
— Another of the comparisons may have had ‘poor digital marketing’ and as a result didn’t get enough exposure to the market or attract enough of the right buyer demographic
— While another had its sold price botched because the agent wasn’t a competent, skilled communicator and negotiator
— And despite virtually all agents using “professional photographers” the quality of photography varies from outright terrible to magazine worthy. The quality of the photography will determine the amount of online views and viewer engagement. The more views and better engagement will mean more physical inspections of the property. More inspections often drives up price and fewer inspections often results in a lower price
As you can see, any agent that waltzes in and professes to know exactly what your property will sell for either doesn’t understand the ‘price influences’ and the effect they can have on the sold price or they’re psychic!
Beware of agents who are quick to give you an opinion on price, often a high price, the kind of price you hope they would say, within minutes of them inspecting your property and without having conducted a thorough CMA. They are trying to buy your listing and unfortunately it’s a common problem in the real estate industry. These agents will do ANYTHING to get your listing. And when they try to buy your listing they will inflate their appraised opinion of your property’s price by upwards of 10% to 15% above what the property ends up selling for. Thankfully, not all agents are like this.
If you’d like a well researched market appraisal supported by examples of sales in your area just fill in the form and we’ll do the rest to provide you with a detailed, realistic Comparative Market Appraisal.
We’ll explain what changes have occurred and how we got to the appraised price. Why we think your property is worth more or less compared to the property sale comparisons given. It’ll be realistic and not inflated to buy your listing.