THE GUIDE TO SELLING YOUR HOME
Step 5 - Determine the Selling/Reserve Price
Market opinions & valuations
One of the most important decisions you will make in the course of selling your home is to decide on its asking price, or if selling at auction, its reserve price (the minimum price for which you will sell your house).
It is important to set a price that reflects the full market value of your property yet is realistic and remains attractive to buyers. The most important features are: Location, Size, Age and Extras. Your Real Estate Agent will have a strong knowledge of recent sales and current listings in your area, and will be able to provide you with a good indication of property values in your area. Use this as a guide to determine what your own home is worth.
Remember that changes in the state of the economy and the property market may affect the value of your home. Ask your Real Estate Agent how the sale of your home may be affected by:
- Fluctuations in interest rates
- Property availability
- Buyer demand
You can also appoint a registered valuer to determine a valuation of your property for a fee.
Agents commission
The agent will receive a commission for selling your property - usually a percentage of the sale price. You can negotiate this fee. Ensure you both agree on the commission rate and that this is reflected in your agreement before you sign it.
However, every agency has different commission rate and structures. Make sure you get a clear indication as to what services are included in the commission rate.
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