| Factors that can affect the Value of Your Property
Home prices can differ substantially. Factors range from economic and common sense, through to intangible factors.
Position – Position – Position
There is probably nothing that influences a property’s price more than it’s position. Including.
- Suburb / Street / Position on Street / Views & Outlook
- Amenities / Transport / Shops / Schools close by.
Comparable Sales
Known as Comps. Properties in your neighbourhood that are comparable to your property, and have recently sold.
Your agent may provide you with a C.M.A. This is a comparative market analysis report to assist in valuing your home.
It is important to compare with actual sold properties.
Not with list prices. Properties are only worth what people will pay for them. Comps must also be comparable to yours in position / age / condition / size / land / number of rooms and the like.
Market Performance
Supply and demand of housing has a substantial influence on prices. This can be quite geographical. Where homes in one area have a different supply and demand scenario, than in another area.
If there’s an availability shortage home prices will normally rise. If homes in a neighbourhood are in low demand and properties are selling for less than the asking price, expect values to drop.
Property condition
Maintenance is a major factor that can affect a home’s value.
2 properties with identical position, size, rooms, and land. Can have vastly different values. Because of their differing conditions. Well maintained properties, of course, demand a higher value. So it is important to keep your house well maintained and in good condition.
Potential for renovation.
This maybe minor or a complete renovation. Often buyers will want to do some degree of renovation. So the potential for the buyer to improve and personalise the property can have a bearing on the property price.
Interest Rates
Movements in interest rates can affect the value of property. Interest rates can have a huge impact on property affordability. Lower interest rates equal better affordability, which pushes up demand and in turn increases house prices. And likewise higher interest rates can have downward pressure on housing prices.
Infrastructure projects
Infrastructure development in the area is another major factor that influences property prices. If there are major infrastructure projects happening close by, you will generally see a higher demand for property and in turn an increase in property values.
There are many more in-depth factors that can also affect the value of your property.
Please talk to us for a consultation.
Disclaimer: Although all care is taken. We do not give any warranty whatsoever to the accuracy of any content.
This is not meant to be financial or professional advice and is only of general nature. You must seek professional advice before taking any actions. The above information comes with no warranties whatsoever. We take no responsibility for any actions you may or may not take. All content is of general nature only and is NOT to be taken as advice whatsoever
Martin & Austin
Waldhoff
0422 426 065
MWaldhoff@areaspecialist.com.au
336 Main Road,
Glenorchy 7010 TAS
Martin & Hans recently welcomed the addition of a 3rd generation Waldhoff, Austin, into the team. Inviting him to learn from their 40 years’ experience in the real estate industry. Austin is keen to establish himself alongside these two reputable & knowledgeable representatives of the Hobart property market. Acting as their protégé & personal assistant for the time being as he strengthens his skillset regarding client management, negotiations, and legal procedure.
Martin brings 15 years of experience to the table and prides himself on negotiating the best outcomes for his clients. Empowering his vendors with the most modern marketing strategies available during the listing and selling of their property. Being a strong supporter of local produce and community growth, Martin is a member of the New Town Community Association & other groups. He’s down-to-earth, literally & figuratively, enjoying spending time in the garden as much as inside your home to help evaluate its place on the market.
Hans has been in real estate for 25 years. Receiving multiple awards as Tasmania's No. 1 Salesperson during his reign as 'King of the Hill' in Sandy Bay. Previously a civil engineer and accredited valuer in Germany, Hans has a deeper understanding of property than your average agent, and you'll find his insights invaluable whether you're buying or selling property in Hobart. Now over 80 years old, Hans’ enthusiasm for real estate has never waned and he continues to prove himself as one of PRD’s top salespersons monthly, effectively bolstered by his son & grandson.