What’s my house worth in the current market?
Queenstown Property Market
Friday 12 May 2023
The decision to sell your home or investment property is one of the biggest you can make, and the price you achieve is often the most critical factor in establishing your next move. It’s hard to know exactly what a property will sell for until the market has spoken, but there are ways to get the best assessment of what your house is worth and help you make those all-important decisions about how to proceed:
Research recent sales in your area
Look at recent sales of properties in your area that are similar in size, age, and condition to your own. This can give you an idea of what buyers are willing to pay in your local market. You can find these on sites like homes.co.nz
Consult with a real estate sales consultant
A local real estate agent can provide you with a comparative market analysis (CMA) that takes into account recent sales of similar properties in your area. This can give you a better idea of what your home might sell for on the open market, taking into account factors such as current demand levels, any special attributes the property may have and the economic climate.
Use online real estate valuation tools
There are several online real estate valuation tools available, such as homes.co.nz and QV.co.nz that can give you a rough idea of your home's value based on publicly available data. It’s worth noting that these can be an algorithm-driven approximation and do not take into account recent renovations and additions or market-driven external factors specific to a local area which can impact price.
Hire a registered valuer
A registered valuer is an independent consultant and has no ties to a particular agency therefore they can give you an unbiased estimate of the value of your Queenstown property asset. They can provide you with a more accurate appraisal of your home's value based on factors such as its size, condition, location, and recent sales of comparable properties in your area. Banks will often require a registered valuation for lending purposes.
Consider local market conditions
Keep in mind that local market conditions such as supply and demand, can have an impact on the value of your home. For example, if there are more buyers than homes available for sale, this can drive up prices through competition. We’ve seen this happen in Queenstown as a popular destination to both live and visit.
It's important to remember that any estimate of your home's value is just that - an estimate - and may not necessarily reflect the exact amount you'll receive if you decide to sell your home. Reach out to one of our property experts for further information.