There is actually a whole range of reasons why it’s a good idea to keep regular tabs on what your home might be worth. And while there are plenty of online tools available to help you, every now and then it’s a good idea to get a more professional appraisal – and this is where Connekt can help.
We have access to market analysis software that gives us up-to-the-minute data and analytics on house sales and land values down to the square metre.
However, as thorough and accurate as the software is, it is still only making calculations based on a set number of criteria. The same criteria that has been used to value property for decades. The only real difference is the software does it quicker.
So, what subjects and numbers would the technology actually be crunching, if we were to use it to value the home you own?
As you might imagine, this has a huge bearing on the overall value of your home – especially when you consider location. For example, apartments close to university campuses will normally be worth more than those in remote locations. Factors such as Torrens or Strata, house or townhouse
also come into play.
The consideration of these factors goes without saying. While your house might be modest, it may be sitting on enough land for a sub-division – that factor along can have a massive impact on the value of your home.
The old real estate sales claim – Location, Location! – hasn’t gained its reputation for nothing – it can mean everything to the value of your home. And where you live needn’t be an established suburb to hold value. Places that are seeing rejuvenation and transformation will also catch the eye of the savvy buyer – increasing their value.
When a neighbour’s house is worth more or less than yours, this is normally the reason. This includes tangible factors such as the number of rooms, the size of the garage, the number of bathrooms, the amount of storage. But this also includes landscaping, the cleanliness and condition of your property, and simple aesthetics like the paint colour palette you chose and the kitchen benchtops. These small, almost indefinable factors can not only affect the value, but put your home higher on the list for potential buyers.
A great deal of the data that comes to us is in the form of recent house sales in your area. What the software is able to do incredibly quickly and accurately is compare the features of these homes against yours to gain a true value insight. Essentially, what the system does is convert all of the information down to apples for apples for an easy comparison.
This is really where a solid, professional appraisal will always trump gut feeling and anecdotal hearsay. We analyse and compare current and historical market trends covering years and decades, not just weeks and months. We then put these figures up against factors such as the number of homes on the market at a certain time (over-demand and lack of supply can skew data), along with indicators like the inflation rate during that period.
What’s more, we look for spikes in trends and anomalies. For example, there might be a trend for your street that is completely different to what we see just a couple of blocks away.
That’s the degree of important detail we can get down to, and which we would be very happy to share with you. Just Connekt with our Sales Team at projects@connektup.com.au
