What is fair market value?
Market Value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion.
Influencing factors that determine value include:
Historical sales data provides a bench mark for pricing and the level of demand may influence the market value of a property in either direction. What needs to be contemplated is that market worth is determined by a purchaser’s own level of desire to own a particular home, and the financial resources they can afford to make the acquisition.
When undertaking a negotiation process, it is essential for the participant to be highly-skilled in negotiation techniques and to understand the offer procedures which vary significantly from real estate office to office. With approximately 70 percent of Australian real estate now going to auction and the remainder selling privately, an intimate understanding of how a selling process works is paramount to purchase success.
You’ve heard the stories! “We didn’t believe the agent. Our parents and friends assured us that the agent would come back to us with another chance to increase our offer, but they didn’t and we would have paid more! We missed out on our dream home.” Or: “The agent intimated that there was competition but there was none, maybe? Not sure? Are we getting ripped off?”
Over the years, I have often heard these statements of defeat and uncertainty. Most families will buy a home once, twice, three or at most in general four times: the first house, the family house, the divorcee house and then the retirement house. Or maybe you are one of the lucky ones and buy the dream home that you live in from marriage until they drag you out in a pine box.
Confidence and knowledge during the buying process should ensure the certainty that you are buying a home at a fair price and should entitle you to the front runner position in a competitive circumstance. This positioning will come with either buyer advocacy or years of experience within the real estate industry.
This is where we help.
Our fees and service guidelines
Our minimum full-service fee ranges between $10,000 plus GST toward $45,000 plus GST which includes a full market report based on comparable properties, an onsite inspection of the property, a comprehensive building and pest inspection report, bidding representation at auction, undertaking negotiations for private sale and sale by set date selling properties.
If we have two or multiple clients that have engaged our services and who become interested in the same property, we make an immediate disclosure of counter interest and provide identical reports in all facets. We do not disclose details of the competing purchaser to either party. If one party withdraws their interest in the property or buys an alternative property, we will disclose that the competing purchaser is no longer a threat.