For most of us, a home is much more than a dwelling. It’s a place of memories and shared family experiences. It offers security and familiarity, and for the homeowner, there’s just no place like it.
But this emotional connection we have with our homes can create challenges when it comes time to sell up. As much as we might consider our homes to be one of a kind, the fact of the matter is that no property exists in isolation. Buyers will always compare a property with others.
While some properties have unique features, on the sales market every property has its competition. Competing properties may include similar properties in the area, but also those in other areas offering a comparable lifestyle.
Buyers will assess the value of a property not just based on what the property offers, but what other properties offer. It’s the market that determines value, not the seller or agent. While an owner may think their property is well-priced, the market could easily say otherwise.
So, while it’s important to analyse recent sales when determining a price for a property, it’s equally important to understand what is on the market – in competition with the property.
For buyers, there will always be more than one place they can call home.
