A: Each area and property is different. A local area agent will do a thorough assessment based on various factors.
• Assessment of sales over the past three to six months to gauge what buyers are paying.
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• The location of the property. If it is in a popular location, the price would be in the upper percentile compared to a less favourable location which might put it in the lower percentile when looking at the range of prices achieved in the area.
• Valuing the property in terms of its age, size and condition. The better the condition, the higher the price. Features such as security, safe parking, a swimming pool and neat garden are value-adding factors. Excessive bedrooms and features might, however, not add to the price.
• Trends in the area also affect the price of a home. While deterioration will be a drawback, development can add a premium to the price.
• Stock levels are also considered. If there is an oversupply, sellers face stiffer competition and prices come under pressure. If there is a shortage, sellers can usually expect higher prices. – Samuel Seeff, chairperson of the Seeff Property Group