What is Market Value?

It is easy to confuse the ‘market value’ with ‘the price’ but they are not the same.

Market value is the most probable price that a property should bring in a competitive and open market with adequate exposure (ie advertising), and the buyer and seller each acting prudently, knowledgeably and at arm’s length from each other.

The best indicator of market value is a public auction. An exception to this might be where an adjoining owner purchases the property and pays more than the market at arm’s length would, but in most instances the price achieved on auction day can be considered the market value as at that date.

It’s so important to get the price right at the very the start of the campaign. Priced too high and the property will linger on the market and be overlooked in favour of more competitively priced properties. Our agents rely on comparable sales in the area, years of real estate experience and intimate knowledge of the Geelong market to make sure our properties are priced right to ensure the maximum result for our vendors.

If we can help you with a market appraisal, please contact one of our dedicated team.

Have a great weekend.

Until next week,
Nick Lord (Director)