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If you are planning to put up your property for sale you should bear in mind that
it is not necessary to enlist the services of an Estate Agent to determine the value
of your property. There are resources available that enable homeowners to do this
for themselves.
The Deeds office captures property transfer history that will assist homeowners
to evaluate their properties in line with market related averages. It should be
noted, however, that the Deeds office does not record all features relating to a
home such as the number of bedrooms or bathrooms, instead it is just about the erven
which includes the stand size, portion, township, etc. From this info one will be
able to compare prices by the size of the erven and proximity to other recently
transferred properties.
Sold Price Index (SPI) reports that are based on Deeds office records provide information
on properties that have already been sold. They also do not include a breakdown
of a home’s features, but are useful in determining how much properties in a certain
suburb, street or complex have recently been sold for. There are some companies
that provide statistical reports, etc based on Deeds office information and other
records for which they usually charge a nominal fee.
Homeowners or sellers can also utilise the various online tools available. Companies
that provide Deeds office data and Sold Price Index (SPI) reports include REEP (Real
Estate Evaluation Tool – www.reep.co.za). REEP allows homeowners to register and
provided you supply your ID number you can draw a Home Valuation Estimate free of
charge.
Homeowners would have to match this information with their own knowledge of the
area and research done on similar properties that are currently on the market i.e.
compare attributes that your property has to others on the market.
It should be noted that it is easier to determine the value of a sectional title
home than it is to value a full title home. It is not too difficult to get hold
of sectional title plans with the various unit sizes, etc and then comparing the
units. Full title homes on the other hand are more complicated to value because
the individual features they have may influence the selling price.
With changing market conditions homeowners should be aware that it is crucial to
become more knowledgable of the property market and trends in their local area.
Look through the ‘houses for sale’ sections of newspapers and magazines and surf
property related websites for more insight. You should also visit show houses in
your area to gauge how your home compares. By using both deeds office information
and by comparing characteristics you know of from homes in your area you should
be able to fairly safely determine the price range that your property should sell
for.
Knowledge Factory’s SAPTG (www.saptg.co.za) also offers once-off access to members
of the public. For a nominal fee homeowners or sellers can request information on
property transfers, Computer Assisted Valuations and Suburb trends. The Valuation
product is similar to what Estate Agents utilise, i.e. the CMA (Comparative Market
Analysis) which includes the home’s physical attributes and sales history.
As a back-up to your own findings you could also try asking a reputable local Estate
Agent to assist you with a valuation. You should be able to openly explain to a
good Agent that you wish to try selling your own property but would like to have
their opinion based on a Comparative Market Analysis for your area. They will usually
be happy to assist you and show you records from which you can form a good opinion
provided you bear them in mind if you are unable to sell your own property.
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