How do I determine the price of my property?

Question: I would like to sell my house. How do I determine the price of my property?

Answer:

Oni Mdumela, Partner Principal of Property to Link, says that the value of a property depends on various and diverse factors.

Where the property is located (suburb, area, city), the size of the property, the condition of the property and the price per square meter properties in the vicinity had sold for, play a fundamental role in determining a property's price.

Two other factors that have a major influence on the price are market dynamics and the willingness of a buyer.

Factor 1: "The real estate market works on a supply and demand basis: When supply is low (of properties) and demand is down, prices fall. But when the supply is low (of properties) and demand is high (up), prices increase."

Factor 2: "Value is [also] based on the dynamics between a willing seller and a willing buyer. The tug-of-war is always between what the seller wants and what the buyer is willing to pay.