Looking For A Property Appraisal

A property appraisal is a great way of finding out what the local property market is doing, and it is an important step to understanding what your property is worth.

 

What is a property appraisal?

A property appraisal is an estimate of price for your property in the current market. Real estate agents specialise in answering the ‘how much is my home worth’ question, and they do it by running a comparative market analysis which involves finding similar properties that sold within the last 90 days.  The closer they can match your property to others sold in the area, the more accurate the appraisal will be.  Agents also consider current competition, wider market trends, the property’s structure, and its condition. 

Property appraisals are an excellent way of understanding your properties potential market value at that point in time.

It’s always advised that you contact a real estate agent from your local area to conduct an appraisal. They live and breathe property in your neighbourhood and have an intimate knowledge of the suburb. This ensures they can give you a more accurate appraisal.

When a real estate agent conducts a property appraisal there are several things they consider, from property size right through to the fixtures and fittings.

When do you need a property appraisal?

Getting an appraisal isn’t always necessarily about selling. It can also be simply about understanding what your property is worth in the current market. If you’ve recently renovated you may want to know how much value it has added to your property.  Or perhaps you’re looking to buy an investment property, considering upsizing as the family has grown, or downsizing as the family has moved out, or simply keen to find out if the value of your property has changed.  Knowing the value of what is undoubtedly one of your most valuable assets (if not the most) is a wise financial decision.

 

What should be included in your property appraisal?

To reach their appraised value, real estate agents generally consider the following:

 

• The property’s size
• Number of bedrooms
• Fixtures and fittings
• The condition of the property
• The features of the property
• Location / local area
• Access to local amenities such as schools, shopping centres and transport
• School zone boundaries
• Recent sales data i.e., recently sold properties of similar size and condition in the same market
• Market conditions
• The time of year the property is likely to be sold
• The economic environment e.g., interest rates

It is important to remember that a property appraisal is just an estimate or an educated judgement regarding the potential value of your home. Appraisals have no legal standing and many real estate agencies offer this service free of charge.

 

Our comparative market analysis will condense all of the above information into a report that will include the below key features:

 

• The current market conditions
• The current market trends
• Your property profile
• Recent comparable sales in the area
• Recent sold properties in the area
• An appraisal price range
• The best method of sale for your property
• The best result-orientated marketing strategies for your property
• A detailed report on the process of selling your property

 

There is no right time to sell a property - it really comes down to your own circumstances. However, when you know the facts about the value of your most important asset you can make smarter decisions which more positively affect your current and future financial wellbeing.

A property appraisal is an easy, informal, and essential process if you’re thinking about selling, or just curious about the value of your most important asset.  Who knows, the appraisal results may even surprise you.

If you are considering selling or would like some information on what your property may be worth in the current market, contact us today.