A Current Market Appraisal – Is it important to find out what my property is worth today ?
So you are looking to sell ? Well an on site , In home market appraisal is the only definitive way to find out what your property is worth in the current market. Selling a property can be a stressful and emotional time, so being informed before you start will help you feel in control. Your street presentation may not reflect the substantial internal renovations you have done or the back yard gardens. There could be quite a lot to set your property apart from other local properties for sale. The actual valuation is not known until a full market appraisal is done in your home by an experienced real estate agent.
After you have got a valuation guide from www.homevaluationguide.net.au , the next step is to engage a good quality real estate agent and have a market appraisal done that will give you a realistic dollar value to expect from the sale. This may in turn effect your buying power for your next property if you are looking to upgrade , or downsize.
A marketing appraisal for a residential house, home or apartment is really an estimate of the probable selling price from a real estate agent or property specialist. An accredited valuation can be done by an independent registered valuer. This is not free and can be hundreds of dollars.
The difference between these estimates will be in what it costs you to obtain them and also the detail you receive. Both can be used for different purposes so it can be helpful to get them done to allow you to make a comparison of your property’s value based on the estimates.
Local Agent Market Appraisal versus an Online Valuation estimate
As mentioned , before you have any on site appraisals done, the quickest and cheapest way to know the estimated value of your property is to do an online home valuation. This process is completely free and is the best starting point before you begin the process of getting an appraisal.
The valuation guide is done using historical sales and rental records from many real estate databases which detail how much the similar properties have previously sold for and also sale trends from within the same area. A good internet home valuation report will also take into consideration the current local market conditions which can be an influential factor in how much you can expect to sell for.
Although this is a historical guide/estimate, the advantage is that you can do it from home or your office at any time of the day. Also the benefit of finding a good online valuation source is that they will put you in touch with a property specialist or agent who is skilled in your area so you can take the next steps in getting your current market appraisal done quickly and at no cost.
Market Appraisal by a local real estate agent
Once you are in contact with a property specialist or real estate agent, you will be able to obtain a full marketing appraisal. This selling price estimate is more detailed and in depth than an online valuation. It is also a free service so allow yourself time to shop around and meet with more than one provider. This process could potentially help you find the right agent to sell your property, so you want to make sure they are well suited to your needs.
Having an interview with your chosen real estate agents will provide a good opportunity for you to talk about their portfolio of work and build a relationship with them. Some helpful questions to ask are:
- How many properties have you worked with in my area in the last six months?
- How many properties do you currently have listed?
- What is you experience in the real estate industry?
You should keep in mind that your first meeting with your property specialist or real estate agent is about finding a match. The meeting should not be considered to be binding in any way and it does not guarantee them the sale of your property.
Before the agent or specialist gives you a marketing appraisal, they should ask to see your property. This will give them the opportunity to observe any renovations or extensions, as well as consider access and locality.
After you have received your appraisal (and your accredited valuation, if you get one), you can work with your chosen agent on a listing price for your property. Some things that will effect your listing price are the current market conditions and also how successful sales within your area have been. It’s important to keep these in mind as they can be the reason for any gap between your estimates and actual worth and can help you avoid listing your house at an unrealistic price point, which is one of the mistakes most commonly made when selling a home.
Accredited House Valuation
An accredited valuation is given by an independent valuer and is another way to find out the value of your property. The valuation you receive will be a more realistic figure, not based on the best-case scenario, as you might find occurs with some marketing appraisals. As there is no return from your sale given to the valuer you can be sure this figure is independent from any agenda.
Like a real estate agent, the valuer will come and view your property, unlike a real estate agent, they will not consider any superficial perks that might encourage someone to buy your property in their valuation, such as curb appeal or closeness to amenities, like parks. They also don’t consider any marketing trends or recent sales in your area.
The valuation however will consider the size of your property, location, current condition and any structural faults when working out what your property is worth. After they’ve looked at all aspects of your property your valuer will prepare a report, which you will have to pay a fee for.
An accredited valuation can be required by a bank or mortgage broker if you are applying for a loan to buy your next property and also before some buyers will commit to a sale they will request an independent valuation is done, so having this checked off before you list your property can save you getting it done at a later date.
Finding out what your property is worth is the best way to be prepared for selling your home and as your estimate, appraisal and valuation consider different factors, you should have a good idea what your property is worth after having them done.