A property appraisal is an inspection of your home by a real estate agent to help determine a realistic selling price and to identify opportunities that will make your property as marketable as possible.
When we undertake an appraisal of your home, we make a comparative assessment of you property’s value based on recent sales figures in your neighbourhood, taking into account your property’s relative condition, aspect, size and any other relevant attributes, such as current market conditions.
As part of the appraisal we will, with your permission, take notes, and often photographs, to establish the features and benefits that will assist in selling your home and may affect the current market value. We ask that you set aside at least 30 minutes to meet with us and, if possible, have the following information available:
· Building plans (if available) — this will give us important information regarding the construction of your home.
· A list of special features, like ‘smart wiring’, alarm systems, air conditioning or ducted vacuum systems — all features that will impact on your selling price.
· Any improvements you have made to your property that may not be immediately apparent, like insulation or garden irrigation.
· The reasons that you love your house, such as school zones, neighbours, or handy to transport — these are likely to appeal to the new owners and may well impact on the price.
Once we have collected all the relevant information, we then research other comparable properties on the market, together with recent sales statistics, from your neighbourhood. We use a computer programme that provides a guide price and then use our local knowledge to determine an estimated ‘market value’.
Please be aware that pricing a property is not an exact science, and real estate agents are not registered valuers.
We are, however, in touch with ‘under the radar’ market trends, often before they become statistical information, and will use these and our extensive local knowledge to give you a very realistic indication of market value.