Whether you are looking to sell now, or in a year from now, the essential first step is to find out what your home is really worth in the current market.
Finder.com.au reports that the property market will ultimately determine how much your property will sell for, but that you need to approach selling with a ballpark figure in mind before negotiations begin. Here, we take you through the ins and outs of property appraisals, and why now is a good time to get one.
What is a property appraisal?
A property appraisal is essentially an estimate of the complete value of your home by a licensed real estate agent. From the location to the property’s unique features, the agent will not only visit your home, but use their knowledge of the local property market, and their buyers network, to present you with a price guide to your property’s worth.
What’s involved in appraising a property?
There are many aspects to a property appraisal that contribute to the overall estimated price of your home. Although, there are particular areas that an agent will look at, it’s important to remember that every property is different and has something unique to offer to the market.
Market conditions and recent local sales
Whilst an agent will base their evaluation primarily on your actual property, they also consider the current market conditions and sales made in your local area in the last 90 days.
As the saying goes ‘location, location, location’ and this is a key ingredient when it comes to appraising your property. When looking at your property location, not only does this mean your street, but the vicinity of your home to public amenities, attractions, accessibility to public transport and zoning for local schools.
Property size, structure and condition
Both your property and block are key to the overall value of your property as well the sizing of each space in your home. Regardless of your properties age or styling, if it has a strong structure your property’s value will be higher. “All smart, potential buyers will look at a building report for any issues, so agents will be looking at how well-built the home is and letting you know if it will affect the final estimated price.”
When having your property appraised think about what your house would look like to a potential buyer. Does your property have good curb appeal? Can a buyer walk in and imagine themselves living there?
Planning and restrictions
As well as location of your property, the agent will look at restrictions that come with your property from the local council. As appealing as your house may be to you, a potential buyer or investor may be on the lookout to do something different with your block.
Why the time is right for appraisals now?
Getting an appraisal now is a good idea because, with the easing of restrictions on open homes and auctions across the country, we are seeing real estate activity pick up dramatically.
“With strong conditions returning to the market, it’s worth getting an appraisal now, so you can get a head start on the market, especially if you were planning on selling during winter – for the benefit of less competition, or at the beginning of the busy spring selling season.”