Now Is The Time! Property Appraisals
Whether you are looking to sell now, or in a year from now, the most important first step is to find out what your home is really worth in today’s current market.
Finder.com.au reports that the property market will determine how much your property will sell for, but that you need to approach selling with a ballpark figure in mind before negotiations begin. Below, 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 an estimate of the complete value of your home by a licensed real estate agent. From the location of your property to its unique features. The agent will visit your home, use their knowledge of the local property market, and their buyers network, to present you with a price guide to your property’s worth.
The proof is in the pudding with property appraisals. By getting an experienced real estate agent that has an in-depth knowledge of the local market, you will know your expected selling price right from the get-go and be able to make smart decisions about your property.
Eaton & Ascot Real Estate is offering free property appraisals, so even if you’re not planning on selling right away, it’s a useful tool to give you an idea of your property’s market value, especially when there are no strings attached.
What’s involved in a Property Appraisal?
There are many aspects to a property appraisal that impact the overall estimated price of your home. Although, there are specific areas an agent will look at, it is important to remember that every property is different and has something unique to offer.
Market conditions and recent 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.
A great appraising agent will really know the current local market, the interest from potential buyers in your area, and what those buyers are looking for in a property. When meeting with an agent, it is a great idea to ask them questions to test their knowledge of the local area so you know they are well equipped to manage the appraisal.
As the saying goes ‘location, location, location’ and this is a big key ingredient when it comes to appraising a 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 of the property:
Your property and block are both key to the overall value of your property as well the sizing of each space in your home.
For example, if you are in an area with lots of families, the agent will look at backyard size, number of bedrooms and flow of indoor to outdoor living spaces. They will also be looking at car spaces too.
Regardless of your properties age or styling, if it has a strong structure your property’s value will ultimately 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.
Presentation of your Property:
When having your property appraised, think about what your house would possibly look like to a potential buyer. Can a buyer walk in and imagine themselves living there? Does your property have good curb appeal?
Although, presentation of the property can be majorly enhanced by styling, premium marketing, and photography, it is important to make a first impression that lasts with your agent and then, with your potential buyer.
Planning and restrictions
As well as the 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 is now the right time for an appraisal?
Getting an appraisal now is a great idea because with the easing of covid-19 restrictions on open homes 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.
If you are interested in having your property appraised, request an appraisal or speak with one of out property agents today 07 3264 6738 or 0416 187 311.