When it’s time to put your house on the market, the first thing you’ll need to arrange is a property appraisal. An appraisal is an estimate of the value of your property. Although ultimately the market will set the price, an experienced agent will look at comparable properties. Other factors such as the home’s condition, appeal and location, will also influence a realistic estimate of where your property sits in the market.

Having an accurate appraisal helps you start to plan selling your home. You’ll have a better understanding of what the market is doing right now and what kind of homes you can think about buying yourself. If that is your next property move.

 

Get more than one appraisal

It’s always worth getting more than one property appraisal. Meeting with agents and showing them around your home, will give you an idea of how they work and how knowledgeable they are about the local market.

An experienced agent will present you with a range of comparable properties and recent sales figures. That way, you can better understand what to expect from your sale. This is a great time to ask questions and find out what you can do to help your home stand out.

It’s worth knowing that unfortunately, some agents will give you an unrealistically high figure to win your listing, which can lead to disappointment later on. Getting a few appraisals for your property will help you manage your expectations when selling your home.

 

What does an agent look at when writing a property appraisal?

Agents can pull up data on recent sales in the area. They have a solid understanding of the wider market conditions, demand, and what buyers are looking for. Agents will look at the condition of your property and make suggestions about any improvements you can make to boost the home’s appeal to buyers. They will also look at the block size and the local amenities such as schools and shops

At Established Property, we have sold properties many times over in Sanctuary Lakes, Point Cook and the wider Wyndham City area. We pride ourselves on giving informed, honest and comprehensive appraisals to our sellers.

 

Is an appraisal the same as an evaluation?

An appraisal is done by a real estate agent, whereas an evaluation is a formal report done by an accredited valuer – usually on behalf of a bank. If your buyer is taking out a mortgage, the bank will require a formal evaluation. This ensures the bank that they are not lending more than the property is worth.

It’s an imperfect science, as the property is ultimately worth what someone is prepared to pay for it. But generally, you should be able to gain a realistic picture of where you stand in the market. Particularly, if you keep an eye on local sales and real estate websites.

 

Online property appraisal research

As well as getting an appraisal, it’s worth keeping an eye on the local market so you have an idea of where your home sits within it. You can get fairly accurate online valuations and research sold prices on the main real estate portals. If you’re selling in the new year, start looking at local listings now to see how homes are presented and think about what you can do to make yours stand out.

 

Thinking of selling your home?

We’re here to make your sales process easier, so you can focus on your property goals. Established Property are the experts in real estate for Point Cook and Sanctuary Lakes. We’ve been selling land and houses here for more than two decades. So, if you want to know that your property is in experienced hands, please give us a call.