If you have been thinking about selling your property, you likely have an amount in mind that you would like to achieve. You should remember that your preferred asking price and what the market will pay may be different. To get a realistic figure, you need a property appraisal by an experienced real estate agent.
How Does an Agent Perform a Property Appraisal?
A property appraisal is an estimate of the price you could expect to get in the current market. To do this the agent does a market analysis of properties that have sold in the area within the past 90 days. An accurate appraisal will match your property against properties that are similar to yours in location, style, and features.
An Inspection is a Must
There are several things that home appraisers inspect during home appraisal. These include the location, land size, the floor area of the home, room sizes, outdoor spaces and features, vehicle accommodation and gardens. The number of bedrooms with en-suites and built-in wardrobes, and additional outdoor storage, such as sheds, are also included.
Be Ready to Answer Questions
Most real estate companies will do a property appraisal on request at no cost to the seller. Simply make an appointment with a local agent who will inspect the property and ask questions. For example, the agent may ask for details about any renovations that have been done and what fittings are being sold with the property. This is your opportunity to point out the best features, and to also answer the questions with honesty.
Our advice to sellers is to always use a local agent for a property appraisal. At Bunbury Real Estate, our sales staff are out and about every day in our area, observing the market, keeping tabs on properties that are changing hands and gathering local information about items such as planning approvals, infrastructure improvements and other changes that may affect property values.
Now It Is Your Turn
The appraisal inspection is also the perfect time for you as the seller to ask questions of the agents. Ask about the market in your area, and what the agents think of it. Also, ask what method will be used to sell your property, and why they think a particular approach would be the best.
You need to know about advertising and how long they expect your property to be on the market. Ask for an interim selling price. This will give you some idea of where the property sits in the current market. Just remember the old saying: if the price is too good to be true, then it probably is.