What is a property appraisal?
A property appraisal is an estimate of price for your property in the current market. Real estate agents specialise in answering the ‘how much is my home worth’ question, and they do it by running a comparative market analysis which involves finding similar properties that sold within the last 90 days. The closer they are able to match your property to others sold in the area, the more accurate the appraisal will be. Agents also consider current competition, wider market trends, the property’s structure and its condition. Property appraisals are an excellent way of understanding your properties potential market value at that point in time.
It’s always advised that you contact a real estate agent from your local area to conduct an appraisal. They live and breathe property in your neighbourhood and have an intimate knowledge of the suburb. This ensures they can give you a more accurate appraisal.
When a real estate agent conducts a property appraisal there are several things they consider, from property size right through to the fixtures and fittings.