A property market appraisal is your official estimate of what a property is worth at the moment. You can do one yourself but it’s best if you went to the professionals who will give you an appraisal that’s useful for buying, selling, or investing in real estate.
Property market appraisals can help you understand the current market value of the property, determine the price to pay for a property, and explore the potential for your future returns from your investment. In short, it will help you make an informed decision. That said, once you get a property market appraisal on a property of interest, what should you expect from the process?
What is a Property Market Appraisal?
A property market appraisal is an opinion of the current market value of a property prepared by a professional valuer. It is based on market evidence and supported by detailed evidence of comparable sales data and other relevant information such as zoning, building plans and physical condition.
Property market appraisals are used for a number of purposes, including:
- To determine whether land or buildings are suitable for subdivision or consolidation;
- To assess whether it would be feasible to develop vacant land;
- To determine what improvements should be made for a vacant block with potential to convert to residential use;
- To assist in determining the reasonableness of a purchase offer; and
- As part of a strategic planning exercise or feasibility study.
What Can You Expect from a Professional Property Market Appraisal?
Property Appraisals are Thorough
The agent will spend at least one hour looking over your home, checking everything from its physical condition to neighborhood trends. The agent will walk through your home, inspecting every room and taking notes on everything from flooring to paint job. Once this process is complete, you will receive a detailed report that lists your home’s strengths, weaknesses and estimated value.
This appraisal won’t just include information about your home’s interior features. The agent may also check recent sales within the neighborhood, as well as other real estate data to determine the best possible price for your home.
Property Market Appraisals Help You Get an Idea of a Selling Price
Property market appraisals are a great way to get a realistic idea of the value of a property. Also known as a comparative valuation or resale report, this appraisal is a snapshot of what your property would be worth if you were selling it on the open market.
Property Market Appraisals Help You Identify the Right Time to Sell
When you’re thinking about selling a property, a professional property market appraisal can help you understand the current market value of your investment. This is particularly important if you’ve been holding on to a property for a number of years, as the market has probably changed significantly since you bought it.
Property market appraisals are usually done by registered valuers who will inspect your property and prepare an independent report on its condition, selling price and the amount of equity that’s tied up in it. The valuer will also assess any improvements that have been made to the property since you bought it.
Valuers will explain any depreciation they’ve identified in the value of the property and whether this is a reasonable estimate of what you can expect to get from a sale based on today’s market conditions. They’ll consider factors such as zoning, future development potential and other local factors that might affect its value.
A professional valuer will recommend whether now is a good time to sell your home and, if so, how much it might be worth based on today’s selling prices. This professional real estate appraisal can help inform your decision about whether to sell or stay put.
Work with Define Property’s Experienced Property Appraisers
Define Property are local industry leaders in real estate, property management, and property appraisal services. Strong local knowledge and extensive experience in the property industry allows our team to provide precise, unbiased property evaluations and market appraisals, helping you understand the value of one of the most important investments you can make.
With years of experience in the property industry on the Sunshine Coast, our opinion of the value of your property is backed by rigorous training, years of on-the-job experience, ongoing education, and continual effort to keep up with an ever-changing industry. When we establish the value of your property, our expertise is substantiated to ensure a fair appraisal and outcome.
For professional service and quality advice that you can count on, start working with the team at Define Property today!