What’s a property appraisal in real estate?
An appraisal in real estate is an estimation of the value of your property by a real estate agent. When your agent is undertaking an appraisal, they’ll look at how much the property you’re looking to sell will likely achieve in the current market. To get an understanding of the value of your property, you can use our online valuation tool to get a free property value estimate as well as recent sales insights and market data on your suburb.
When you’re selling your property, you’ll want to make sure you get an accurate estimate of how much your property is worth before putting it on the market. You can do so by getting a free market appraisal from a local real estate agent. If you’re looking for a definitive value, you can pay to get a professional to come to your property and give you a property valuation. Generally, your real estate agent will base your appraisal by looking forward in time. This is because you’re likely to sell at least a month after getting your property valuation. This means, the direction of the market (e.g. if prices are going up or down) will have an effect on your agent’s estimated value.
What’s the difference between a formal property valuation and an appraisal in real estate?
There are two main differences between a formal valuation and a property appraisal in real estate:
- Real estate agents usually undertake property appraisals, whereas a qualified valuer who has been trained in the field conducts property valuations. They take all features into account, such as:
- Structure and conditions
- Building faults
- Features of the home
- Caveats or encumbrances on the property
- Local council zoning
- A property valuation is used as a guide to pricing or an estimate. However, a property valuation can be used to obtain a definitive value. Valuations can be used for the purposes of settlement, obtaining a loan for financing as well as establishing the value of a deceased estate.
Why should I get a property appraisal?
If you’re planning to sell your home or your investment property, the perfect place to start is a property appraisal. Here, you can get a feel for the local market, and discover what’s realistic in terms of pricing. A good real estate agent will know the local area like the back of their hand, and have plenty of experience in selling properties in the area.
You can book a property appraisal by using our online comparison tool here.
Choosing an agent to appraise my property
You’ll want to find an agent who has the following qualities:
- Years of selling experience
- Familiar with your suburb
- Strong understanding of market trends
- Experience in selling through different methods of sale (e.g. auctions, private sale)
- Has sold properties similar to your own
If you’re looking to put your house on the market, the first place to start is booking in an appraisal to get a feel for the current market. At LocalAgentFinder, you can compare agents, including their sales history, commission rates, marketing fees and independent homeowner reviews. You can book an appraisal through LocalAgentFinder too.
If you’re thinking of selling your property, the first thing you’ll need to do is get a home appraisal. An appraisal is carried out by a real estate agent and gives you an estimate of the value of your property and what price it’s likely to achieve in the current housing market. A property appraisal gives you an idea of what to expect when you start the process of selling your house, and might help you make the decision of whether to sell at all.
LocalAgentFinder offers a free online valuation tool so you can start to build your understanding of how much your property is worth. It can also give you market data for your neighbourhood and recent sales figures. Most estate agents will also offer you a free appraisal and be able to advise you on what the housing market is like giving you a rough estimate of how long it might take to sell your house in the current climate.
An appraisal isn’t the same thing as a formal valuation. A property valuation can be used to give you a definitive value of your house, which you may need for obtaining a mortgage. A formal valuation would include your property’s structure, condition, and any building faults as well as any caveats to the property, such as lease-held parking.
If you’re interested in having a real estate agent give you a home appraisal, LocalAgentFinder can help connect you with an agent. Our comparison website is free to use and can give you a wealth of information on real estate agents in your area.
There are several things to bear in mind when searching for an agent to ensure that your appraisal is as accurate as possible. An agent who is local to your area will have solid experience in selling and marketing a variety of properties in the neighbourhood, so they know what sells and what it’s worth. They might have sold houses privately, or at auction, and may have seen the same house sell several times. A good real estate agent will also know the housing trends in your area and be able to tell you if the market is likely to become more attractive in the future or if now is a perfect time to put your house on the market.
LocalAgentFinder lets you search and compare agents by a number of different criteria, such as how many houses they’ve sold recently, the prices they achieved and how long their properties stayed on the market for. Most real estate agents will give you an appraisal for free, and you might like to get more than one appraisal.
There’s nothing to lose by getting a home appraisal. You might be surprised by how much your home could be worth. You can start your search by using LocalAgentFinder’s free appraisal tool, and if you like what you see, you can use our comparison website to start finding a professional to confirm the value of your home.