Market appraisal Little Real Estate

Why is a sales appraisal important?

An appraisal enables a potential seller to gain an understanding of the value of your home. Unlike a property valuation, you cannot use a sales appraisal to establish market value with prospective lenders, but you can use it to help determine your net worth.

A sales appraisal a great starting point when selling their home. It helps to set expectations and kickstart improvements that increase the value of the property. Many potential sellers take their sales consultant’s informed advice and make minor repairs or improvements before they list their property.

Trust a professional

Choose a sales consultant who is familiar with your suburb, they will be able to crucial insight and experience specific to your neighbourhood. A sales appraisal is not essential, but it is a great tool to inform the discussion around your property’s sales potential and provide crucial current market trends and zoning laws.

How is a sales appraisal conducted?

A sales appraisal, also known as a market appraisal, is a great first step towards selling your home. When you receive a sales appraisal, your property will be reviewed by a sales consultant who is likely to be a real estate agent.

There are multiple factors an appraiser will consider when determining the property’s worth. These vary from location to neighbouring property sales. Your sales consultant will inspect the property and come back to you with an estimate which reflects the property, current market and suburb.

Location, location, location

The location of your property is a significant determining factor in its value. A sales consultant will consider the suburb, nearby amenities and other factors unique to its location when determining the estimate.

Property features

A sales consultant will consider the property's features including the number and size of bedrooms and bathrooms, the garden, and other amenities. Important considerations such as appliances and parking spaces will also be factored into the estimate.

The condition and architecture of your home can massively affect the overall property value. A sales consultant will offer suggestions on how to improve your home to increase your value and sales opportunities.

Sales comparison

A sales consultant familiar with your neighbourhood will review the sales data for a minimum of three similar properties nearby before giving you a value estimate. We call this the market data approach, and it is popular with banks and other lenders reviewing a finance application. 

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