Market appraisal Little Real Estate

Why a sales appraisal is important

A sales appraisal enables a potential seller to gain an understanding of how much their home may sell for. Unlike a property evaluation, you cannot use a sales appraisal to establish market value with prospective lenders. However, a sale appraisal can be useful when determining your net worth and for other various tax reasons. 

Benefits of an appraisal

Many find a sales appraisal a great starting point to selling their home. It helps to set expectations and can also inspire improvements to increase value. Many potential sellers will follow the advice given by the appraiser and perform minor repairs or improvements before listing their property. 

Trust the professionals

It’s best to choose an appraiser who is familiar with your suburb as they will have crucial insight and experience in your specific property market. While a sales appraisal is not essential, it’s highly recommended. Those who choose not to have a sales appraisal may be surprised by their property’s sales performance and misread relevant market trends. 

An appraiser can also provide advice on existing and predicted market trends as well as have valuable knowledge of rezoning laws and other regulations which can influence your sale.

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 an appraiser 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 appraiser will inspect the property and come back to you with an estimate which reflects the property, current market and suburb.

Location 

The location of your property will factor in the worth. An appraiser will consider the suburb, nearby amenities and other location factors when determining an estimate. 

Property features

An appraiser will consider a property's features including the number and size of bedrooms, bathrooms, backyard, and other amenities. Additional features such as appliances and parking space will also be factored into the estimate. 

Condition and structure

The condition and architecture of your home will hugely affect the overall property value. An appraiser may even offer suggestions on how to improve your home to increase your value and sales opportunities. 

Sales comparison 

An appraiser who is familiar with your neighbourhood will review sales data on three or four similar homes in the same suburb to give you a value estimate. This is also known as the market data approach and is popular with banks and other lenders determining whether they will finance a home or not. Market trends can also be considered when providing an estimate. 

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