When you’re selling your home, one of the first things to think about is an appraisal. That is, you want a real estate agent to give you a fairly accurate idea of the price your home will fetch.
People often ask how we arrive at an accurate appraisal price for your home, so I thought I’d explain the process for houses.
First, we find out your home’s address so we can get an idea of the street and what similar properties have sold for recently. This is known as a comparative market analysis, and good real estate agents do this as a matter of course. Another method we use is to look at the last sold price for your property and multiply that figure by the annual percentage increase, factoring in compounding. That gives us a starting point.
We look at the size of your block, the number of bedrooms and bathrooms, the size of your living spaces and the outdoor area, along with the proximity to public transport. While more bedrooms will generally mean we assign a higher value to your property, this depends on the size of the bedrooms and if they have built-in storage and en suite.
For the outdoor area, we look at whether or not the property has off-street parking, a carport or a lock-up garage. We check out your outdoor living spaces, how they’re set up, and whether they include decking or balconies. We also consider the overall condition of your property, how well it has been maintained, and any improvements that have been added since you purchased the home.
Finally, we take into account the current market conditions, such as how active home buyers are and the demand for homes like yours.
If you’d like assistance arriving at a value for your property, give me a call. I’d be happy to help.