What is a property appraisal?

A property appraisal is when a real estate agent determines and quotes the estimated sale price of your property based on their experience of the area, similar sales, and their knowledge of buyer demand.

A property appraisal will typically take into consideration things like ‘street appeal’, the property’s interior and exterior, and the size of the land.

They’ll also look for things that add value to the property such as ducted air conditioning, quality appliances, or the number of car spaces.

The real estate agent will compare these factors to similar homes that have recently sold in the area and give an estimated figure.

An appraisal is really just an opinion, is offered as a free service by real estate agents and has no legal standing, and should only be used as a guide.

This means it’s in a seller’s best interests to request an appraisal from two or three agents to get the most accurate prediction of what the property might sell for.

When do you need a real estate appraisal?

When you are thinking of putting your property on the market, because appraisals are an estimate rather than a definitive value, they’re best to gauge the local market when planning to sell or rent out your property.

The appraisal cannot be used in a formal capacity.

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Jason Gwerder
Wednesday, 13 April 2022

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