Do I need an appraisal?
In this article, we will cover the most common reasons for needing an appraisal, and we think you'll find that if you haven't had your property appraised in the last 6-12 months, it might be time to call up your real estate agent for a chat.
What does 'appraisal' mean?
A property appraisal is a way for you, the homeowner to get in idea of the current market value of your property. For example, if you were to take your property to market that day, the price is an estimate of what we think buyers would be willing to pay for the property.
What is the purpose of a property appraisal?
Real Estate Agents are often engaged to complete an appraisal of residential properties for many reasons.
you, the client may be;
- considering their next move to a larger property or,
- indeed the wish to downsize,
- change location or even,
- require the information before deciding to move forward with a renovation or extension to their existing property.
Knowing the current market value of your property gives you some significant insight to make positive decisions about your valuable asset.
An appraisal outlines the current, potential market value of your property using several different forms of comparatives and market indicators.
Hobart Property market 2020
The market changes consistently, and today's market in Hobart is a very positive one. There is plenty of local interest combined with good interstate investor numbers. Many people are keen to own a piece of our beautiful island state.
Why should I keep my appraisal information up to date?
Keeping your appraisal information updated is vital and revisiting it every six months in our current market conditions is critical. If there is a swing in the market whether it be up or down you need to be aware and fully updated as it may change the price range you are looking at or the time frame that creates the best outcome.
Creating a relationship with a professional agent that can give you right, local knowledge is crucial. They can help you decide when is the best time to make a move to introduce your property to the market.
There are many factors to consider, and your agent is dealing with market trends every day.
When should I get an appraisal done?
The appraisal process is conducted well before your commitment to sell. If you are thinking about renovating an appraisal should be completed before the finalisation of the current renovations.
As property agents, we can see past the bits that you feel need to have done to get the property ready. We can assist in determining what is and isn't going to be enticing to potential buyers.
When we look at your home, our perspective will focus on what we know will excite your potential purchasers.
Our guidance at this stage can not only create better outcomes, but it can also save you considerable time and money.
The process of getting a property ready for market can be stressful. Getting great advice and forming a trusted relationship with your agent, from this first stage, will create an excellent basis for a fantastic outcome through the rest of the process if you decide to take the property to market.
What if I don't think my property is ready yet?
If you are not ready, it is still good to have the professional advice from a property appraisal at hand. A property appraisal will help you as you navigate through the next stage in your real estate journey.
We are always here to help you, give sound, educated advice.
The service is free of cost and obligation but well worthwhile to keep you informed and updated.