What is an Appraisal?
If you’re thinking of selling your property, it’s an excellent idea to start with an appraisal from a real estate agent. However, there are several things you need to know. An appraisal is an estimate of price, and it is not legally binding.
Why You Need an Appraisal
An appraisal will give you a good idea of what you can expect your home to sell for so you can start to make plans for your future. It’s a way of getting a ‘feel’ for the local market. Anybody who is thinking of selling their home can request an appraisal as a starting point.
The Appraisal Process
A real estate agent carries out an appraisal, and it’s usually free of charge. It shouldn’t take very long to be given an appraisal price for your home, and you won’t be put into too much trouble.
Your real estate agent will take several factors into account, including your house’s condition, size, location, and features. The estate agent will then compare your home with similar properties that have recently sold in your area.
When your real estate agent has collected and considered the information they need, they will provide you with a figure to act as a guide to the true value of your property. They will rely on their experience and understanding of the market in which you are selling to give you a figure that is a fair market value for your house. Your estate agent will then communicate their findings with you.
What Happens Next?
When you have been given your appraisal, you will have a rough idea of where your property sits in the market and a good indication of its possible selling price. Your estate agent might also be able to tell you how long they think it might take to sell your house in the current climate. You can then decide what to do next. You are under no obligation, and you can request other appraisals from other estate agents if you wish.
Tips for Getting a Useful Appraisal
To get the best possible appraisal for your property, always choose a local real estate agent. They will have experience and knowledge of what properties are selling for in your particular area.
What You Need to Know
- It is usually quick to arrange an appraisal because you don’t need to go through a formal process.
- It is important to remember that an appraisal should only ever be used as a guide to selling your home; it does not give you a definitive value.
If you are thinking of selling your home and you would like an opinion as to what it might be worth and what you can expect to sell it for, get in touch with us. We’d be happy to talk to you and arrange an appraisal at a time that is convenient to you.