Considerations for an Accurate Market Appraisal

Considerations for an Accurate Market Appraisal

A property appraisal is a great way to find out what the local property market is doing at a certain point in time and is an important step to understand where your property sits in the current market.  Understand how the appraisal process works and how we at Hinternoosa determine a homes value.

See below considerations for an accurate market appraisal:

We recommend you contact a real estate agent from your local area to conduct an appraisal as local agents live and breathe property in your neighbourhood therefore have an intimate market knowledge of your suburb.

At Hinternoosa we run a comparative market analysis which involves finding similar properties that have sold within the last 90 days within your local area. The closer we are able to match your property to others sold in the area, the more accurate the appraisal will be. It is important to note, however, that the most accurate market appraisal can only be given if an agent has experience with the properties being used for comparisons and also takes into account current market trends. A comparative market analysis used in isolation, particularly in the current hot market, can be inaccurate and cost a seller thousands. As long term, experienced Noosa Hinterland specialists we understand no two properties are the same in our region, what buyers put value on and the impact of a changing market.

Other key areas that are factored into the appraisal are the size of the overall block, the size of the structure on the land, the size of the relevant areas within the home, number of bedrooms, fixtures and fittings, outdoor areas and whether there is parking.

At Hinternoosa we also inform vendors for areas of improvement. When inspecting a property for an appraisal, we look at all the areas that need to be improved, or even just updated. Prior to doing any home improvements we encourage potential sellers to call us out so they don't over capitalise and spend money on updates or renovations that aren't needed. We work with local buyers on a daily basis and know what buyers are looking for and what they value in a property. 

When you know the facts about how the value of your most important asset is identified you can make more informed decisions to more positively affect your current and future financial wellbeing.

For an accurate and up to date market appraisal, consider contacting Hinternoosa, your Hinterland specialists since 1989.