The Benefits Of A Professional Market Appraisal

Rohan Calder
September 15, 2017

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DIRECTOR, AUCTIONEER, LICENSED ESTATE AGENT

Across Melbourne’s south-east, property prices are well and truly on the move.

Domain Group data has prices in areas like Blackburn and Notting Hill up over 90% since 2012, with neighbouring suburbs close behind. If you’re not sure how much your home is worth these days, here are just some of the reasons to consider booking in an appraisal.

See how your market has moved

In a fast-moving market like Melbourne, a professional appraisal will give you the latest information on where your property stands in relation to local trends. Appraisals take a number of factors into account, including:

  • Property size, features, location and neighbourhood changes.
  • Wider market trends – whether prices are rising or falling.
  • Recent sales prices, inspection attendance and auction clearance rates in your area.

Professional market appraisals are usually free and involve a one-off visit to your home by a local real estate agent of your choice.

Understanding appraisals vs valuations

It’s important to keep in mind that while free market appraisals give a general overview of your property’s place in the market, they are based on the expertise of each agent. Property valuations, on the other hand, are legally binding reports that cost money and are written up by an independent valuer.

Changes in your area can also affect your sale price

Remember that real estate markets respond to a whole range of factors alongside obvious influences like population density. A revision to school zones, improvements to public transport or an approval for a new multi-storey apartment building can all have big impacts on property prices at the suburb and street level.

Well-informed real estate agents will be familiar with these changes and their potential to affect the price of your property, which will ultimately help you plan the best possible time to sell.

A chance to meet with agents (without the pressure)

Reaching out to your local real estate agent to schedule an appraisal doesn’t mean you’re suddenly obliged to sell.

Agents understand the value of building long-term, sustainable relationships with property owners in their area, so you don’t have to feel pressured or pretend you have plans to sell soon. A professional agent will appreciate this chance to exchange information and get to know one more owner in their local area. 

Find out what buyers are focused on

Talking to agents who meet with locals on a weekly basis gives you direct access to the latest trends that are motivating buyers on auction day. If you plan to renovate or make other improvements before you sell, this information can be extremely valuable in helping you make design decisions that will maximise your eventual sale price.

Finally, remember that getting a free market appraisal is also your opportunity to meet with a number of agents, not just to compare appraisals but to find one whose approach appeals to you.

Wondering what you home is worth in today’s market? Find out here.

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