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Have you been considering putting your home on the market? I’m sure you’ve come home one day and have found a flyer from your local real estate agent offering a free appraisal. It happens to many of us. Sometimes it even has a picture of your old neighbour’s house and for how much it’s just sold for. You look at the price and now it’s more enticing than ever to take the plunge and sell your home. After a bit of research, and maybe some phone calls with your bank or financial advisor, you hear the term valuation. But wait, is that the same thing as the appraisal that local real estate agent is offering? In short: it’s not. It’s much more than that.
Property Valuation
A property valuation in Melbourne is a much more formal and in-depth look into the value of your property than a simple appraisal from a real estate agent. With a valuation, you receive a legally certified document that you can literally take to the bank. It can be used for refinancing, mortgages, tax purposes and many other things.
Property valuations are performed by independent and certified valuers that have no agenda other than giving you a true report of the value of your property. They complete in-depth research on the current market of your local suburb, an investigation into your property, its positive qualities and anything that may be cause for concern. Every independent valuer must meet many requirements, including a university degree and accreditation from the Australian Property Institute.
Market Appraisal
An appraisal is only an estimate of your property’s value in the market. A real estate agent will give your property a quick look over and then present you with their appraisal. They base their appraisal on their own personal experience of sales in your local suburb. They may even base their estimation on that neighbour’s house that was recently sold even though the only thing both your properties have in common is the street they’re on.
A real estate agent has an agenda. They want to sell your home. That’s not a bad thing. After all, isn’t that what you want? The problem comes when it affects the estimate they give you on your home. They want you to choose them to sell your property. They sell you the price that they will get for your property and that is not a true reflection of what your property is worth.
If you find these terms confusing and too time consuming remember you can sell your home now as is and without having to worry about all of this. Selling your house in San Jose can be made even easier by contacting a company that specializes in buying used homes.
One advantage that real estate market appraisals have over a formal property valuation is that they are free. If you decide to go the route of going with a market appraisal for your property, then it is recommended that you do 3 appraisals from 3 different agents and use the average as the estimate of what you may expect to sell your house for. This will not be as accurate as a proper valuation but is a fair better than relying on the opinion of a single real estate agent.
John Anderson is one of Melbourne’s leading experts in commercial and residential property valuation services. John is a registered Chartered Surveyor and Senior Property Valuer with over 20 years of professional experience providing property valuations across Melbourne and Victoria. His in depth expertise in real estate and property has allowed him to share his specialised knowledge as an authority keynote speaker at conferences and universities across Melbourne.
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