Meaning of the word:
Assessment, evaluation, judgement, rating, summing up, consideration.
Valuation/appraisal is there a difference?
The answer is no. Whether done by a qualified valuer or a real estate agent, they both use similar methods of obtaining the correct information to determine what a house, or piece of land would be worth. The only difference is that most banking institutions will only recognize a valuation done by a qualified valuer, whereas solicitors, and the deeds office will recognize an appraisal done by an agent.
As a real estate agent we use the term Appraisal not the term Valuation, but they are the same thing. Many a time we get phone calls from qualified valuers asking us for advice on values as we as agents are ahead of the market trends more so than valuers.
Deriving at an appraisal value
You the sellers will set the price of your home but the buyer will determine the value. Responsibility is ours to demonstrate and supply the facts so you can make an informed decision on the current market value. Many factors are taken into consideration like what has recently sold and what is currently selling to reach an accurate appraisal price.
Research will be narrowed down to 3-6 properties that have sold, in the last six months within a few km’s radius of your home, these to all be comparable in size, location, amenities, style and quality.
Research will also consist of comparable properties that are currently on the market in the area. This is extremely important to determine the competition. This provides insights to what is considered over or under priced due to time on the market. After considering all this research it will give us a strong idea of what properties like yours sell for in your area and what buyers are willing to pay.
Request a free appraisal from Northside Realty today!