In a complex and ever-changing real estate market, you might find yourself asking what is a property appraisal?
In simple terms, a property appraisal is an estimate of what a house is worth in today’s market.
In this latest blog from Northside Realty we discuss more of what a property appraisal is and the steps involved for those going through it.
What does a property appraisal involve?
What is included in a property appraisal is a 3-step process:
Booking an appraisal
- When to book an appraisal – We talk more about this in our blog Why do you need a property appraisal?
- Find a local real estate agent – A local agent understands the local market; the types of buyers that are attracted to this local market; local values (house prices) and what the neighbourhood has to offer for their lifestyle. Find out more about choosing a real estate agent here.
Meeting The Agent
- Allow enough time to meet with the agent so you don’t feel rushed or miss anything (Bryan recommends 1.5 hrs).
- Meet at the property.
- The house doesn’t have to be perfect or ready for a buyer presentation at this stage. The agent will be looking at: the size of the land and the land useability; house overall condition/structure; quality of fittings and fixtures; number of bedrooms/bathrooms/living areas/ entertaining areas and landscaping. Any necessary improvements can be done after the appraisal and before the property is put on the market.
- The agent will have a good look around and will ask questions. This is an excellent time to ask any questions you have and discuss any concerns about the property.
- The agent will discuss the strategy – this could include the strategy to sell the house or to improve the house for a future sale. This could be to add value through renovation or just to give an update on the current market in the area.
- Find out how much your house is worth in today’s market – the agent will show you a market comparison – including recent sales in the area including currently on the market and sold properties. The agent will also discuss rental market comparison if you are meeting to discuss an option of investment properties.
- Find out how the real estate agent would market your home for sale and what marketing strategies the agent would use.
How to choose a real estate agent
Part of the appraisal process is also for you to meet the agent in person and to decide if they are the right fit for you.
This is your opportunity to find out:
- what experience they have
- how they present themselves
- what previous clients are saying about them
Property Appraisal – How it works
- At Northside Realty our property appraisals are conducted by our principal Bryan Reinhardt. With more than 25 years working in the real estate industry, Bryan offers a wealth of experience and local knowledge.
- We conduct appraisals any time, day or night and also on weekends. They can take anywhere from 10 minutes up to 2 hours, depending on your requirements.
What is a property appraisal?
Looking to buy, sell or rent property? With a professionally driven team and proven track record, Northside Realty are determined to make your property our priority. Contact Northside Realty today.