When calculating the worth of your property, a sales agent will take a number of elements into account when calculating the appraisal price and how they feel your home would fit in line with market expectations.
Property type and land size
A sales agent will look at the type of property that you own as well as the size and the location of the land.
If the property is in a highly desirable area, close to shops, amenities, and schools, then you may find that the appraisal price is higher as it may be in higher demand for a wider demographic of buyers.
The property age, size, and style will be considered, and they will look at if it is a house, townhouse, or an apartment as part of a strata complex or rural property. All these features will impact the value of the property depending on the market demand.
Comparable property sales
In addition to the property type and land size, recent comparable property sales will also be investigated and measured to calculate the appraisal price.
Using a number of data sources, sales agents will find similar properties that have sold in the suburb or surrounding suburbs, and these will be included in your appraisal to show how the appraisal figure was calculated.
Property markets are constantly changing; however, an experienced agent will be able to look at recent and historical market trends and factors that have influenced property prices in your area.
They will also have knowledge of potential developments and improvements to the area and understand how this may impact the price of your property and the elements that may interest or detract prospective buyers.
Even if you are not considering selling today, it is a good idea to keep track of the value of your home and the conditions of the market in your area.
Contact one of our sales agents who can make an appointment with you to appraise your property and keep you up to date with the current market whether you want to sell now or in the future.