Market appraisals: What is your home worth?

market appraisal

You may want to sell your home, or just get an idea of what your property is worth in the current market. As OBrien Chelsea’s Nicola Nakon writes, there are a number of factors we consider when we do a market appraisal.

Before the market appraisal

Before we even visit your property, we’re already hard at work getting background information to help us determine its market value.

Location

Is the property close to shops, transport and schools, is it north or south facing?

Every suburb has a “golden triangle” or “golden square” – a highly desirable patch that can add value to properties simply because they are located in that area. For example, we know that family homes in the Bonbeach Primary School and Pre-School zone have greater appeal than those outside the zone. In our area of bayside Melbourne, a home’s proximity to the beach – and whether it’s on the beach side of Nepean Highway – is also important.

Property features

We look at the land and house size, as well as what’s in the house – the number of bedrooms, bathrooms and living areas.

In our initial phone call with you, we’ll also ask a few questions about your property – how old is it; have you renovated it over the past few years, or upgraded a kitchen or bathroom; has the home been restumped or rewired?

The current market

Recent sales can give us a good idea of buyer interest in your area. If there’s been a record sale in your street, that will also influence the value of your home.

Visiting your property for the market appraisal

First impressions really do count. When we arrive at your home, we note the street appeal – how attractive is the property, is it neat and clean, does it look warm and inviting?

Street appeal can make all the difference between whether a potential buyer goes into the property or drives straight past it – so ultimately it can affect its value.

We’ll also assess how much, if any, work needs to be done to the property.

What we look at inside your home

The core value of a property is always the same, but what buyers see inside the home can affect what they’re willing to pay for it.

Clutter, dirt, or odours, such as cooking, smoke or pet smells, can be off-putting to potential buyers, so we take those things into account.

When we visit a home, we walk around the property and ask lots of questions about it to help us assess its value.

Talk it over

Then we’ll sit down with the owners and talk about reason for selling – whether it’s a change of lifestyle or circumstance – your desired timeframe for a sale, and what will be included in the sale – e.g. are there any fixtures or fittings you plan to take with you?

We’ll ask if there are any issues with the property or neighbours, so we can be as transparent with future buyers as possible.

It’s important to be really honest with your agent during this appraisal, because all these things can affect a property’s value. For example, if the property needs to be sold quickly, the value may be affected if we don’t have time to really push a sale.

Next steps

Now we’ve found out about you and your property, it’s time to tell you a little about us!

We’ll explain what we think your property is worth, based on our observations, research and what the local market is doing.

We run through our sales process, and what to expect in terms of time on market, competition on the market, and the level of buyer interest.

We make recommendations on marketing and method of sale, depending on your circumstances and who the potential buyers are likely to be.

We’ll talk about what you can do to make the property really stand out to buyers, such as decluttering and styling.

We’ll also explain our contracts, marketing and commission costs and vendor legal obligations, such as conveyancing. If you are happy and want to go ahead with the sale, this is when we’ll sign the exclusive authority document to get the ball rolling.

Make sure you ask plenty of questions during an appraisal – this is your chance to get to know the agent and to understand what’s in store during this exciting time.

Check out our tips on how to interview an agent for ideas on questions to ask. And remember – there’s no such thing as a silly question!

Want to ask us about a market appraisal? Fill out the form below and we’ll be in touch.

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