If you are contemplating put your home on the market, you obviously want to price it right to achieve your desired results as quickly as possible. Your goal as a seller will be to get the most money for your home that you can, while selling it in a reasonable time frame. A house that languishes on the market week after week and month after month can cost you money. When buyers see that a house that has been on the market for a long time, they will assume that it is overpriced or that something is wrong with it. An accurate property valuation is essential for selling your house for top dollar. This page is a good resource for people in Adelaide, to guage how much their house might be worth at a glance.
A real-estate appraisal professional is in the business of evaluating houses and determining their fair market values. Here are some of the criteria that real-estate appraisers will evaluate when determining the fair market value of a residential property.
Size Matters
The biggest consideration when determining a property valuation is the size of a house and yard. First, an appraiser will measure the square footage of each. Then he will look at the layout of your house and how it fits in with the neighborhood. Typically, most buyers look for three- and four-bedroom houses with at least two bathrooms. But that’s a very general rule. In a big city where apartments are prevalent, a two-bedroom, one-bathroom detached house can be very desirable. More on the difference between valuation and appraisal here.
What Condition is Your House In?
Another very important thing that an appraiser will evaluate is the extent to which your house has been updated. An appraiser will look closely at the condition of plumbing and electrical systems. The presence of old copper pipes or knob-and-tube wiring can have a huge detrimental effect on the price you can expect for your home. The reason is that buyers purchasing a house that has plumbing and electrical systems that are not up to code will need to spend money to upgrade them.
What are the Comps?
“Comps” is real-estate lingo for “comparable sales.” An appraiser will call up a list of homes similar in size and condition of your home and located in the same neighborhood that have sold recently. The sale prices of homes similar to yours are indicative of the price that you can expect to sell your home for.
Deciding how much to list your home for can be very stressful. If the price is s too, high your house will sit on the market. If the price is too low, it will sell quickly but you’ll sacrifice profit. An appraiser can help you identify the price that’s right.