A Market Appraisal is carried out by giving an indication of what the property could be achieved in the marketplace based on their assessment of the local market and other comparables, completely free of charge. The advantage of this is gaining an accurate pricing on your home, which then reduces the amount of time wasted on the market and can eventually lead you to getting the best possible value for your home.
For example, ask a very competitive price to generate a queue of demand. This can lead to a competitive situation where what is paid has little resemblance to a Registered Valuer’s opinion of value. Alternatively, we can ask a full price and be prepared to consider negotiating if the marketing strategy demonstrates that the asking price cannot be achieved within an acceptable timeframe. It’s about gaining a balance between the two and our RE/MAX associate have all the knowledge and training to acquire the right value for you.
The key influencing factors are:
Location is generally accepted as the single biggest factor influencing market appraisal. Similar types of properties in different areas command significantly different prices. Buyers may pay more for a similar property in a more desirable area. It may be that accessibility to transport links or good schools affects desirability. Aspect may include a view or a south-facing garden. The comparison of other local properties that have sold in your local area is another important factor to review.
Type of house (detached, terraced, semi-detached etc), style and age, such as an older property with historical connections or a newer property with up-to-date fittings, will also affect value.
Linked to size of property is also area of land occupied which has an impact on value. Size may be similar such as with a row of late nineteenth century terraced houses or may vary greatly so knowing size is useful in the appraisal process.
Building a property today requires both planning permission (which covers size, shape, design and siting aspects of the property) and building regulations (which covers the technical aspects relating to the construction process) approval. Without these, a property may have to be demolished.
Other influencing factors include: