What is a Market Appraisal and Why You Should Have One?

A market appraisal is a professional assessment of the current price of your home based on a range of factors, including its condition, location, recent sales of comparable properties, and local market trends.  It is the start of the process for anyone looking to sell a property.  If you are considering putting your home on the market or just want to know how much it’s worth, a market appraisal offers valuable insight into your property’s price and how it stands in today’s market.

How is a Market Appraisal Different from a Valuation?
While often used interchangeably, a market appraisal and a property valuation are distinct.  A market appraisal is typically conducted by an estate agent and is based on a combination of market research, local knowledge, and their experience in property sales.  It is often used to help vendors set a realistic asking price when selling their home.

A valuation, on the other hand, is often required for legal purposes, such as when applying for a mortgage, transferring ownership, or for tax-related matters.  A valuation is carried out by a qualified RICS surveyor who will assess the property in a more formal, structured manner, following specific guidelines and regulatory requirements. We have a team of people that can provide a more formal red book valuation and would be pleased to assist you. 

Why Should You Have a Market Appraisal?
The most immediate benefit of a market appraisal is that it helps you set the right asking price when selling your home.  An accurate appraisal ensures that you are not overpricing or under-pricing your home.  Overpricing can lead to your property sitting on the market for too long.

A market appraisal provides you with valuable insights into the current market conditions in your area.  Estate agents will give you a thorough analysis of the local market trends, including how demand and supply are affecting property values. This allows you to make informed decisions whether you’re selling, buying, or just looking to understand your home’s value.

Whether you are thinking about selling now or in the future, an appraisal will give you a realistic idea of what you can expect from your property.  This helps set your expectations for both price and time on the market.

What you can expect from a market appraisal and why choose us?
During the appraisal, our experienced valuer will conduct a detailed inspection of your property taking into consideration factors such as location, size and condition. We recognise that every home is unique. Whether your property is a “work in progress” or a beautifully finished home, we approach every appraisal with an open mind. Additionally, we can offer suggestions on potential improvements or alterations that could enhance your property’s value or appeal.

Pricing your property correctly is essential for a successful sale. During the appraisal, we’ll have a detailed conversation about the marketing price of your home together with a discussion of comparable sales in your area, current market trends and unique selling features.

Our valuers bring in-depth local market expertise and an understanding of buyer behaviours. We offer recommendations to maximize your home’s appeal and value as well as a bespoke marketing strategy.

A market appraisal provides a sense of confidence when making big decisions.  Whether you’re selling your home or considering your options, knowing the true price of your property is crucial.  It can also guide you on how to present your property to prospective buyers, improving your chances of securing the best possible sale price when the time comes.

If you’re curious about your property’s value or want to know more why wait? Get in touch with us today. Our expert team is here to guide you every step of the way!