What is a Home Appraisal
A home appraisal is simply an assesment of the current market value of your home, which is information produced by a real estate agent.
Home appraisal, home assesment the process has many different names such as market valution, home pricing, property assesment, property appraisal etc but they all mean the same thing with the exception of a real estate valuation which is also defined below.
What we are talking about is an assesment of your homes current market value.
Who does home appraisals ?
What we are talking about here is inviting a local real estate agent to view your property and provide you with a home appraisal.
The real estate agent will provide you with a home appraisal for free.
Find the Best Real Estate Agent in Your Area For a Free Home Appraisal Click Here
The reason the real estate agents do it for free is because they hope to be given the business of selling your property if you decide to sell.
The real estate agent will consider the home appraisal as the first point of contact, they should then keep in touch with you and they know if you sell they will then earn their selling commission on the deal.
A home appraisal is different to a real estate valuation
This is a different situation to talking to a real estate agent, in this situation you are inviting a registered real estate valuer to assess your property.
If you engage a real estate valuer you are agreeing to a paid service.
A valuer determines the value of property based upon market conditions at a given time.
This is a different service to that of a free home appraisal from your local real estate agent.
Registered valuers normally produce valuations for clients like banks, government departments, property developers, insurance companies or building owners and although practices may vary from state to state in Australia the valuations provided are generally used for thing like :
* family law settlements
* assessing mortgages
* assessing rent for leases
* assessing the value of assets
* insurance compensation
* establishing the value of properties for sale
* the calculation of land tax, municipal rates and stamp duties on property transfers and loans
There is a fair chance you will get a real estate valuation if you are buying a property, the bank will require it.
The logic is a real estate valuation is a more researched assesment than an appraisal done by an real estate agent.
A home appraisal is appropriate if you are considering selling your property
If you are considering selling your home it is the right thing to do to get a home appraisal done by a real estate agent.
We recommend that you invite at least three real estate agents if you considering getting home appraisals done.
Find the Best Real Estate Agent in Your Area For a Free Home Appraisal Click Here
This will give you a better perspective of how current market is and also the subtle differences between real estate agents.
Please see our questions to ask real estate agents at your home appraisal page.