What is a Property Appraisal?

A property appraisal is an educated guess (estimate) of how much your property is worth on the market right now. Real estate agents are experts at answering the question most homeowners ask— “How much is my home worth?”

Real estate agents do this by doing a comparative market analysis, which involves finding similar homes that have sold in the last 90 days. The appraisal will be more accurate the more closely your property is matched to other similar properties that have sold in the area (comparable properties).

Agents also look at the property’s structure and condition, as well as the competition and trends in the market as a whole. Property appraisals are a great way to find out what your property might be worth on the market at that time. (Current market value of the property)

When a real estate agent does a property appraisal, many different things need consideration, from the size and condition of the property and any improvements made, to the fixtures and fittings.

It’s always a good idea to get an appraisal from a trusted real estate agent in your local area and/or one that regularly services your local area. Each of our Property Brokerage Real Estate Agents lives and breathes real estate throughout the Hervey Bay and Maryborough regions. They intimately know each of the suburbs very well.

We guarantee that our real estate agents will provide you with the most accurate estimate for your property.

property appraisal puzzle pieces

Request a Free Property Appraisal Online

If you’d like a free market appraisal for your property, simply click the following link: Appraisal Request or scroll to the bottom of the page and click the Free Appraisal Request Button. You can call our office on 07 4125 6692 or a/h 0438 132 215 if you would prefer to speak directly to an agent.

What is a Property Valuation?

Valuing a property is usually done by a Certified Practicing Valuer for a set fee that has already been agreed upon. Property valuations are not done by real estate agents, nor do those carrying out property valuations work for a real estate company.

Most of the time, property valuers will use either direct comparison, capitalisation, or summation to figure out how much your property is worth. They will look at the property, do research and analysis on the local market, and write a detailed report about issues that affect how much the property is worth on the market right now.

Before giving a home loan, a bank or other financial institution will usually need a property valuation service. It is also used by buyers and sellers who want an independent opinion before a pre-purchase or pre-sale, family or partnership settlement, capital gains tax, or, in some cases, building insurance.

What is a Suburb Market Update or Suburb Report?

Suburb reports and specific suburb market updates utilise independent property and analytics data from CoreLogic and/or RP Data— both of which are leading property data, information, analytics, and services providers in Australia.

Property Brokerage carefully analyses the powerful insights gained from the latest median prices, real estate market data & demographic information for each suburb in Hervey Bay, Maryborough, Burrum Heads, and surrounding areas. We then create a detailed Suburb market Update based on these statistics.

urangan latest market updates
Latest Market Update – Individual Suburbs

Property Brokerage Hervey Bay Suburb Reports include important information like the number of properties in the suburb, the number of properties that are on the market or have been on the market in the past year, and the median value of properties in the suburb.

Our latest Market Trends Newsletters, Reports, and Blog Posts deliver the latest local market insights with detailed Fraser Coast, Hervey Bay Regional, and suburb-level latest real estate news, suburb data, etc. We regularly monitor Australian news sites, leading property portals, blogs, and forums for the latest real estate trends and news.

You might like to read these pages about Property Brokerage Real Estate Sales Services:

Why Choose Property Brokerage Real Estate Agency to Sell Your Property?
Best Urangan Real Estate Agents Hervey Bay

What is the Difference Between a Property Valuation and a Property Appraisal?

Many people don’t know the difference between an appraisal and a valuation. Although these two terms are indeed similar, legally they differ tremendously. Also, real estate agents usually provide homeowners with a complimentary property appraisal, whereas registered valuers charge for valuations.

By definition, an appraisal is an act of assessing something or someone.

A valuation is a legally acceptable, ethical, evidence-based procedure for estimating the monetary value of an item at a given period. This is always undertaken by a qualified, professional valuer

Who is more accurate regarding a sales price prediction? The real estate agent or the property valuer?

Real Estate Agent/Broker – An agent may know something that the valuer doesn’t. For example, a real estate agent may have recently sold a neighbouring property just a few doors or streets away. The agent will then know what the nearby property sold for, unsuccessful bid amounts if sold by auction, or other offers that may have been made if sold by private treaty, general buyer interest, etc. If a similar house comes onto the market, the agent will have a fair idea of what the house is worth. This information would be very useful when creating an appraisal.

Valuation– In a legal dispute, a court may direct the parties to hire a registered valuer to carry out a property valuation. Likewise, an inherited property requires a valuation, as do mortgage/finance, insurance, and pension financial criteria limits, etc. These situations call for a licensed valuer to provide a property valuation in the form of a written report for which the customer pays a fee.

Appraisal– It’s a professional estimate made by the real estate agent using current sales and local real estate trends. Real estate appraisals have no legal standing in court. A property owner may wish to know its current value for a variety of reasons such as thinking of selling, or curiosity as to what their home is currently worth.