A market appraisal is about your financial future. Here’s why.

By John O'Reilly

With a free market appraisal, you have facts and possible options that help you plan your financial future.

“Did you hear how much so-and-so got for their place?” Go to a BBQ in Australia, and at some point, the conversation will turn to property. It’s a national obsession. But what you need are facts.

Why get a free market appraisal?

A market appraisal is when a real estate agent runs the rule over your property, considers its features and locations, and provides an educated estimate on what it’s worth in the current market. The critical point is that it’s not guesswork. It’s based on knowing the property market, buyer behaviours, and how to maximise price through a proven sales process.

With a free market appraisal, you have information, information is power, and power means options. When you have a current market appraisal, you know what your property is worth in real terms today. With that information, you might discover options you haven’t considered, such as unlocking equity to buy an investment property or allowing you to adjust your mortgage to get that new kitchen, swimming pool, or an extension for a growing family. Getting a market appraisal does not commit you to sell your property, but it goes a long way in helping you plan your financial future. 

What happens at a market appraisal?

A market appraisal is, first and foremost, a chance for you to speak to an experienced real estate agent about your property goals. Think of it as a consultation session where you can get practical advice and insights about what to do with your biggest asset. During that meeting, the agent will thoroughly assess your property. They look at the property features, such as land size, bedrooms, bathrooms, and so on, to get a picture of what makes your property unique. Then the agent will consider location. The street, the suburb, local services and lifestyle to ascertain where your property sits in the local market.

With property features and location, the agent can then develop a clear idea about the type of buyer it would attract. They can also make a more accurate comparison with recent sales with similar features, location, and appeal. This forms a price guide, and your price guide is the price range the agent would confidently expect to get if the property was listed on the market then and there. All of this comes in a comprehensive report that also includes tips for maximising your sale price and how the agent would market your property.  

What happens next?

The agent will happily meet with you to deliver the report and explain the sales process if you decided to put your property on the market. A good agent will also be realistic about the market and won’t simply push you to list with them. It’s your choice. The report is also good for helping you consider other options. It could unlock equity you didn’t know you had that you could use for a renovation, buying an investment property, getting into a large home sooner, and other moves to secure your financial future.

Agent 1Agent 2Agent 3Average
$900,000$1,050,000$990,000$980,000
Add all three the divide by three to get the right market price.

Before you commit to anything, there’s one last piece of essential advice we want to share: get more than one market appraisal. Get at least three; just make sure Laurence Morgan is one of them. How else can you be sure that the price guide from one agent is realistic? If two agents are close, and a third is way off, then you can at least decide between reality and dreamland.

John O’Reilly

Licensed Real Estate Agent

4207 9480

I was born to be in sales. From a very early age, I was serving and helping clients in my father’s hardware business and giving them advice, which is scary. I love working with people, helping them get what they want, and pushing myself to excel. My friends and family that know me well laugh about all the jobs I have done over the years, but it was all to get me to this point in my life, a real estate agent.

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