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What Is A Market Appraisal?

In real estate there can sometimes be confusion between a valuation and a market appraisal. A market appraisal is where your Realtor will carry out a study on your home to establish market value whilst giving you recommendations on how to achieve the best price for your property in a timescale that suits you.

When you’re thinking of selling or renting your property, we set up an initial meeting with one of our experts known as a market appraisal. We’ll discuss the best marketing options for your property and answer any questions you may have about the selling or renting process.

A detailed market appraisal reflects your property’s condition, the local area and current prices for similar properties nearby. We look at market condition and current trends as well as actual sales within the area over the last six months to determine what your property might sell for within the next three to six months.

So What Actually Happens?

An appraisal usually starts with an inspection of the inside and outside of your home, as well as comparable homes in the area that are currently on the market or recently sold. We then create a report for you which includes:

  • An explanation of how we determined the value of your property
  • The size and condition of the house along with any other fixtures detailing any improvements that have been made and the materials used
  • Assessments regarding any structural problems such as cracked foundations
  • A summary on the surrounding area, examples are new developments or rural estates
  • Evaluation of recent market trends within the area
  • Market analysis that supports the appraisal such as photographs and maps

It is important to remember an appraisal is not a home inspection therefore the appraiser can only make note of obvious issues but cannot inspect the home to check it is up to code standards. For this you would have to hire someone who can do all the necessary checks and help you avoid any costly nightmares in the future if there is something wrong with the house.

 

How Much Will This Cost Me?

Appraisals typically cost in the range of $300-400. This price is subject to change based on location of the property, square footage of the home and property type. The fee is usually included in the closing cost of the home. Here at KUAVO® Cayman, we offer FREE market appraisals so if you or someone you know is thinking of selling or renting you should get in touch and speak with one of our experts.

 

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