Your Hamilton home’s likely selling price depends on its individual features, comparable sales and current market conditions. A local property appraisal brings that information together. An online estimate can be a starting point, but it cannot tell the whole story of your home.
If you have checked three websites and come away with three different numbers, you are in good company. The useful next question is: what is each estimate actually taking into account?
Start with comparable sales
A nearby sale can be helpful, but distance alone does not make it a good comparison. The property’s size, condition, title and layout can all matter. So can differences in the section or improvements.
An appraisal should explain which sales are relevant and why. In New Zealand, an agent’s written appraisal must reflect current market conditions and be supported by comparable sales information. Where suitable comparable information is unavailable, that limitation needs to be explained in writing.
Look beyond the street address
Two homes in the same Hamilton suburb can offer very different things. One may have a practical family layout and easy outdoor access. Another may need substantial work. A property visit helps an agent understand details that a database may not capture accurately.
Tell your agent about improvements, the information you hold about the property and anything that needs closer investigation. Accurate information helps everyone make better decisions.
Know what the different numbers mean
A council rating valuation is prepared for rating purposes. An automated online estimate uses the information and method available to that provider. An agent’s appraisal estimates a likely selling range in the current market.
An appraisal is also different from an independent valuation by a registered valuer. If your lender or another organisation requires a valuation, check exactly what they need.
An appraisal is a planning tool
It gives you a more useful basis for discussing your next move. It does not guarantee a sale price. The eventual result will depend on the property, the campaign and the buyers participating at the time.
You do not have to be ready to list to start the conversation.
If you are considering selling your Hamilton home, request an appraisal with me. We can look at the evidence together and talk about what it means for your plans.
General information only. Get advice for your circumstances from your lawyer, lender or other qualified adviser where relevant.
