Real Estate Brokers do appraisals all day, everyday. They can’t help it! They look at a building while enjoying a refreshing ice-cream cone and they are instinctively assessing it’s worth. It just comes with the territory.
However simply looking at the outside of a building is not going to cut it. When it comes to accurate appraisal, a realtor needs the following basic information.
The year the property was built
The number of bedrooms
The square footage
The number of floors
The state of the interior, has it been renovated?
When we have all this information, we still cannot ascertain the value! The most important ingredient in evaluating a property value is the comparables!
What are Comparables?
What we, real estate agents, like to call “comps”, are other properties which are similar to the property being evaluated. “Similar” meaning they have the same square footage and the same number of bedrooms and they were built around the same year. But most importantly, these comparables must have already been sold in the recent past. This means they are concrete examples of how much a buyer has actually paid for a property similar to the one being appraised.
Can’t I just use the listing prices of similar properties I see on Centris.com to see how much my home is worth?
No! Listing price = Suggested Price. When houses are for sale, the sellers are suggesting that you give them a certain amount. These amounts can be chosen wisely, like with the guidance of a professional appraisal, or randomly picked out of a hat willy-nilly. Sometimes sellers’s hopes and aspirations of a price do not mesh with the reality of the market.
So how do I get a professional appraisal?
Glad you asked! Unfortunately, not everyone has access to the database of sold properties of Quebec. Real estate brokers do and can prepare a detailed report on your property’s worth.
If this is something you need, I can help you. Contact me by phone at 438-827-2407 or write to me in the contact box at the bottom of the page. I will show you the sold comparables so you can properly assess how much your property is worth on the current market.