An insight into appraisals and valuations
Jude and Pete on appraisals
A Market Appraisal gives an educated opinion on a property's current market value. For residential properties, this is normally done through a "Comparative Market Analysis" (CMA). To achieve this value, we look at comparative properties that have sold within a certain timeframe.
The market is always on the move. It has natural fluctuations, both up and down. Sometimes there will be huge shifts... some pundits call these "corrections"! Sometimes there will be a slow rise, a slow fall, a stabilisation. There could be a huge crash such as that of 1997 or 2008. Interest rates play their part, the season, even sports victories! Suffice to say, nobody can accurately forecast the market, no matter how many university degrees they have!
All this often makes a CMA sometimes difficult to determine. In a 6 month period, prices could have moved substantially. For some properties, the surrounding area has had very low sales figures. This is especially so for unique or unusual properties. For example a large parcel of land in a built up development zone or a huge block of units in an area of freehold homes.
To assist in the appraisal system, JEPC has introduced the exclusive "Market Value Certificate". This is a regular checkup of your property's market value. It is done at regular intervals to give a trend in the price of a property. More information can be found here www.judeandpete.com/marketvaluecertificate
The Covid-19 pandemic has thrown up a whole new set of circumstances around the real estate industry. We call this the "New Normal". To ensure we are able to give you the best service in the Eastern Bays, we have introduced the JEPC Virtual Appraisal System. This is an incredible opportunity to receive a world class appraisal without any physical contact! To apply, go to www.virtualpropertyappraisal.com