Selling Your Property ? The Importance of an Appraisal

Selling Your Property ? The Importance of an Appraisal

One of the most crucial steps when selling your home is determining the right price. Pricing your property correctly from the beginning can mean the difference between a quick sale, at the right price and your house lingering on the market for months. So how do you avoid under pricing or overpricing? Here’s where the expertise of a real estate agent and a proper home appraisal comes into play.

The Danger of Overpricing

It’s natural to want the highest possible return on your home. However, setting a price too high can be risky. Overpricing can deter potential buyers, leaving your home sitting on the market for an extended period. The longer a property stays unsold, the more it may seem like something is wrong with it. And, therefore, it paints a negative image of your property. Eventually, you may have to lower the price significantly anyway, and potential buyers could perceive your home as undesirable. Additionally, it is important to remember that, if a buyer requires a bank loan to acquire your property, the bank will automatically send an accredited valuer, prior to approving the bank loan. Therefore, if the selling price is above market price, the bank will not be able to approve the loan, and the buyer will be unable to proceed with the acquisition. This could make you waste a very precious time, as well as other potential buyers.

The Pitfalls of Under Pricing

On the other hand, under pricing your home can cause you to miss out on its full market value. While a low price might generate immediate interest and multiple offers, you could still walk away with less than your property is worth. Potential buyers may have an image of a desperate seller, and this could lead to a negative outcome and lower offers. Finding the right balance between generating interest and maximizing your return is key.

Why You Need a Professional Appraisal

To avoid the risks of overpricing or under pricing, a home appraisal is essential. A professional and experienced estate agent will appraise your property based on several factors: location, size, condition, and comparable home sales in your area. This provides an objective assessment of your home’s market value, ensuring you’re not basing your price on emotions or assumptions.

Trust Your Real Estate Agent

Your real estate agent is your most valuable resource in pricing your home correctly. An experienced agent will understand current market trends and have access to data that reflects what homes in your area are selling for. Avoid the temptation to list your home at a price that simply “sounds good” or feels right to you. Instead, rely on your agent’s expertise to guide you toward a competitive, yet realistic, price. It is also important to know that, in Mauritius, after each sales deed signed at the notary, the valuation department of the Government of Mauritius, will in most cases do a counter valuation, to ensure that the declared value is correct. Should they contest the value of a sale, both the buyer and the seller shall be fined. Visit the website of the  valuation department  of the Mauritian Government. We may also collaborate with an accredited valuer, below are a few contacts of valuers in Mauritius: CDDS Valuation Aestima By working closely with your real estate agent and getting an accurate appraisal, you can confidently price your home to sell at the right value, in a reasonable amount of time. Don’t wait, contact us on +230 263 0360 or via our website www.ladresseimmo.com  for a free appraisal of your property.