Looking to find out how much your home is worth, a market appraisal will cost you nothing and give you a snapshot of the market in your area at a particular moment in time. But, like a carton of milk, it comes with an expiration date.
Would-be vendors are better informed now, says Will Moore, regional director at Sherry FitzGerald.
He says local property tax (LPT) means that they’re thinking about value even if they’re not selling, and that it has helped would-be vendors get a better handle on what their property is worth.
The role of the agent is to supply evidence that backs up the appraisal, that the valuation is supported by recent evidence.
There’s a lot of pf preparation done by the agent in furnishing this document.
It includes drive-bys, deep dives of Google Maps, and local sales before an agent will talk through the rationale for the valuation.
“We give the valuation on the day we visit, unless there’s a lot of land or a potential site with the property. In those instances, it might take more consideration.”
How pricing is set in an appraisal
Sherry FitzGerald has an A to B range in valuations.
This is a range set out by the Property Services Regulatory Authority (PSRA), the statutory body with responsibility for licensing and regulating the property services sector (Auctioneers, Estate Agents, Letting Agents and Property Management Agents) in Ireland.
A house that is worth €500,000, for example, would give you a 10 per cent range in value of €500,000 to €550,000.
The PRSA guidance is that the asking price should fall within that.
“If we do a service agreement and if the valuation is €500,000 to €550,000, then the asking price should be a number within that price range,” Coonan explains.
“In contrast, if the valuation is between €1 million and €1.1 million, the asking price shouldn’t be €895,000. That would be uncompliant.”
Supply and demand will dictate where you end up.
What aspects are factored into an appraisal?
With runaway building costs, a big factor now in valuations is a house in nice condition that you could live in, Coonan explains, adding that before, buyers didn’t want to buy someone else’s taste, if it wasn’t theirs.
Part of the valuation is its price per square metre or foot. If getting a professional market appraisal, you’ve got to measure the house.
Other factors include whether it has a garden and what orientation that garden is.
A south-facing aspect may increase its value when comparing it to a similar-sized house in similar condition on the opposite side of the road.
A south-facing aspect can add five per cent to the value.
A home office in the garden adds value. So can a side passage.
It can add as much as five per cent. A terrace or rear access, be it pedestrian or vehicular, adds value.
Scarcity also has currency. A house that ticks all the boxes could be a detached property, in walk-in condition, in a cul-de-sac with off-street parking. It will have an edge on a semi-d on the same road.
An agent should supply pertinent comparables valid to the current market. These may include properties that are sale-agreed rather than sold.
In the second-hand home market, condition and energy rating play key roles in the valuation process.
Should I benchmark sold prices in my area on the property price register against my home?
There will be a time lag as to when homes that have been sold are listed on the property price register.
You have to factor in the time it takes to sell from the day it goes up for sale, exchanging contracts, closing, and the property being listed on the register.
It could be six or seven months from now.
If a property is listed as being on the register in September 2025, for example, it might have been sale-agreed a year ago.
Quite a lot has happened in the period. Just this year alone, we’ve had Trump’s tariffs, a protracted spell of wet weather, and the war in the Middle East.
It is always good to get a professional opinion. It’s also busy off-market, so demonstrating an interest in selling might be enough to flag to would-be off-book buyers that you might be keen to do a deal.
Vendors know first impressions count. We do advise on presentation, even addressing some elements that may not be a buyer's cup of tea.
In those instances, we’d give an example of someone in the area who did make the recommended changes and someone who didn’t, illustrating the differences with prices achieved, he explains.
We can advise again if the campaign is not catching, but you’re better off doing it from the start.
Executor sale considerations
There’s more staging going on in the market now, especially of executor sales.
It can cover painting and decorating, clearing front and back gardens, as well as presentation. First impressions are huge.
When selling, it’s good to get all the decision makers at the valuation, either by video phone or in person. It means all parties involved are getting the information at the same time. This is especially helpful in executor sales.
Divorce sale considerations
In divorce cases, a market appraisal may not be enough.
You may need a professional valuation on headed paper for court. In divorce cases, you might only meet one party.
How to move the selling process forward
If you have your paperwork in order and the house is well-presented, you can launch quite quickly.
An agent should be able to give good advice on the best strategy to market the property to garner the most attention.
During the quieter periods, July and early August, for example, they might suggest you launch quietly off-market and walk interested parties through it before publicly launching in early September, for example.
Don’t discount a for-sale sign
A for-sale sign may be the most primitive way to flag that you’re selling up, but putting up a board still garners attention.
You might put the board up on a Friday, and the listing isn’t going live until Monday. Over that weekend, interested buyers will drive by, possibly several times.
It also catches the attention of the passive buyer, who may have always hankered after a house on that road.
Boards lead to more drive-bys. Houses facing onto greens and those in cul-de-sacs, vendors can see the cars.
How long does the selling process take?
The average time to sell a property - from going live on the market, to sale agreed, signing contracts and through to completion is about five to seven months, Moore says.
This is elastic and can vary depending on the property type and the situation.
There’s no fixed timeline. Straightforward sales, like a vacant property, can move more quickly, while higher-value homes or sales where there’s a chain, when someone needs to sell before they buy, can take longer.
What causes delays?
There are four stages to the selling process: going to market, sale agreeing the property, signing contracts and completing the sale.
Right now, the delay in the process is at the sale-agreed stage, pushing the process forward to completion.
Preparation is key. Sellers who take their agent’s advice and get everything lined up early — like title deeds and legal paperwork — are usually in a much better position to keep things moving once a sale is agreed, Moore says.
This includes organising a valid BER cert in time, getting a land registry map and signing the relevant anti-money laundering documentation.
In the current market, between one in four and one in five sales fall through.
Part of the reason for that high number is that vendors often don’t have the relevant building certs, say for an extension they built 10 years ago, or certs of compliance for an attic conversion they believe conforms to building regulations, or they can’t find the deeds to the property they’re trying to sell.
Engage your solicitor early, Moore counsels, even before you have a market appraisal done. Locate your title deeds.
If you’ve done an extension, find out where the certs of compliance are. This reduces the selling time.
How long will it take to conduct?
Allow 90 minutes for the valuation. It could just take 45 minutes, while some take three hours.
What does it cost?
If you’re thinking of selling, there is no charge for a Sherry FitzGerald market appraisal, Moore says.
"You could spend three to four years advising a client before the time is right. Others will want to go immediately. Right now it’s a busy market."
https://www.sherryfitz.ie/advice/guide-to-selling-a-property
