How to appraise an apartment

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With an adequately set price, liquid housing can be sold in just a week

The secondary real estate market in Moscow, unlike the primary one, is quite alive. In January 2023, sales in both markets declined as expected. At the end of the year there is a traditional seasonal revival, and in January there is a large number of non-working holidays, which each time causes a decrease in the activity of buyers at the beginning of the year. However, in February, demand in new buildings continued to fall: by 9.3%, to 7.4 thousand DDUs, according to Rosreestr. And in the secondary market, on the contrary, it grew by 39.3%, up to 10.7 thousand transactions. Even last year, homeowners quickly orientated themselves in the current situation faster than developers. They set a market price, went to auction, provided discounts. Today, a liquid apartment at an adequate cost, according to Inkom-Nedvizhimost, is sold very quickly: in a week, two or three views are enough. The Elite.ru portal decided to ask the experts how to correctly evaluate a home before selling it.

Head of the urban real estate department at NDV Supermarket Real Estate » Elena Mishchenko:

There are two valuation methods: comparative and income. The most objective method is profitable, which is usually used when evaluating commercial premises. It can also be applied to residential real estate in the event that they serve as a source of systematic income for the owner, for example, when an apartment is rented out. This method is not simple and is used in the valuation of residential real estate less often than comparative, which is the most popular. The comparative method is easy to use and understandable to ordinary citizens. It is enough to analyze the prices of all similar apartments in the area that are for sale, pay attention to the period of placement of ads and see the dynamics of changes in the cost of sold lots. It is necessary to compare objects by parameters, according to the readiness of documents for entering into a deal, evaluate the finish, location and understand that if similar lots have not been sold for a relatively long period, then it is better to sell your apartment at a price lower than the options already offered.

< p>The main factors affecting the price are the location of the object, the floor and the presence/absence of a balcony or loggia. The least important factors are the state of decoration (repair), the presence/absence of furniture. Homeowners mistakenly consider furniture and their expensive repairs to be important. The buyer is not interested in how much the seller invested in repairs and at what dollar rate he purchased materials and furniture. There is a market and the market dictates the terms. The repair is evaluated by the buyer, based on his personal considerations: like or dislike. The prices of objects similar in parameters can vary up to 20% depending on the location: the farther from the metro, the cheaper.

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The error in assessing housing can be within 10%. Overvalued lots in the secondary market more than 30%. Overvalued apartments can be sold for years. There are objects that are in the implementation of up to 10 years. The owners of such housing stand their ground and do not want to play by the rules of the market. To date, the exposure period is up to 3 months. If the price is correct, the apartment is sold during this period of time.

Igor Egorov, Development Director of the Urban Real Estate Department at NF Group:

– In residential real estate, the comparative valuation method works best. Even if we are talking about luxury real estate with expensive repairs, in which hundreds of millions of rubles have been invested, the assessment is carried out in a comparative way with similar apartments. At the same time, it is very important not to compare an apartment with objects on the market, but to look for information about transactions in the same or very similar residential complex in the same location.

Most often, we are faced with the misconceptions of the owners about the demand for a particular style of decoration. Often in the elite segment, people spend a lot of effort and money on finishing: they order exclusive marble, furniture from Italy, lay out piece parquet, invite craftsmen to make handmade stucco. It is hard for them to accept the information that a future owner who buys an apartment worth more than 200 million rubles is unlikely to want to live in an interior with an outdated renovation, no matter how high-quality it is.

A correct assessment fully affects the speed of sale . So, when selling a penthouse worth more than 500 million rubles, it may take about two weeks for an agent to convincingly prove to the owner that it is necessary to enter the market at the right, not overpriced price. When exhibiting an object at a market price, purchase orders can be received within a week, a buyer can be selected and a deal closed quickly.

Olga Bogoroditskaya, Key Account Director, Urban Real Estate Department, NF Group:

– The main factors affecting the cost of luxury real estate include: location, environment, including external infrastructure, planning and architectural solutions, engineering systems, quality of finishes, ceiling height, legal and financial aspects. It should be noted that from time to time, buyers' requests can form a short-term trend. For example, during and after the coronavirus pandemic, private offices, balconies and terraces were very popular with buyers. However, at present, the presence of such spaces has less influence on the choice of an apartment.

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A higher cost is observed for objects with unique view characteristics, for example, with panoramic windows, views of parks, the Moscow River and embankments, architectural and historical monuments. Also of great importance is privacy (the number of apartments in the house and on the floor) and parking (clauses/classic, the presence of two parking spaces per apartment).

Now there are a lot of buildings with panoramic windows. Of course, in such apartments, forced supply and exhaust ventilation, air conditioning and air purification are provided. Nevertheless, many are still accustomed to ventilation, and the inability to open windows can be a disadvantage for buyers, although it will not affect the price.

If we are talking about resale apartments with finishing, the requirements of buyers for finishing and materials are changing. It often happens that an apartment with a ready renovation becomes morally obsolete and may cost less than an apartment in the same area in a building under construction.

In the secondary market, overvalued apartments can be sold for years. In many ways, it all depends on the goals of the seller: if you really need to sell an apartment, then the real price is set, and buyers are found quite quickly, sometimes even within a week. There is also a category of sellers who deliberately exhibit an object at an inflated price, because they do not set themselves the goal of “selling” and strive to be “in the market” with an apartment.

Anna Radjabova, Director of Elite Real Estate at Metrium Premium:

– The main thing for clients is the lifestyle that real estate gives them. Therefore, the cost of high-budget housing is approximately equally affected by the status of the location, the concept of the project (architecture, design, own services), the presence or absence of finishing. For elite projects, not only the transport accessibility of the area and the level of infrastructure development are significant. Clients also pay attention to everything that emphasizes the respectability of the location: it is colorful architecture, the presence of attractions, the rich history of the place.

Most buyers today choose apartments in new buildings and in projects whose construction or reconstruction has ended no more than five years ago. The key reason is that such projects, as a rule, have more fashionable architecture and design, are built using advanced technologies.

Almost all secondary luxury housing is sold with finishing, but there are few such offers on the primary market. Experience shows that renovations from a developer rarely meet the expectations of discerning buyers. The most successful is the finish from the developers Vesper and Capital Group. It is worth noting that even in projects where all apartments are sold on a turnkey basis, the most exclusive lots, such as penthouses, are sold with bare walls.

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