“Property Worth – How will you know what your property value is?”

But before we start we need to clarify a few terms.

• Property Values can only be given by a Registered Property Valuer.
• A Property Appraisal can be given by a licensed real estate Agent, it needs to include a site or home visit.
• A Property Estimate is a desktop review of what are believed to be similar properties.
• Property worth is how much a buyer will pay for a property, how much it is worth to them.

This loaded question falsely assumes that there is an exact dollar value for each property. This is wrong! The fact is that most properties can be priced within a zone or a range. This is the zone in which most serious offers are likely to be received. Any exact dollar figure within this range depends on the willingness of the buyer and seller to exchange contracts at that value on a given date.

Real estate agents and even valuers can only make an educated guess as to the price range based on recent comparable sales. Because agents want you to list with them, they have a vested interest in quoting a higher value to get your business. Even licensed property valuers can get it very wrong sometimes. We have seen a formal valuation that was more than $200,000 (28%) below the price for which the property finally sold. The best way to establish the market value zone is simply by doing thorough and exhaustive market research. looking at comparable properties in comparable locations (even within a suburb or street)

Comparable Property.

You continually see headlines – how much is my house worth instantly, but in reality it is only a property estimate based on the knowns which may not be a lot, property details of these are often incorrect. There is no such thing as an instant home value calculator, a true valuation or appraisal needs to include a property visit, and must include recent sales comps (comparable property’s) in your neighborhood.

We can help you with this using the very same property database that all real estate agents around the country are using.  We will show you detailed pictures of each comparable property in your area to give you an excellent idea of the potential value of your home. Having said this, many owners already have a pretty good idea of the value of their property from recent sales in their street.

If you are looking for a property appraisal for a property that you own, please use this link to get an appraisal