Tue. Jul 23rd, 2019

How to conduct a property valuation?

Property valuation specialist and author getting property prices right is a high stakes game in these blog property valuers are going to shed light on the ways in which you can estimate housing market prices.

And accurately Property valuation for yourself buyers want bargains while sellers seek maximum prices yet every property has its own Property valuation market information in this blog will stop you selling for too little or just as importantly stop you buying a property.

For too much the problem in property valuation is that the value of every property is different and it changes continuously as sales of similar nearby properties push the potential market price up or down.

This has made even more complicated by price anomalies such as a motive must have purchasers distressed sales mortgagee in possession sales to loved ones.

property valuation

Which are priced far below what a property is really worth there is a huge range of Property valuation and reports available on the internet just Google property price reports and they will pop up be warned however many of these reports are marketed as to simply get your email address.

And then you will be hounded by sales reps generally though you can use this information to get median sale prices and price growth history for the suburbs or postcodes

That you’re interested in property valuers will eagerly give you a Property valuation market appraisal to convince you to use their valuation services their valuation report should contain some comparable recent sales in the area.

And in particular properties that they have sold be careful with this information if you’re a seller as most property valuers will try and seduce you with an inflated appraisal to get your listing and then work on you to reduce your asking price some of the more professional.

Property valuers may provide you with a free comparative market analysis generated by a major property data provider such as data many real estate valuers subscribe to these serves and pass the information on to their better clients.

property valuation

This comparative market analysis report can provide you with aerial photos boundary maps property sale history and as a consequence limits the extent to which an incorrect priced estimate can be made property valuers provide electronic desktop drive-by or physical property valuations or a combination of the lot.

They are normally used by housing finance lenders and can cost around $ per property valuation the higher the loan value compared to purchase price the more the lender will rely on this property valuation this lenders property valuation is something.

You’ll pay for as the borrower but its purpose is to let your bank managers sleep well at night over time a property valuation loses its accuracy as property values are constantly in a state of flux you can buy reports.

That provide an independent price estimate or value range for a property these costs from $ to $ per property valuation report and are available from major property data providers online the cost of obtaining a paid property price report for each property you are interested in can quickly mount up.

property valuation

It is better in fact to do the initial research yourself every investor should always keep track of the current median sales price of properties in the suburbs which they are focusing on if the property you are considering property valuation market value is fairly typical of the suburb.

You can apply any percentage of change suburb median sales prices are available from real estate institute websites the last sales price that a property sold for is an excellent way to determine its current likely value if the property hasn’t been altered or improved significantly since the last sale.

Then median sales price movements will help you factor in any growth or decline in the property that you are looking at when you compare prices of recently sold properties the most relevant attributes for houses are the number of bedrooms the quality of the house and the appearance of the house.

property valuation

Now let’s do an property valuation if you’re interested in purchasing a property let’s say which is a three-bedroom property listed for sale at four hundred and eighty thousand dollars by compiling a list of nearby recently sold houses from a local real estate agent or listed for sale properties from an online website.

And ranking them by price you can obtain the median or middle price now let’s say that this median price is four hundred and thirty thousand dollars now this tells you that any property listed for sale at more than this price must have better attributes or it is overpriced.

You should then use Google Street View to check out the property or maybe even do a physical property valuation of the property to see that it looks like it is priced fairly whilst these estimates.

You generate aren’t replacements for property valuation the more you do them the more accurate you will become and what’s more the more accurate you’ll become at pricing houses accurately.