Let's look at 6 great home valuation tools you can use yourself.
The aim is to pay the right price for
the home, and if you are selling, to get the best possible price with minimum
stress. The key to all this is understanding the right price range to start.
And, if you are a first home buyer it is really important to do your
homework.
Valuing any home is now within your
complete control. In the past, one of the biggest reasons we thought we
needed to use a real estate service was to 'know the right price' of a home.
This is now not the case, as there are loads of DIY home valuation websites
which are easy to use and available free.
Additionally, real estate agents are
only qualified to provide an 'estimate' and not a professional valuation. The
only professional who is qualified to give you a legal valuation is a registered
Property Valuer.
So use these resources to get as many comparisons as possible and if you are still in doubt as to how much your home is worth then contract a professional valuer to do a formal written valuation.
Here are 7 tips to help you research the right price so you can stay in control when you buy or sell real estate.
1: Free valuation websites
Free valuation websites which are simple
and easy to use are popping up on the web everywhere. They offer the
opportunity to do your own research on your property or a property you wish to
buy. Once you complete the very easy online opt-in, a property report is sent
to you which explores retail yields, similar houses, and the local area. The
free guides are emailed, usually within a couple of minutes. Pretty amazing
really. They only take a small amount of time to complete and remember information
is power. Do them all.
- www.onthehouse.com.au.
- www.homeguru.com.au
- www.valueourhouse.com.au
- www.homevaluationguide.net.au
- www.propertyvalue.com.au
- www.checkmyhouseprice.com.au
2: This is a quirky trick and may unearth some surprising information
Into your search bar type Q= then an address, e.g. Q=123 Windermere St. Here you will find websites to help you research a home's history, past sales, and prices of houses in the area. The information varies but is highly valuable. For homes that haven't sold very often, there may not be a lot or in some cases any information but check it out, you may be surprised at what you find.
3: www.realas.com
This is a relatively new innovative service where you can research a property you wish to buy. They source price information from buyers, rather than relying on property features and recent market data like its competitors. The results are more accurate than most. realAs has recorded the closest average price estimates, with smaller maximum variations across many of the properties in the last 12 months. The only downfall, which they are working on to change, is they can only value houses already on the market. Great if you are thinking of buying but for not if you have not yet put your home on the market.
4: Use a registered valuer
Still doubting the price? Then use a
qualified registered property valuer. Registered valuers have completed a
formal tertiary qualification in Property Valuations and often also in
Development. Registered valuers are used by financial institutions to provide
bank valuations for any property loans.
5. Your bank or financial institutions own app
Most banks and financial institutions have their own
online apps which will quickly provide an appraisal of the property. These
services are the same as those used by real estate agents.
6.Finally
A real estate agent can provide you with a price guide. Get at least 3 different real estate agents to provide you with property comparison reports and review these carefully. Plus do your own homework and review any homes on the market like yours, be honest in comparing these homes to yours and remove emotion from the equation. Happy reviewing
Here are some more blogs to check outHome decorating to sell
Julie O'Donohue
Further Information: Consumer Affairs Victoria
The following is taken
directly from the Consumer Affairs Victoria Selling property with
or without an agent page. It outlines the responsibilities of a real
estate agent to you regarding the price and sale of properties.
This is the price the agent estimates your property
will attract, based on their experience and knowledge of the market.
The estimated selling price:
- is not a valuation or a
guaranteed selling price
- does not have to be the same as
your reserve price
- must be recorded in the sales
authority* as either a single amount or a price range
- If recorded as a range, the
difference between the top and the bottom figures must not be more than 10
per cent of the bottom figure. For example, a quoted range of $400,000 to
$440,000 is $400,000 plus 10 per cent
*sales authority is the legal document you sign as the
owner of the property giving the real estate agent the authority to sell your
home on your behalf.
Price misrepresentation:
The practice of deliberately overstating the estimated
selling price to get your business is known as over-quoting.
It is illegal for an agent to:
�·
mislead you about the
estimated selling price of your property
�·
advertise or advise a
prospective buyer of a price that is less than your asking price, or if there
is no such price, the agent's estimated selling price
This is known as underquoting.
Find out how much comparable properties are selling for
in your area, and be realistic about how they compare to your property
Adopt the mindset of a
potential buyer and not an adoring homeowner.
