What’s the Most Accurate Property Value Estimator?
When it comes to researching the value of your property, there are countless websites offering free property value estimators, price guides and calculators.
Most of these tools and resources are free and they all tend to be fairly quick and convenient to use, however the price estimates they provide can vary greatly and they are not all technically ‘free’. So, what are the best options to get an accurate evaluation for your property?
FREE PROPERTY REPORTS
Property reports like the ones offered by HomeGuru are fairly quick to generate. They are very helpful for getting a price range estimation for your property as well as providing comparison data for similar sales in your area and relevant suburb profile information.
The downside is that the price estimate ranges can be quite broad (often spanning $400,000 or so) and reports are generated in exchange for your contact information, which is then passed onto loan companies or real estate agencies depending on whether you’re looking to refinance or sell your property. These companies can then be quite vigilant in contacting you in pursuit of your custom.
PROPERTY CALCULATORS
Calculators like Realestate View’s Price Estimator and Domain’s Home Price Guide are the quickest to use and you’re not obligated to provide your contact details or reasons for research.
As well as your property price estimation, you receive the sales history for your property, similar properties sold in the area and nearby rentals as well as a suburb snapshot and local schools information.
Estimations tend to be on the conservative side and, similar to HomeGuru’s property report, are generated by a computer driven algorithm that doesn’t take into account any recent renovations or improvements carried out. They shouldn’t be relied upon as a professional valuation but more for an indication of price.
Realestate.com.au has a Track Your Property feature, which is slightly more generous with its estimations. With this feature, you receive an update every month for your price estimate as well as all the information provided by competitor calculators. To use realestate.com.au’s Track Your Property feature, however, you’ll need to be logged in or to sign up for an account if you don’t have one.
FREE PROPERTY VALUE REPORT
At PropertyNow, we offer free property value reports, which are supported by Corelogic – Australia’s largest and most reliable provider of property information and analytics. These reports offer a comprehensive view of your residence, including property sales history, listings history, rental history and development permit activity where available.
The data provided is the latest available at the time of the report being requested and offer a reliable and realistic evaluation of your property.
IN A SNAPSHOT
If you’re thinking of selling your property, you can use the estimates provided in the tools and resources mentioned in this article as guidance to determine your sale price. Take in mind, your price estimate neglects to factor in your sales or negotiation strategy, or the emotion factor of buyers who may be willing to pay more if they fall in love with your property.
For those of you wanting to refinance, your bank or financial institution is unlikely to rely on these types of price estimates and will most likely want to perform an evaluation of your property firsthand.
Thinking of selling? PropertyNow can help you sell your property online for a fraction of the cost of traditional realestate agents. To find out more, call us now on 1300 664 773.
Disclaimer: This article is general information only and is intended as educational material. PropertyNow nor its associated or related entitles, directors, officers or employees intend this material to be taken as advice either actual or implied. You shouldn’t act on any of the above without seeking qualified advice, which takes your individual circumstances into account.