Pitfalls valuing propert
Geoff Grover - Coolum Beach Real Estate
With all the information available on past sales and for sale properties, this sounds easy.
We now have agents with little area experience offering valuations and even have banks spruiking online valuations, but BEWARE!.
Basing valuations on this raw data alone, eg, no. bedrooms, bathrooms, living rooms, block size, etc is only the beginning of valuing a home..
These valuations make little allowance for ambience, room sizes & layout, style, quality of finish, fittings or landscaping, interior light, etc, etc,
Auctions in this area & in this market give only a skewed view of price feedback as there is limited acceptance of the process. This means the bulk of bidders are those seeking a bargain, cashed up to drive prices down & egged on of course by very price aggressive marketing. You only need to look at some of the price outcomes to be convinced of this.
The best way of receiving an accurate valuation is to talk to your area expert agent who will know the ins & outs of all comparable sales, eg
termites, financially distressed sales,Termite presence, those a wreck, etc. They know this from having been in many of the properties, assessed all the photos online as part of ongoing competitive market analysis, spoken with buyers
in the area who have been through open homes – this process is very time consuming but builds up a huge body of relevant knowledge.
Coupled with listings in the area to attract buyers, local area experts offer distinct marketing plusses.