Just bought a report from one of those online property report websites last night and was wondering how accurate are they?
Although they might be able to provide sales data accurately, I found that the estimate valuation to be about $60K to $70K lower than what the vendor was asking for.
No doubt the property may be situated in a exclusive suburb with high growth potential, the propertyin question needs some TLC and is about 20 years old.
My thinking is that if I offer too high a price I would be the sucker. If I don’t I would probably lose it to another buyer. However, my thinking is also that if someone else wants to pay a premium for the said property when I am not prepared to, they’d probably deserve to buy it more than me!
Am I making sense? [blink]
hi vernon
what property report was it. They all do comparative studies differently.
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582Vernon
Without knowing what service it is it’s difficult to comment however I would hazard a guess that it’s very difficult to give an accurate valuation without actually seeing the property (and it sounds like they don’t).
Depending on what you’re aiming to do (buy, sell, refinance etc) a low (or high) val might be advantageous however overall, if you’re aiming for accuracy, I don’t know if a service like this would achieve it.
Hope this helps.
Megan
http://www.propertyhub.net
Your Investing and Developing Information Hub.Hi guys,
I’m referring to services like RP Data, propertyvalue.com.au, Home Price Guide etc.
As for the actual valuation of the property, how does one go about arranging for it (sorry I am a newbie so need to ask fundamental questions).
Thanks
Vernon
Originally posted by vernon:Hi guys,
I’m referring to services like RP Data, propertyvalue.com.au, Home Price Guide etc.
As for the actual valuation of the property, how does one go about arranging for it (sorry I am a newbie so need to ask fundamental questions).
Thanks
Vernon
*********************************************
Dear Vernon,1. I’ve used these kind of reports before myself and find their house price estimate to be quite accurate and reliable.
2. So if you doing a general research into a specific suburb or/and property, I find them to be sufficient even if there is no live site inspection of the house being valued.
3. However, if you are preparing to buy an actual property, I will strongly recommend that you engage a professional valuer to do the valuation to suit your own pre-purchase requirements as well as a good building inspector if you are investing into a second-house resale house, as an beginning property investors.
4. For your own kind update and due considerations,please.
5. Thank you.
regards,
Kenneth KOHOriginally posted by vernon:Just bought a report from one of those online property report websites last night and was wondering how accurate are they?
Although they might be able to provide sales data accurately, I found that the estimate valuation to be about $60K to $70K lower than what the vendor was asking for.
No doubt the property may be situated in a exclusive suburb with high growth potential, the propertyin question needs some TLC and is about 20 years old.
My thinking is that if I offer too high a price I would be the sucker. If I don’t I would probably lose it to another buyer. However, my thinking is also that if someone else wants to pay a premium for the said property when I am not prepared to, they’d probably deserve to buy it more than me!
Am I making sense? [blink]
************************************
Dear Vernon,1. I will suggest you go for the figures. It is quite likely that the vendor is asking too high a price in today’s market condition.
2. Perhaps, you might want to further purchase the Post Code/Suburb sales data to see the reliability of the house price estimate given for this property by comparing it to the other similar properties sales done in this suburb/post codes. In this way, you are likely to know if the property’s present asking price is realistic or not , in today’s market condition.
3. If you want to invest successfully, you cannot afford to invest using emotions or fear of losing the property sale to the other potential buyers, as you seems to be suggesting in your present post.
4. You need to do your own in-depth research and due diligence objectively and look at its figures first before you decide to invest and decide how much a reasonable offer for the property would be.
5. For your kind update,please.
6. Thank you.
regards,
Kenneth KOHI wonder if these reports may be more reliable in a flat market than in a falling or climbing market, since it takes some time to research and update those valuations.
I think that the findings of these reports can be up to 3 months old.
We may get outdated information if there has been recent change in the market.
What do others think?
Celivia
they are definately more reliable in a flat market. 6 month old data is off the mark in a hot market like the one we just had.
We use RP data, but always drive by to see the comps that we are using to valuate the property we are interested in
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582
You must be logged in to reply to this topic. If you don't have an account, you can register here.
