In this article
- We look at how online property calculators work: are they similar, and can you rely on the price they value your home as?
- Other ways you can get your home valued for the current property market value.
- How Fall and our professional property agents can help you find out how much your home is worth in the current market.
How much is my home worth?
Have you been wondering about the current market value of your property?
Perhaps you are considering selling your home, and you are keen to get a sense of what price you can sell your property for in the current market.
There are three ways to find out how much your house is worth. You can use a free online calculator, a formal valuation with a certified practicing property valuer, or you can organise an in-person property appraisal with one of Fall Real Estate's professional property agents.
How do online property calculators work?
There are dozens of online tools that claim to provide you with a free, quick and easy way to calculate your property value. But how do online property calculators actually work? And more to the point, can you rely on them?
While every online calculator pulls data from a different source, they all work in a similar way. They don’t take into account current buyer sentiment - and they certainly don’t factor in any work that you have done to your house.
Instead, they take the average sale price of similar homes in your area, and then use that to give a very broad estimate of how much your house is worth – often such a range that it’s of very little use to you.
Have you ever noticed that when you have recently filled in your details on an online calculator, you’ll be bombarded with phone calls and promotional emails? That’s because most sites will take the information you have entered and sell it to real estate agencies.
In short, online property calculators are often lacking in accuracy and can lead to a lack of control over your personal details.
How else can I find out how much my home is worth?
Online calculators might be free and easy, but if they don’t provide you with accurate information, then they’re of limited use. In our view, there is simply no substitute for working with a professional to help work out what your house is worth.
If you want a formal valuation, you need to speak with a certified practicing property valuer. This is a paid service where you can have your home’s current value assessed. This type of valuation is often required by a bank prior to approving a home loan.
However, if what you are seeking is a better understanding of how much a prospective buyer may be willing to pay for your home, your best option is to request a free no-obligation property appraisal from a local and professional property agent.
For more information about what is involved in a property appraisal and the difference between a sales property appraisal and a rental property appraisal, click here.
As our Fall property agents work with the market in your area all year round, they will be able to keep you updated on buyer sentiment and give you a sense of what people are willing to pay for properties at any given time.
How does a property agent calculate the market value of my property?
Unlike the service provided by a property valuer, a property agent determines a price for your house based on what they think buyers in the current market will be willing to pay for it. This could be above what the bank will value your property at.
They use their own local knowledge and expertise, along with their experience of the market and the information they gather during an appraisal visit, to come up with their best estimate of how much your home is worth.
Property Agent Tools
The property agent will be able to provide you with a fairly accurate understanding of what price you could expect to secure for your property by looking at details such as:
- housing demand
- local property prices and recent sales
- property condition
- size and layout
Property agents also have access to data, analytics and statistics from service providers that you would normally have to pay extra for. By combining this information with their own personal industry knowledge, they can provide you with a far more accurate sense of what your property is worth than you could ever get from an online calculator.
When it comes down to it, the value of your property will be determined by the open market, and local knowledge about buyer demand is enormously important.
Work with Fall Real Estate
At Fall Real Estate, our reliable, experienced agents work hard to provide effective marketing and negotiation with all interested parties to ensure that we secure the best price possible for your property in the current market.
We look forward to hearing from you!