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have always been determined through thorough analysis of the local market, trends in housing prices, and a detailed physical inspection. “Online property valuations” are in fact, not valuations at all as they do not comply with the basic elements of a valuation as detailed above. These are termed “statistical best estimates” and have no legal weight. In some instances these “estimates have begun arising, claiming to offer accurate property valuations. Many honest and hardworking people are being misinformed by their inaccurate valuations, which can lead to dangerous financial decisions. In this blog, we take a look at four of the biggest risks that of online property valuations.
1. Market Movements and Trends
Changes in the market can be subtle and they depend on a wide range of factors. Different suburb’s values change depending on the local economic situation, schooling, and the popularity of a given area. These can be subtle changes that are not picked up by online property valuations and can result in your property valuation to be far from its actual market value. This is also the case where your property has been renovated recently and is being compared with non-renovated properties. You can only rely on people are familiar with your location and who can analyse subtle changes and their effect on the market.
2. Property Variations
Whilst computer modelling is excellent to determine the median housing price in Sydney, there can be too many variables to accurately value a three bedroom, two-car garage house in Bondi. No two houses are the same and you certainly cannot value your unique house based solely on Sydney’s median house price. It is the small differences between properties, the extra bedroom, the two-car garage, and the swimming pool – that add up and make a significant difference to the overall value of a property. However, online valuations don’t recognise or account for these subtle variations between properties, leaving the property you want to analyse over or undervalued.
3. Intangibles Missed by Computer Algorithms
Intangibles contribute value to a property without being the physical land or building itself. They include the status of a neighbourhood, the safe feeling of walking local streets, and the amount of sunlight that streams through the kitchen window in the morning. You know how important these intangibles are in a house, but a computer algorithm does not.
4. Inspection by People
Even with drones and Google maps, computers can’t inspect the outside of houses, let alone the inside. A physical inspection by a real person can reveal significant detail about the structure of your house, the fittings, and how appealing it will be to buyers. These factors significantly change your house or commercial properties value, yet are factors that an online property valuation cannot accurately include.
Thankfully, there is a much better option than relying on online valuations. We provide accurate property valuations that account for all the market movement, variations, intangibles, and physical inspections that online property valuations don't. Our team of experts are all members of the Australian Property Institute or the Australian Valuers Institute and have had experience across a wide range of properties, including residential and commercial valuations.
Call us on 02 9659 5446 and deal directly with a valuer. Alternatively, get a quote today. We provide a guaranteed valuation turnaround time.