I often get the question: “But how is it possible to do a virtual valuation if you haven’t even seen a house?”
That is great question!
To answer this let me give you an insight in how I normally do “valuations”
How does a virtual valuation work?
To put a value on a property there are quite a few things that we need to look at.
The most important step is to do "CMA"
COMPARATIVE MARKET ANALYSIS
To Do this I normally have to look at a few things:
Sales History
We have access to the database of the Deeds office which means we can see what properties sold for a in a specific Street or area. We access this info through specialised software platforms.
Automated Reports
Using this data our software will then compare your property to recent sales in your street of area and based on the size and layout of your house will give us a rough estimate.
Prop 24
The next step will then be to have a look at what is in the market at the moment and against what you will be competing with when
Price per SQM
If properties in your area are very similar (Estates is a good example) then another metric is work out the average sales price and adjust according to your size.
Index Value
This value is to work out a property value according to the area's average growth. This is not always accurate though. (same with municipal value)
Condition
This is a tricky to do virtually as to be very accurate I would need to see a property. However with some photos and info from the owner we can also factor this in.
Improvements
Again the owner's input is needed and then can be factored in.
Macro market
Also have to look at factors outside your property's borders. (eg. Future developments, changes coming in the neighbourhood)
Interpretation
My job is putting all of the info together and provide you with a valuation worksheet that you can understand use for your future decisions.
With technology most of the info can be drawn and processed quite easy without seeing a property.
Obviously first price would always be to see a property in person to do the most accurate possible valuation but at least this will give you a starting point.
Contact me now and we can get a valuation to you.
No mess. No fuss (and no cost!