If you’ve ever wondered why neighbours or friends are always talking about the property prices, and recent sales – it’s got a lot to do with knowing the value of your house in comparison to similar nearby houses, as that’s a strong indication of the value of your home.
Bank’s and lenders will engage an independent valuation company, who use similar comparable sales to your property to give it a bank valuation.
This is always based on a quick, fire sale situation – as the bank won’t be able to hold out for the right buyer in the event they have to foreclose – as such it is mostly always at the lower end of the scale. It may be more wise to think of it like the price a used car dealer would offer you for a quick sale, rather than the price you could obtain if you sold your car privately and waited the 4-8 weeks it takes on average.
If you’re after more information, why not get a detailed property report or a just a free suburb profile? Check out the link here for the free suburb report, or contact us for a detailed and property specific report.