Ever jumped online to check out how much your house is worth?

Or, how much the house you are looking at buying is likely to go for? You’re not alone!

Property websites like propertyvalue.co.nz, homes.co.nz, and oneroof.co.nz have made buyers and sellers more educated than ever before.

But, how accurate are the valuations they provide?

Such websites use historical sales statistics to generate their estimated value of a property, focusing on the percentage of sales above capital valuation.

Real estate agents themselves often use the websites to gather data on sales over the last three months.

So, they are certainly useful in giving a broad brushstroke of likely value. However, there’s a lot of information not taken into account in website estimates.

That’s why the expertise of a local agent is so important.

A real estate agent has on-the-ground knowledge about comparable properties in the market. They can evaluate how a house rates alongside others that have sold, and are currently for sale, to give a more accurate idea of value.

A good local agent also knows what’s going on in town. They’ll consider which suburbs are doing well, how handy a property is to amenities, and even how the house

is positioned for the sun.

In Central Otago, it’s also essential to understand that values vary from town to town.

A house in Cromwell would be valued differently if it were situated in Clyde, Alexandra, or Omakau.

Remember, too, property website valuations are made sight unseen. Major improvements, particularly those that don’t require council consents listed on the title,

aren’t taken into account. Freshly decorated homes, or homes with updated kitchens and bathrooms, will have both greater saleability and greater value.

By all means continue to check out property values online. But, don’t become the seller who over- or under- inflates their value, or the buyer who is put off by the

suggested valuation range.

Instead, make your valuation more accurate by asking an agent for a market appraisal – the no obligation, free service provided by the real estate profession.

Get in touch if you would like to know how much your property is worth.