How Much Is My Property Worth? By DFJ Real Estate 15/09/2022 11:36am An online estimation tool generally works off transactional real estate data made available through data providers via a computer algorithm. It considers basic property features, local market trends and recent sales. It does not factor in the presentation, fixtures and finishes, renovations undertaken or the property's current condition. An appraisal is an estimate by a real estate agent who compares your property with similar ones that have sold, taking into consideration the physical condition and features. An appraisal will give you a clearer idea of how much your property is worth in the current market. A valuation is the most formal of the three. It is completed by a professional valuer who will work in conjunction with a bank or financial institution. They look at every aspect of a property and its surrounding environment to determine the current and future value. There is a cost for a valuation, which is between $200-$600. Determining how much your property is worth is one of the most important processes of selling your property. You need to be mindful of overvalued property appraisals to get your business and undervalued property appraisals to get a quick sale. When listing a property for sale, you want to choose the most accurate appraisal with supporting evidence. If you are unsure about an appraisal, you may want to consider paying for a valuation. This report can also be given to potential buyers if you decide to.