Due to the need for more data and the dynamic nature of the real estate market, it becomes strenuous to find out the value of a property precisely. Various rules and regulations are required to be followed for an accurate evaluation of the property. And to sell your property as early as possible, homeowners often take part in some inaccurate methods for estimating it and selling it. In such a case, every homeowner shall ask themselves one question; Is this the correct approach?
Understanding the valuation of property is crucial when buying or selling real estate. This blog will provide insights into property valuation in 2023, including the latest market trends, appraisal techniques, and how to interpret property valuation reports.
Additionally, the blog will also look at AURUM InstaHome, a leading valuation platform that revolutionizes the process with its tech-driven solutions. With the aid of Artificial Intelligence, they make purchasing and selling properties feasible and swift.
What Does Property Valuation Refer To?
Property valuation is simply the procedure of evaluating or assessing the value of a given property based on various factors such as location, size, condition, and comparable sales data. Property valuation provides informative insight to the seller and buyer on what factors to consider and assess the approximate value of the house. Sellers determine the property’s price, and the buyer can assess if the property is worth the quoted price.
Why Property Valuation is Important
Property valuation is an important process used to determine the worth of a property. It involves analyzing a property’s characteristics and features, such as its location, condition, size, and other physical characteristics. It also takes into account the local market conditions to accurately determine its value.
Property valuation is essential for anyone who owns or plans to buy or sell a property as it helps them make more informed decisions. The information obtained from the process can be used by buyers to determine how much they should pay for a property and sellers can use it to effectively price their properties. Additionally, it can help lenders assess the risk associated with lending money for properties. Knowing the true value of a property helps both buyers and lenders protect their investments by ensuring that they are not overpaying or over-lending on any given purchase.
How Is It Done?
The purchaser and the seller may have assorted discernment of the worth of the property. As a buyer, you should be aware of the property’s market price. And as a seller, you would want to know that you will be receiving the accurate value of your property. Let us briefly differentiate between the Market Value of a property and the Market Price of a property.
- Market Value: Estimated after considering the features and advantages of the said property. Also, undertaking the demand and supply in the market.
- Market Price: The price at which the seller is ready to sell the property and the buyer is willing to pay.
The Emergence Of Tech-Driven Valuation
Since the entire process of valuation and interaction is exceptionally tedious and unpleasant, industry experts have come to prefer tech-driven platforms to complete the entire process quickly. A tech-driven platform for property valuation offers numerous benefits, including increased speed and efficiency, enhanced accuracy, and greater transparency.
Such platforms leverage property valuation calculators that run on machine learning algorithms and automated valuation models to provide reliable property estimates, facilitating informed decision-making for buyers, sellers, and lenders.
5 Reasons Why Property Valuation Is Essential in 2023
1. Competitive Pricing:
Accurate pricing of your property will establish it in the real estate market and will also play an important role in negotiations with potential buyers.
2. Big Time Saver:
Guesswork and misquoting lead to a loss of potential opportunity to sell your property at the right price. You will never lose any good opportunity if you have the correct pricing method and your house valuation is precise- it will save a lot of your precious time in the long run.
3. Reselling The Property:
If you do not want to hold the property after purchasing it, reselling or renting the said property will become feasible. The valued property will be easily fixed between a range and will help you fetch the amount that will give you the maximum return.
4. Finance & Mortgage:
In any case, if you want to mortgage your property, then having an extensive report about the valuation of your property will facilitate you to disburse the loan amount feasibly.
5. Data-Based Research:
Surveying the market and gathering government data will help you to be aware of the current real estate market news. Collecting such information will help you stay connected to genuine and right property sellers.
Instant and Facile!
Now that you are aware of the metrics behind the valuation of the property and the reasons you need to evaluate your property precisely and accurately, it becomes essential to find a reliable and facile source that will do the hard work.
To solve this problem, AURUM InstaHome by AURUM PropTech – A Leading Proptech company in India offers a tech-driven service that does property valuation online. With the help of AURUM InstaHome, you can instantly sell your property effortlessly. For a seamless and facile route to selling your property, contact AURUM InstaHome today!