RPdata reports.. are they accurate?

[brand022]

Hi everyone,

I am new here and it is all very interesting..

I am about to put my property on the market and am having three agents go through the place to give me appraisals. I have also paid for an RPdata report, just trying to get a realsitic idea of what my home is worth.

Has anyone else here done an RPdata report before selling and was it even close to the sale price? Any feedback on this is greatly appreciated!

 

[Rolf Latham]

depends on a bunch of things

in general, most black box reports are useful more for the peripheral data than that actual $ value they spit out

ta
rolf

 

[Colin Rice]

Generally accurate but have wide swings from time to time depending on recently settled properties deemed to be similar to your locale.

 

[Singo]

Sold a property a few months ago for around 10% more than RPdata estimate.
Checked a few other properties and there is more than 10% difference.

 

[brand022]

That's great to know.. do you guys reckon it is better to price the property low or for what you think it is worth (based on these reports)?

I have one agent who is trying to convince me that the place is worth less and not to get my expectations high... I suspect she is trying to set me up for a quick sale (and commission). On the other hand I might just be paranoid.

 

[Peter_Tersteeg]

The figure on the front page of the various property reports is only a starting point, the real value is in the subsequent pages. Property reports contain lots of useful information about other recent sales in the are, median prices, average time on market, rental yields, etc, etc.

All of this information is real, but it only contributes to a pool of statistics from which the figures are produced.

The report doesn't give any consideration to the layout of your property. It doesn't know if you've got huge bay windows overlooking the beach or tiny portholes against a brick wall. It doesn't know if the property changes between the last sale and now (renovations/modifications). It looks at the areas as a whole, with little consideration to the best or the worst streets.

You shouldn't be using a property report from Residex, RPData or any other provider to give you the value of a property. Instead, it should be used as an additional source of information as part of your overall due diligence. They're really useful but you can't simply buy the answer for $50 (or for free if you simply ask your broker for one).

 

[zimby]

Only as good as comparable sales/Data.
Seen some Crackers when property hunting

 

[fullylucky]

Hi everyone,

I am new here and it is all very interesting..

I am about to put my property on the market and am having three agents go through the place to give me appraisals. I have also paid for an RPdata report, just trying to get a realsitic idea of what my home is worth.

Has anyone else here done an RPdata report before selling and was it even close to the sale price? Any feedback on this is greatly appreciated!

Hey brand, I have access to rpdata for qld.

i think the data there is fairly accurate if it's there. not sure how rpdata gets the data i mean does the agents enter it when the property gets sold or what not but sometimes peoples names are left off but generally its pretty good.

the best thing you want to do is search the whole street on prdata or a similar parallel street and sort by recently sold.

and look for a house that is similar to yours. then that would give you the best idea how much your property is worth.

say you see a house thats pretty much same as yours and sold last month for $780k then you could expect to sell yours for $790k atleast $770k.

that's the best way to go.

dont believe what the agents say coz each one is trying to get your business. they will all over estimate just so you sell your property with them.

 

[Scott No Mates]

If you're getting a computer generated valuation report then it is reliant on statistical modeling - it may or may not reflect the value of your property. Engaging a licenced valuer is the closest thing that you can get to the right price however in a rising/falling market the valuation may be affected by time lag.