What is the difference in value from a real estate or Property valuer?
Actually there is quite a difference with respect to the two. A property Valuation is a legal document from a registered valuer stating what a property will reach in the current market. These values are traditionally lower due to the valuer covering themselves legally. They are also predominantly performed for banks and are therefore design to indicate what the bank could expect as a quick turnaround if it required it (known as a fire sale). A real estate agent is giving you an estimate of their opinion what the property would reach in the current market based on proper preparation to the market and the time to negotiate the best deals. It is true the only truly accurate valuation of a property is on sale day when the contract is signed, but remember this general guide: A valuer is generally 10 – 15% below the actual market and the real estate agent is normally between 5% below to 10% above the true market value.
