FAQs about OpenEstimates and property values
What is an online property value calculator?
Online property value calculators, like OpenEstimates, are designed to answer an important question many homeowners have on their mind: “How much is my house worth?”.
They can also be used by those who wish to find out more about a property they’re interested in buying.
Why get a house price estimate?
A house price estimate allows you to gauge how much your property could be worth. This information is particularly useful for homeowners who are thinking about the next moves to make property-wise. Whether that’s selling, buying, or staying put, a house price estimate will help you inform your next decision.
If you’re unsure if a house price estimate is right for you, remember it is a quick, easy, and free way to gain useful insights about your property.
Are online property value calculators accurate?
While we try to ensure your property estimate is as accurate as possible, a large component of that estimate is driven by available data drawn from property databases. The better the model and data used, the more accurate the value is likely to be. But if the property information is thin, the estimate could be slightly off what you were expecting.
To account for your expectations, we always display an estimated value range, which takes into account the lower range for properties like yours, as well as the higher range for similar properties. It’s important to understand that an online estimation is a home price guide only—property price predictions are estimates, not valuations.
If you’re considering taking your property to market, we always recommend getting an appraisal from a local real estate agent (house appraisals are free). If you’re refinancing, a professional bank valuation for your property will be necessary.
How much does it cost to use OpenEstimates?
OpenEstimates is completely free to use, and will give you a property value estimate in under a minute. We want to empower everyday Australians with the market insights they need to help inform the next steps in their property journey.
How can I find a history of my property’s value over time?
Ever wondered, “What’s my house worth and how has that changed over time?” When you use OpenEstimates, you’ll not only get an indication of what your property is worth, but also receive a free comprehensive report of your property’s value history, suburb trends and statistics, as well as a timeline of rental and sales activity for the property in question.
How do we calculate each property value estimate?
At OpenAgent, we know that no-one knows your property as well as you do. We also know that no mathematical algorithm is going to account for the unique features or condition of your property.
Property estimates are simply better when these characteristics are taken into account, so we calculate the value of your property by combining the latest market data with your unique knowledge.
That’s why our online property value estimator is different. We'll ask you to assess the condition of your property in comparison with others that have recently sold in your area in order to provide you with an estimate of your property. The best thing about this is the tool is absolutely free to use.
What is the difference between an online estimate, a property appraisal, and a house valuation?
If you want to find out the value of your property, there are some clear differences between an online property estimation, a property appraisal, and a house valuation to keep in mind.
An online estimation is a good way to get a rough idea of what your home might be worth, especially if you’re about to meet with a real estate agent.
A property appraisal is done by a real estate agent. The agent will take a look at your property and compare it to the results and condition of recently sold properties in the area. Their appraisal is based on the condition of your home and how the local market is performing for properties just like yours.
A property valuation is generally more formal, as this figure is often relied upon by financial institutions such as banks and insurers. A valuation will take things like location, nearby amenities, local infrastructure, structural condition of the property, visual appeal, local zoning restrictions and more to give an accurate value of what your property is currently worth.
How can I increase the value of my house?
Have you ever wondered, “How can I increase the value of my house?” The good news is that there are a few things you can do that could make a difference. If you’re selling, some small cosmetic renovations may do the trick. But if you want to improve the value of your home in the long term, you may want to consider undertaking bigger renovations like outdoor home improvements, or a bathroom or kitchen renovation.
What can I do to improve the sale price of my house?
A real estate agent who is experienced in selling properties in your area will have the expertise to answer this question. Speak to a local agent today to understand what buyers are looking for in your area.