If you were to compare, say three bedroom properties in different streets at a rating of say five which assumes the properties you are considering in each street are typical then you would get an idea of which street is likely to be more expensive. Having said that it won’t tell you which street has the most expensive properties in it. A review of all the ratings in the street will be the only way to get a complete understanding of the price structure for a street. I would recommend for you to purchase the FindMeaHome Right Price Report for your properties of interest as each report gives you the full range of values and associated ratings for that street.

Regards, FMAH

In essence the rating process is an alternative to what a valuer does. They go out and find recently sold properties and find those which are similar in as many respects as possible and then attribute a value to a property based on these similar property sale prices.

You are doing a similar thing here but using your street to pick the similar properties from. We can do this because we know what the range of values in the street are.

The process does not have to be excessively accurate as you can do a number of estimates on either side of the rating you chose. This will give you a good idea of the likely range in value.

When developing the rating ask yourself a simple question. Is the house better or worse then other houses in the street or is it similar? Don’t dwell on it, your immediate reaction is what we are looking for here.

If you say similar then we have the answer the property is rated as a 5 out of 10. If you say better then we now know it is rated at something greater than 5 and likewise if you say worse then it is rated at something less than 5.

Now let’s select a rating either above or below 5 based on your answer.

As the typical property in your street has a rating of 5, this is what we shall begin with. Add or subtract 1 to, or from 5 each time you answer the following questions.

If the answer is yes or no by a “country mile” then add or subtract 2. If it is neither better nor worse do nothing:

Houses

Does it look better than most properties in the street? Add 1 if yes, subtract 1 if worse

Is it newer or in better repair than other properties in the street? Add 1 if yes, subtract 1 if worse

Is the house larger then is usual for the street? Add 1 if yes, subtract 1 if worse

Does the house have more bedrooms then is usual for the street? Add 1 if yes, subtract 1 if worse

Is the land content more than is usual for the street? Add 1 if yes, subtract 1 if worse

Does the property have a better view or aspect than other properties in the street? Add 1 if yes, subtract 1 if worse

Units

Is the block of units better than others in the street. Better facilities and newer? Add 1 if yes, subtract 1 if worse

Is the interior of the unit in a better state of repair than you would find in the same block or others in the street? Add 1 if yes, subtract 1 if worse

Does the unit provide a larger living area than is normal for units in the area? Add 1 if yes, subtract 1 if worse

Does the unit have more than 2 bedrooms? Add 1 if yes, subtract 1 if worse

Does the unit have a better than typical view for the street? Add 1 if yes, subtract 1 if worse

Is the block of units situated in a better location than others? Add 1 if yes, subtract 1 if worse

Where the outcome of the above is more then use a rating of 10 and likewise a low rating can not be less than 0.

I hope this helps!

Also, how is the price range decided? Do all houses with the same street rating in the same suburb display the same price range?

So where one goes to find foreclosed houses for sale (other than via Best Bargains report)?

Great concept for a site / tool.

Andrea, Fair Market Value is defined as the price agreed upon by a willing but not overanxious seller and buyer at a certain point in time. All these factors you mention are right and would be reflected in current (and actual) sales figures. Since sales figures are never completely current (usually analysis for valuing a property utilises data from the past 6-12 months) socioeconomic factors need to be evaluated as well since the sales took place. If this site could give actual sales figures together with descriptions, pictures and location, plus socioeconomic information relevant to market trends it would aid greatly in making a informed decision.

I am eager to see how accurate the predictions of this site are but (according to an advert I saw) a range of 10% plus/minus the actual Market Value is pretty.. useless in my opinion.

A 10% range of a $500k property would be an estimate between approx $450k to $550k. Am I correct in my assumption?

Thanks for that: I’ve changed the pages now so that it doesn’t start at zero.