Here’s a compelling article from Your Mortgage. It’s called Property Valuation VS. Appraisal.
In it, Nila Sweeney shares some interesting ideas. Here’s one that’s particularly thought-provoking:
Just make sure you approach real estate agents who are familiar with your suburb. A real estate agent who usually works in a different area might not know the local micro-market as closely, and they may therefore give you an appraisal that is much higher or much lower than the market can realistically support.
Have a look at the complete article for more of the author’s insights.