{"id":14871,"date":"2017-11-30T01:00:46","date_gmt":"2017-11-29T14:00:46","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14871"},"modified":"2017-11-30T01:00:46","modified_gmt":"2017-11-29T14:00:46","slug":"the-reports-you-can-rely-on-kylie-davis","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-reports-you-can-rely-on-kylie-davis\/","title":{"rendered":"The reports you can rely on \u2013 Kylie Davis"},"content":{"rendered":"<p>Nearly one in every two buyers looking for a new home are currently armed with a property report and increasingly, banks and mortgage brokers are providing their clients with property valuation data to help them get \u2018buyer ready\u2019. But how much security does a property report really give you? <strong>Kylie Davis<\/strong> is the Head of Content and Property Services Marketing at CoreLogic and runs the CoreLogic Report Store.\u00a0 We ask her advice.<br \/>\n<strong>Transcript:<\/strong><br \/>\n<strong>Kevin:<\/strong>\u00a0\u00a0\u00a0I was startled to see the other day that nearly one in every two buyers \u2013 that\u2019s 50% of buyers \u2013 looking for a new home these days are currently armed with a property report, and increasingly bank and mortgage brokers are providing their clients with property valuation data to help them get buyer-ready. You might have seen those ads on television where some of the major banks are actually advocating that you get these reports.<br \/>\nJust how reliable are they? It\u2019s a question I\u2019ve asked quite often. I\u2019m going to ask that question now of someone who should know and does know. Kylie Davis is the head of content and property services marketing at CoreLogic, and she also heads up the CoreLogic reports store.<br \/>\nHow accurate are these reports, because obviously as we just heard, about 50% of buyers are relying on them, Kylie?<br \/>\n<strong>Kylie:<\/strong>\u00a0 They\u2019re a great way to do research about the market and to be prepared for what you\u2019re about to go through as a property buyer. They are certainly more reliable than just asking friends or family what they think the market is doing, because they give you really deep-dive insights into the individual property and can provide you with some really valuable information.<br \/>\nThat said, they\u2019re not the price of the property when it comes to a sale situation, and the value in them is not cast in stone. It\u2019s based on algorithms that are extrapolating what a property is worth based on similar properties around it. And that data can change on a weekly basis as more sales and more information comes into the system.<br \/>\nThe best way to go about it is to definitely look at a report to make sure that your information is based in data and fact, not just enough opinion, and to use that report to back up or to question or put a contrast to what the real estate agent has told you, but then you have to assess what\u2019s happening in the sales situation.<br \/>\nIf you\u2019re the only buyer there, then yes, what you\u2019re seeing in the report is very probably a fair and reasonable price for that property, but if you\u2019re not the only buyer, if it is a lot of competition for that property, then the valuation you see in the report is probably a starting price as to where bidding is going to start.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s a pretty important point, I think, and that is that these reports should be treated as a guide; there are more definitive ways to work out what you are prepared to pay for it. And as a buyer, that\u2019s what value is; it\u2019s what a willing buyer is prepared to pay, Kylie.<br \/>\n<strong>Kylie:<\/strong>\u00a0 Yes. And I think that\u2019s why the auction systems is so popular in some states, because a property is worth what someone is prepared to pay for it, where the market is prepared to go, and an auction lets you see where the market sits really quickly.<br \/>\nWhere we see people getting disappointed with property reports is where they feel or believe that that report is the top amount that they should expect to pay. And that\u2019s not realistic. It really is a guide to help you understand \u201cCan I afford a property in this price range, or should I be looking at up or down at other properties higher or lower than what this is coming out?\u201d<br \/>\nIf you\u2019re turning up to an auction thinking \u201cIf it goes for this much, we\u2019re out,\u201d it\u2019s probably a little bit too high for where your budget is at.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I guess if a property sells for more than more than the report states, because there is a lot of interest and strong bidding, it doesn\u2019t necessarily mean that those people have paid too much for it or even that the agent lied; it\u2019s just that they\u2019re market forces. That\u2019s how it works, Kylie, isn\u2019t it?<br \/>\n<strong>Kylie:<\/strong>\u00a0 Absolutely. If you have competition for a property, then the value of the property will be the money that the person who has the most is prepared to pay for it. So, just because a report has been run on it, it doesn\u2019t mean that the price that\u2019s being quoted has been cast in stone, and it certainly doesn\u2019t mean that the agent had under quoted it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good points. Kylie Davis, head of content and property services marketing at CoreLogic. Kylie, thank you for your time. We\u2019ll catch you again soon.<br \/>\n<strong>Kylie:<\/strong>\u00a0 No worries. Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nearly one in every two buyers looking for a new home are currently armed with a property report and increasingly, banks and mortgage brokers are providing their clients with property valuation data to help them get \u2018buyer ready\u2019. But how much security does a property&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":14872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,34,10,11,13,36,22,25,27],"tags":[101],"class_list":["post-14871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The reports you can rely on \u2013 Kylie Davis - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-reports-you-can-rely-on-kylie-davis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The reports you can rely on \u2013 Kylie Davis - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Nearly one in every two buyers looking for a new home are currently armed with a property report and increasingly, banks and mortgage brokers are providing their clients with property valuation data to help them get \u2018buyer ready\u2019. 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