Help! Anyone experienced this low survey valuation??

greenwheels007

Having looked at your figures I believe you need to consider what you can reasonably accept as an offer on your £170K house.

Valued at £170K by an EA means little or nothing. EAs are unqualified people who often stick their finger in the air and guess. Mortgage valuations are a far better guide.

Consider this...

The EA could easily have been 10% out either way.
House prices have dropped by 10% since the valuation
House prices will drop a further 10% in the next 6 months (my view)

Your house was realy worth somewhere between £144K and £176 when the EA valued (guessed!) it.
Your house is really worth £130K - £158K now
Your house will be worth £117K - £142K in 6 months time.

So I would take the offer of £145K and then apply the same maths to wherever you buy.

You have to live somewhere and the fact that the seller is selling, in the same market as you would suggest that they must be ralistic about taking a hit.

On the subject of renovations then it goes without saying that only tip top houses will sell in a buyers market (unless they are ridiculously cheap. The cost of renovations must be taken off of the purchase price not added on to the selling price.

Property ladders can be climbed both ways

This is a good opportunity to make progress in the property market if you look at relative values and not price tags. The previously rock solid reliabilty of bricks and mortar looks a bit shaky but only because the whole economy looks shaky. It is still a relatively safe place to put your money provided you don't overstretch on the mortgage.

So I would take £145 and expect the person you buy from to reduce their property too.

Mr._H_2

geoffky wrote: »

this is a lovelly 4 bed detached right by where i live

26 Feb 2008 First day listed (price £219,500) 11 Jun 2008 Price changed from £199,995 changed from £219,500 to £199,995 26 Jul 2008 Price changed from £219,500 to £199,995 26 Jul 2008 Price changed from £199,995 to £219,500 29 Jul 2008 Price changed from £219,500 to £199,995 29 Jul 2008 Price changed from £199,995 to £219,500 31 Jul 2008 Price changed from £219,500 to £190,000 02 Sep 2008 Price changed from £190,000 to £185,000 25 Sep 2008 Price changed from £185,000 to £175,000 04 Nov 2008 Price changed from £175,000 to £154,995

:shocked::eek::shocked: 4 bed detached for £154,995? Do you live in the outer Hebrides or something? Are you sure it's that lovely? Do you have a link?

I could sell my 2 bed flat and buy that 4 bed detached house and be mortgage-free. (4 bed detached houses where I live cost about £750,000)

LittleMissAspie

mcnic wrote: »

LOL! he was not a fantastist ad9898 as the last 3 houses on the road sold for 169k, 165k and 172k!

When? Average price has dropped 15% since last November. 172k - 15% = 146.5k

Jorgan_2

mcnic wrote: »

LOL! he was not a fantastist ad9898 as the last 3 houses on the road sold for 169k, 165k and 172k! the point is I clearly chose the wrong time to sell but I can't believe the price would have dropped that much! that or they were overpriced in the first place. But thanks for the advice!

I've sold a number of houses in the same street this year, £134,950, £140,000 and £133,000 were all achieved before August. The last sale in that road was in October, £106,000. The owners of that property had turned down offers of £130,000 & £125,000 earlier this year, so prices can drop by that much.

Many sellers have been caught out by how quickly the drops have happened, numerous reports are coming out saying drops of 15-20% in the last twelve months, my experience is that the drops have happened in a 4 month period.

bubblesmoney

Mr._H wrote: »

:shocked::eek::shocked: 4 bed detached for £154,995? Do you live in the outer Hebrides or something? Are you sure it's that lovely? Do you have a link?

I could sell my 2 bed flat and buy that 4 bed detached house and be mortgage-free. (4 bed detached houses where I live cost about £750,000)

see the link ttp://www.rightmove.co.u*** but thats the asking price. selling prices are very different. see link below

http://**********

in this link use the icons on the left to choose house prices then use the detached houses option and then see *******road and **** road and see the recently sold prices (and then see the difference from the asking prices for the other houses on rightmove for the same streets). on the map see the sold prices for all houses on the right side of ***** road, between that ****** road and the railway line. if u see the sold prices and some of the asking prices some of the sellers might be residing on mars otherwise hey wouldnt be seeking such asking prices. ***** road last sold price is 112,000. ***road last sold price is 135,000.

the ***** road property is a slightly older type of property not sure if it is 4b. but apart from that street and ***** road, all the other streets on that side of **** road are 4b detached properties all built by the same developer, all less than 6.5y old similar plans, 3 types of houses, just a couple have double garages or bigger gardens, most are broadly similar some rooms may be bigger or smaller, usually 2 of the bedrooms will be double bedrooms, and the other two are singles, in some house they are tiny, but in some they easily allow proper single beds +bedside table+ chest of drawers+cupboard in a recess. most have built in gas hob, electric oven, extractor fan, dishwasher, large fridge freezer builtin the kitchen. only a few properties like the 1st link dont have those builtin
not next to the buckingham palace but not in the outer hebrides either but 1/2h to **** by metro. metro train station 10 min walk away.

see the area profile and it is ok i guess
"
Often, many of the people who live in this sort of postcode will be well-off working families with mortgages. These are known as type 10 in the ACORN classification and 2.26% of the UK’s population live in this type....................:
Family incomeHigh Interest in current affairsLowHousing - with mortgageMedium Educated - to degreeHighCouples with childrenVery high Have satellite TVVery high
These are neighbourhoods of young well-off commuter families, with many pre-school and primary school children.

These families often live in relatively large detached houses and have a long time left on their mortgage. However they have good incomes, and feel able to afford such long term commitments. These individuals are likely to be in their 30s, and tend to be professionals and managers with company pensions and company health care. They drive to work in company cars. ............"

i am sure there will be better and more affordable areas in other places too and not all of them will be in the outer hebrides and will be very good buys for some people i guess

stevetodd

SuperSaverSue wrote: »

We bought our house for £30k 18 months ago, surveyor valued at £250k and we bought the house when it was new!!!

eh!!!!!!!!!!!!!!!!!! I think you mean 300k don't you?