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Debate House Prices
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How Acurate are Online Valuations?
Mandalena
Posts: 19 Forumite
I have been puzzled by the variation between online valuations of my home which is currently up for sale. Does anyone know how accurate they are and do buyers pay attention to them?
Mandalena
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Comments
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Online valuations are completely speculative rubbish.
All they do is take the last sold price then apply the blanket increase/decrease for the entire area to that price.
You could have two identical houses side by side that sold the same day: one sold for £100k and the other for £160k (let's say the first was desperate, the 2nd was lucky). If you did a valuation on the two houses they would be valued at the same price on the ground, do it online and the online calculator would come up with two completely different figures, based on the last sold prices.
They're toys really. Just toys.0 -
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While that uncertainty continues so prices will continue to fall in real terms until it becomes a reasonable price to the majority0
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