What can I do about a ludicrous valuation of our property

LeeSouthEast

Prices have dropped a fair lot since last year. Imho they've got a lot further to go, too (and Defaqto/Ernst & Young agree). Half of what is wrong with this country is attempts to shore up bubble pricing that isn't sustainable.

The likelihood is you've been given a reasonable valuation on todays prices.

dorsetjohn_3

Horlock wrote: »

Postcode of property is CF14 1UB (it's in Cardiff)
On rightmove the only property within 1/4 of mile of the house asking less than 151 is a one bedroom flat. Every other property including 1 bedroom flats are above.
The house is a 3 bedroom house, and all asking prices are consistent with the estate agent asking price.
As mentioned the survey picks up a crack in the boundary wall - but we weren't going to do anything with this as we have planning permission to knock the wall down to build an extension. Something we intend to do in a couple of years.

Most recent simliar sold price

8 Pantbach Road,
Cardiff,
CF14 1UA £173,000
Terraced
Freehold
Not New Build 30-Oct-2008
Map (CF14 1UA)
According to net house prices. However, our house has a larger plot of land and is end of terrace.

knock another 10% minimum of this house from last years price and it would be worth approx 155K . If I was buying now , I would want another 10% of this as well to factor in whats to come over the winter . Your house isn't worth what you thought it was

getmore4less

You reported last year you have a Barclays tracker what rate is this?
Many are very good rates and don't need changing.

SouthCoast

What is the employment situation like in Cardiff?

Horlock

Cannon_Fodder wrote: »

Recent figures showed Rightmove prices being missed by 9% on average, when it comes to selling prices...

But even 10% off an asking of 189,000 is still £170,000
Suppose they are valuing at over 20% off the asking - it just doesn't make sense.

A few folks are saying that property value may drop over the next year - true, but it hasn't dropped yet over the next year. So a valuation is a valuation today, not a speculation about what it may or may not be worth next year.

I agree that if buying a house I'd be seriously wondering whether to ask below asking, but from my experience of buying at the moment - you've got no chance. People just wont sell for less than what a property is worth now.

Horlock

SouthCoast wrote: »

What is the employment situation like in Cardiff?

No major problems that I'm aware of. In fact I don't know anyone who has been made redundant. Although the figures are up slightly on last year.

puddy

well if you used the website i told you about, you would see that for cf14, sold prices for terraces have dropped 9% in the last year (jul 08 to jul 09), its therefore feasible, taking the sold price of the property you mention that your mortgage valuation has been spot on

chickmug

Horlock wrote: »

No major problems that I'm aware of. In fact I don't know anyone who has been made redundant. Although the figures are up slightly on last year.

But did you read the link given in my post 7?

Horlock

jenner wrote: »

well if you used the website i told you about, you would see that for cf14, sold prices for terraces have dropped 9% in the last year (jul 08 to jul 09), its therefore feasible, taking the sold price of the property you mention that your mortgage valuation has been spot on

You could be correct - but even 91% of 173 is still 7000 more than the valuation and our house is bigger, end of terrace and with a garage.

It could be that the property just isn't worth what I think it is, that the estate agents didn't have a clue and my sister (not yet mentioned) who is trying to buy a house in the area doesn't have a clue either - she says that the houses she has been looking at in the area (and she is looking to spend about 200000 - and hoping in this market that she can get slightly nicer than mine, is also well off in her valuation (which she estimates between 180 and 190).

I'll have to see what I can come up with.

Though a little on the depressing side to think I may have lost £50000 in one year.

theartfullodger

What can I do?

Er.. recognise that, like most people with houses, or shares, pensions, or etc or etc... you've lost a significant slug of wot-U-had and that getting mortgages is much harder/trickier than it used to be...


(And welcome to the club along with the rest of us 'appy bunnies!)


Cheers!

Lodger