Help me value my house (pls!)...

Hopejack

I've been waivering about buying a Hometrack report for my house to obtain it's value but I'm not sure about it all. The house is in a pretty unique setting (waterfront) and not sure that is taken into consideration when valuing etc - I have looked at other sites like Zoopla but again not sure about the values.... Is Hometrack worth it??

So, can any of you nice chaps and chapesses help me value my house! I'm a bit unsure what previous selling prices I should be measuring against? Is it 2008 because there was only one house sold on the street at that time (they are all pretty much exactly the same houses, terraced townhouses).

Most recent house sold for £175k however, having spoken to an agent, I know it went for more but not how much more - kind of screws up the valuations when people glance at the likes of rightmove though :rolleyes: This was July 09.

Before that April 08, one sold (two doors down from mine) for £199,950. Prior to that Nov 07 @ £190k.....

So where abouts am I realistically please? Anyone any ideas - I'm after a ballpark right now but will get getting it valued in the NY.

I'd also be worried that if I get a buyer who needs a mortgage then a valuer may look at the £175k price and say it's valued at that because that is what it officially sold for recently......? How do you get round that one?

poppysarah

You can ask a couple of estate agents to come round and have a look. They'll give you inflated figures.

Stamp duty is on it's way back - so 175 is going to be the cutoff for more people now.

Hopejack

I will ask the agents but as you say, I want a realistic price tbh. Not inflated.

Sorry, being thick here, what do you mean stamp duty is on it's way back? I thought the £175k holiday was finishing end Dec? I did hear a rumour it will stay that threshold though - has this been confirmed?

ETA - it's tenanted (moving out Jan latest) and needs tarting up before I get an agent near it - hence just wanting a ballpark and will go from there! Thanks.

Fire_Fox

What do you mean the July 09 house sold for more than the land registry price? Rightmove is the for sale price, you would aim not to use that for an accurate valuation.

bmunky7

Have you looked at Zoopla and mouseprice? Not bang on by any means but my experience is they will tell you the lower end value.

Hopejack

Firefox, according to the land registry (and rightmove sale prices and houseprice.co.uk etc), the house sold in July 09 for £175k but this was not the actual value the vendor received I have been told this but do not know what they actually received total. It does however skew the figures if a valuer were to look at that (as some people are suggesting on other posts on here) for most up to date achieved sale prices.... :rolleyes:

As I said earlier looked at Zoopla and I don't trust it - it's valuing my house at £172k yet the house next door and next door to that etc (all exactly the same!) is valued more or less - it pretty much depends on when the last sale date was on how much they are saying the property is worth?? i.e. we were the first purchaser of our house (was a newbuild) so ours is valued at less than someone who bought theirs in 2007 say!? That clearly is not correct.... the basis of their valuation is flawed at least in respect of my house as clearly I paid a lot less than someone who bought in 2007 :rolleyes:

SouthCoast

Four identical flats on Zoopla:
£160k.
£219k
£196k
£195k..

The only real price is the £160k that dates from a sale in November 2008.

Doozergirl

I would say that they didn't pay much more than £175k as they've probably gone for the fixtures & fittings for a relatively small amount on top £1-2k

If the house sold in June then I would say it's probably worth the same if not a little more - £180ish? If your'e selling then it's probably worth trying £185k or perhaps £189k with a view to dropping the price if you don't get any interest. Be prepared to accept an offer as it's all the rage to get money off the asking price, regardless of what the asking price is. We deliberately priced our barn at around 5% more than our best expectation for it with the full expectation of being knocked down. We sold it in a weekend, accepting an offer at 98% of asking.

I wouldn't bother with Hometrack. Also people concentrate far too much on their immediate area - buyers aren't going to be looking at your street and putting a value on the house that way, they will be looking within your whole town so it's where your house sits within the town prices as to what value for money it represents. Hometrack tells you nothing you can't work out for yourself. There is no exact science to valuing property.

Bermuda_John

post up a rightmove link

www.fasthousesaleteesside.com

Hopejack

South coast - thanks for that but it's actually a 3 bed house not a flat - it can be confusing as the prices can relate to both - you either know by the number of the property (well, I would because I've lived there) or it tells you which type it is.

So the flats really don't help the value at all. The purchase price info I gave above is all I have to go on.....

I'm really worried an agent will over inflate the price and I'll end up like lots of others with a potential buyer who can't get the money due to an undervaluation.

So, any ideas anyone, surely the £172k by Zoopla isn't right if you see what I've said above....?

I also meant to mention that another one sold recently (hasn't been disclosed yet on land registry) and it went for 'around the £190k mark' - agent wouldn't tell me the exact amount - it sold in Sept. It will come on rightmove et al eventually but obviously it's a waiting game to find out :rolleyes: And of course, that buyer could have been a cash buyer and so not have to go through the potential pain of undervaluing which is going on right now!

Hopejack

Thanks Doozer - actually our houses are the most expensive pretty much in the town - or one of the highest due to the waterfront location....

From what I've gleaned it was a complete nightmare to sort out the £175k house - I don't think the 'cash' was just a few grand from the muted convo I got - can't believe a solicitor managed to get it through tbh - I think it might have been as much as £10k but could be wrong - we'll never know for sure and it annoys me that now that £175k value is written in blood on the house prices as it does hurt comparable values!

My house isn't for sale yet - and there are none like it for sale so I can't post a rightmove link sorry! Happy to once it's up or another comes up.....

Doozer - I'm thinking about £180k to £185k as well actually - who knows though eh?

Are we looking at comparable to late 2006/early 2007 prices now or previous years??