How do valuers sleep at night????

chewmylegoff

brit1234 wrote: »

You sound really bitter. You do realise there is a 33% difference between asking and selling prices for the average property.

where are you getting this from, it sounds very unlikely, to the extent that it appears made up.

brit1234

chewmylegoff wrote: »

where are you getting this from, it sounds very unlikely, to the extent that it appears made up.

£160,780 = Average Sales Price (Land Reg)
£225,766 = Average Asking Price (Right Move)
29% diff.

http://www.landreg.gov.uk/upload/documents/HPI_Report_Nov_11_ws13pm4.pdf
http://www.rightmove.co.uk/news/house-price-index/december-2011

ukcarper

brit1234 wrote: »

£160,780 = Average Sales Price (Land Reg)
£225,766 = Average Asking Price (Right Move)
29% diff.

http://www.landreg.gov.uk/upload/documents/HPI_Report_Nov_11_ws13pm4.pdf
http://www.rightmove.co.uk/news/house-price-index/december-2011

That's pretty typical comparing two totally different sets of figures do you want me to explain why your assumption is wrong.

DVardysShadow

brit1234 wrote: »

£160,780 = Average Sales Price (Land Reg)
£225,766 = Average Asking Price (Right Move)
29% diff.

You do realise that there are some substantial issues with the Rightmove data which make it quite hard to draw any meaningful conclusions.

Land reg data is probably a fair representation of selling price.

But the Right move data is a snapshot of house prices across a market in such a way as to capture sellers which varying degrees of delusion coming to terms with reality - or even just taking time to test out the market by initially asking high and moving down to find market interest. There will be a part of the dataset representing houses which will never sell because of unreal expectations. These will remain on Rightmove for a disproportionate time and will skew your statistic upwards. Also, if different sectors of the market take longer to sell, the Rightmove average will be skewed towards that price range. The houses which are reasonably priced should sell quickly, so they will be under-represented in the Rightmove data.

In short, if you use that data to bid down 29% on any Rightmove house, you are likely to be rebuffed.

GDB2222

Sox77 wrote: »

I really sympathise with the pain of house selling, had to sell my house in negative equity, paid £115k for it, spent around £7k on it and then sold it a few years later for just under £90k. It really stung, but unfortunately I just bought and sold at the worst time possible and I had to sell so couldn't wait. I try not to think about it too much - or the fact that I owe my parents money for helping me cover the negative equity...

If I could have bought at the same time it probably would have been a wash but I couldn't, and me and DH now rent and are trying to save to buy again :cool:

I sympathise with the pain you feel. I assume that the £12k outstanding loans shown in your post are a hangover from that.

How do you intend to avoid getting into the same situation when you buy again? Any tips?

TypeR

Very emotive subject being discussed here - at a time when we all would like to feel alot more well off then most of us do.

The anger at an asset being valued at less then what we'd hope for is never going to produce an 'oh well, nevermind' response, after all, the more money we have the nicer life we can have, or as in the OP's case the more money they have to pay care costs for a relative.

BUT BUT BUT.......

This is just the way the world works, sometimes an asset has a huge valuation, sometimes it doesn't - when it has a huge valuation it's usually because there is a ton of money in the system, everyone is employed, the economy is good.

The economy hasn't been good since the financial crash of 2008 - and markets for all assets will find their appropriate level - all that's happened here is bad timing, at the time the original poster needs to sell, there is no money in the market or the economy to produce the much desired happy ending.

As much as I hate to sound unsympathetic, this is simply the way of the world, no one has the devine right to make a fortune from selling assets and the market has spoken in this case.

Suck it up I'm afraid, as I've had to do - house prices have rocketed out of my reach every year since I joined the work force, I've had to live at home with my parents and now I rent because I simply can't afford to join this party.

I'm 36 years old, I've been saving since 2001 for a house, I have £130,000 ready to enter the market, but I will do so when asset prices normalise, the price I have had to pay over the years is not having an affordable home for the salary I earn, the reward will be when I buy in, I won't have the mortagage debt that sadly too many fools have taken on.

I wish you luck with this one, but try to view this as bad timing, it's a lesson I've had to learn for the last 11 years. If only I was born 5 or 6 years earlier, I may have had a chance myself.

jc808

TypeR wrote: »

Very emotive subject being discussed here - at a time when we all would like to feel alot more well off then most of us do.

The anger at an asset being valued at less then what we'd hope for is never going to produce an 'oh well, nevermind' response, after all, the more money we have the nicer life we can have, or as in the OP's case the more money they have to pay care costs for a relative.

BUT BUT BUT.......

This is just the way the world works, sometimes an asset has a huge valuation, sometimes it doesn't - when it has a huge valuation it's usually because there is a ton of money in the system, everyone is employed, the economy is good.

The economy hasn't been good since the financial crash of 2008 - and markets for all assets will find their appropriate level - all that's happened here is bad timing, at the time the original poster needs to sell, there is no money in the market or the economy to produce the much desired happy ending.

As much as I hate to sound unsympathetic, this is simply the way of the world, no one has the devine right to make a fortune from selling assets and the market has spoken in this case.

Suck it up I'm afraid, as I've had to do - house prices have rocketed out of my reach every year since I joined the work force, I've had to live at home with my parents and now I rent because I simply can't afford to join this party.

I'm 36 years old, I've been saving since 2001 for a house, I have £130,000 ready to enter the market, but I will do so when asset prices normalise, the price I have had to pay over the years is not having an affordable home for the salary I earn, the reward will be when I buy in, I won't have the mortagage debt that sadly too many fools have taken on.

I wish you luck with this one, but try to view this as bad timing, it's a lesson I've had to learn for the last 11 years. If only I was born 5 or 6 years earlier, I may have had a chance myself.

good man/ woman

propertyman

It tells me this( and its the same conclusion I came to a long time ago)

1: We sellers fail to take a good long hard look at our homes before selling*.
2: That professional and technical assessment might be needed to do so but certainly won't pay for it
3: That we

a: take the best valuation and see everything as the buyers problem and expect to haggle it out- if they spot it.
b: hate it when that it done to us as buyers.

* We have learnt to de-clutter !

ukcarper

This thread is typical of a lot on threads on this section of the forum none of us know the property or what it is really worth but lots of people jump in saying the seller has overvalued his house. The surveyor could well have valued it low as it’s only his opinion and the seller has some evidence to show it is i.e. the recently sold price of another house. It does look like it was originally overpriced but I think the seller realises that. But has as been pointed if the mortgage company will not accept a private valuation he really only has a couple of options. Sell at the valuation or as close to it as the buyers can afford, get the buyers to try another bank or building society or pull out of sale and put property back on market.

TypeR

ukcarper wrote: »

This thread is typical of a lot on threads on this section of the forum none of us know the property or what it is really worth but lots of people jump in saying the seller has overvalued his house. The surveyor could well have valued it low as it’s only his opinion and the seller has some evidence to show it is i.e. the recently sold price of another house. It does look like it was originally overpriced but I think the seller realises that. But has as been pointed if the mortgage company will not accept a private valuation he really only has a couple of options. Sell at the valuation or as close to it as the buyers can afford, get the buyers to try another bank or building society or pull out of sale and put property back on market.

So basically, anything other then accept a lower price / less profit.

Property Value works like this :-
Supply and Demand + Available Finance + willing punters.

Willing Punters will be in short supply if Finance is in short supply - let's not forget, the recent collapse is PURELY due to bets made on Property Values - The problem is, alot of people don't really care about this as long as they get 'their bit' - and so the cycle will continue, UNLESS a bank or building society tells the punter they quite simply refuse to take on the risk - this is illustrated in an unwillingness to shoulder the exposure risk, hence a reduced rate of available finance - which inturn causes any potential sale to fall through - if the vendor refuses to accept that the economic climate in some ways dictates the value of the asset.

Estate Agents DO NOT dictate the market, Valuers do - these valuers are employed by banks - because it's THEIR money on the table. If a private valuer is bought in to the equasion then they should also bring their finance partners to the table also.

You can't ask for a private valuation unless they bring finance to the table as well. SOMEONE has to be responsible for the quality of the investment (because that's what it is to a lender, even if we're talking about YOUR future HOME).

Thanks.