House Valuation:-(

helenthemum

Ex and I split up in January this year. We had the house valued as we were going to sell it, then because of his job the plans changed. The house was valued at £220k for a 5 bed semi with part commercial. Were looking to put the house on the market at £245k

He has now agreed that I can sell the house, so have had a couple of EA around again to give upto date valuations. I have also had some work done on the house - decorating and new carpets.

The current valuations we 20k less than in January. Would it be unreasonable to put the house on the market at the price we were originally going to try for?

abaxas

I cant comment on your locality. But if you want to sell, there is no point putting at a price higher than the market will allow.

Btu equally there is no reason why you cant 'kite fly' for around 5-10%. However if this fails and scared people off due to price, you are more screwed.

All depends if you wish to obtain a price or sell. Success in this will depend on local market conditions.

go_cat

You can put your house up for sale at whatever price you want ... Wether that is realistic and will get you a buyer willing to pay that price is debatable

helenthemum

Other house prices dont seem to have fallen in my area, I need to sell at a higher price, more like the original valuation, so that I can buy somewhere for myself and my 3 children to live.

Not in a desperate hurry to sell other than to be able to not have the shop and limited time with my children. Currently I only have 1 day a week to spend with them and most of that day is taken up with housework, shopping, decorating etc not leaving time for proper family time.

Mojisola

Look at the EA websites for your area - what are similar properties priced at, which ones are selling, which ones are sticking? That will give you an idea of what's realistic.

go_cat

But regardless of what you want and need to sell at a buyer will only offer what they feel the house is worth. If they do offer higher then the mortgage valuation comes in lower that causes more issues.

The only way to sell a house in this market is to be realistic with your price.

What have other similar local houses sold for bearing in mind the part commercial bit may put some buyers off

marliepanda

So it was valued at 220k in January, 200k now and you want to market it for 245k??

Honestly, asking 20% more than the value, in this climate, is likely to net you 0 viewings. People are getting excited to get 10% under. 20% over, is silly.

Will you be happy to pay 20% over value for the property you buy?

vectistim

I wonder if the fall in the last six months is due to the part commercial complication. The agents that revalued at the lower figure may be concerned as to the potential difficulty in obtaining a mortgage.

How much is the part commercial element, would it be plausible to try for change of use, and if so what would that do to the value?

helenthemum

The only property I can find even close to mine is a 2 bed with retail premises, no parking. In a better retail position than mine. Its on right move for £170k

Marliepanda - I do feel the house is worth more than the 200k the EA said especially given that work has been done on the house since they last saw it. I believe that it is worth around £215k-£220k. Given that other 5 beds houses (no commercial) in the area are around the £300k mark

marliepanda

helenthemum wrote: »

The only property I can find even close to mine is a 2 bed with retail premises, no parking. In a better retail position than mine. Its on right move for £170k

Marliepanda - I do feel the house is worth more than the 200k the EA said especially given that work has been done on the house since they last saw it. I believe that it is worth around £215k-£220k. Given that other 5 beds houses (no commercial) in the area are around the £300k mark

If you think it is worth around 220k, then market it at that, not 245k...

But if multiple agents have said 200k, your buyers mortgagers might come back with that same figure...

brit1234

There's a shock, estate agents not ramping up the price but the seller against their advice. Things in the economy are likely to get worse, we clearly do not have a booming house market but the reverse. If you want to sell price realistically or it will just sit there and you may be in danger of chasing the market down.