how to know the true market value?

hel23m

How do you find the true market value of a property you want to buy so that you can make a good offer and not over pay? I have been looking a websites such as Zoopla and mouse price however what is really the best sure fire way to find out the true value of the house you want to make an offer on. Is it through and independent surveyor? How do you find an independent valuation?
I know prices have dropped in my area however I fear overpaying as a first time buyer.
Please, any help would be great!

Ciderarmy1987

The true market value of a house is the price some is willing to pay for the house, so to find out the true market value you have to buy the house and then that will be the true market value, alternatively you can wait for somebody else to buy it then you will know what you should have paid

Kastanie

Aha!

You need to refer to moneyistooshorttomention's Big Book of Proper Prices for Normal Times wherein are inscribed the Proper Prices under which Ruthless Buyers may NOT offer

G_M

Wait till someone buys the property.

Find out howmuch they paid.

That is the market value.

Alternatively, think about how much you want the property. If you offerred (say) £300,000 and the vendors said no, and sold to someone else, whould you feel gutted and wish you'd offerred more?

If you offered (say) £310,000, and bought the property, would you feel resentful/angry because you felt you'd paid too much?

Answer - property is worth £305,000K

dzug1

There isn't a sure fire way. Indeed in the sense you mean there is no such thing as a 'true' market value

As ciderarmy says the market value is what someone is prepared to pay for it and the seller is willing to accept

An independent valuation can be done by a surveyor - you would have to pay him, but ultimately it would just be his opinion, though if you pay him enough to write a report as well as just give a value he would at least give his reasoning. And the value might be given as between x and y....

And the seller of the house is free to disagree with that valuation

suebfg

There's no way to be 100% sure. I've got a feel for house prices in my area now as a result of looking at lots, having one down valued by a surveyor and being outbid on others. I would not rely on a surveyor's report alone - often they just want an easy life and value it at the price agreed.

DRP

HAve a look at the distribution of prices and take an average using RM or zoopla over the last year or so in the street/area to give a basic idea and look at the maximum prices for the 'ceiling' in the area. Check out the pics and details of the sold houses to see their condition etc.

At least you will know what houses 'normally' go for and what exceptional ones go for.

54druids

If you like the house and you have the money you offer what you can afford up to your budget, it is that simple. You can research on the web but you will never get the true picture. You can look at properties nearby but that doesn't let you know the layout, the d!cor, the quality of the finish. Suppose it depends on if you are looking as an investment opportunity or a future home that you are going to love and cherish and bring your family up in:)

GDB2222

"If you like the house and you have the money you offer what you can afford up to your budget, it is that simple. "

Let me get this straight. I like Mars bars. I have £100 in my pocket, and I can afford to pay £100. So, according to your philosophy, I should offer to pay the shopkeeper £100 for one, "it is that simple", and I definitely don't have to look at what other shops are selling them for, or mull over the benefits of a Twix for 50p instead?

lessonlearned

How long is a piece of string.;)

What the purchaser is happy to pay, what the vendor is happy to accept, what the banks are prepared to lend - that's your market value.

abankerbutnotafatcat

Put in the hard work/research such as viewing properties and seeing what they go for over a period of time and get to know which streets/areas and different house types go for relative to each other. Build up relationships with good, local EAs as part of this. And even then it's not an exact science.

What Ciderarmy said!!