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Debate House Prices
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Selling prices
Marvel1
Posts: 7,447 Forumite
Something I have always wondered, in regarding house prices.
People always compare to what others in same street have sold for like for like.
Now lets say I wanted a very quick sale and couldn't be bothered and knocked off £20k as the asking price than the value. Sold for asking price.
Another neighbour does the same.
What would happen if another neighbour wants to sell but does not want to drop £20k, what would the value be?
Hopefully this makes sense.
People always compare to what others in same street have sold for like for like.
Now lets say I wanted a very quick sale and couldn't be bothered and knocked off £20k as the asking price than the value. Sold for asking price.
Another neighbour does the same.
What would happen if another neighbour wants to sell but does not want to drop £20k, what would the value be?
Hopefully this makes sense.
0
Comments
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The value for a house is defined by RICS as being the price that both a willing and able buyer and a willing and able seller will agree in the open market.
Without both those things, ie, agreement of both buyer and seller, there is no sale.
Recent comparable sold prices are part of the equation used to determine value, but they're not the only part, if they were prices would never rise (or fall)...“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
I believe surveyors look for three recent sales. Quick sales for below market valuations are very rare. In most areas, due to lack of supply, a property will go within a couple of weeks if it's fairly valued, or desirable (e.g., period)."Real knowledge is to know the extent of one's ignorance" - Confucius0
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