house valuations from ea and internet research.

emmamc252

i posted earlier and have had lots of feedback about offers getting rejected. we have listened to advice and have based our offers not based on percentages but on what we think a property is worth. we have used all the internet sites sucha s propertprice advice etc as listed in the housing and mortgages section on this site. we have also checked what similar properties are now up for sale for in similar areas, how long properties have been up etc. we therefor feel that the offers made have been fair, i'm not saying we have been generous but given the research we have done they shouldn't be insulting at all. for example, there are 2 properties we like at the minute. one is up for 230,000. we have checked it all out on valuation sites and the ave. valuation is 190,000 the upper valuation is 220,000. in comparrison to some properties on the road that are also up for sale this is a good price, one much smaller and not as nice inside is up for 215,000 but it has been for ages and doesn't seem to be selling, however others on the road are priced more reasonably and again would make this look like quite a high price. all are up with different EA and so obviously the EA's have all given different valuations. what i am interested in is, how are we as buyers supposed to use the advice on these sights? should we see that as a good estimation of a properts worth? and also, how are ea's valuing properties differently to these sites? is it local knowledge? and if so, how come none of them seem to agree?
my mum has recently looked at putting her house up, she got 3 caluations that differ with a 60,000 range. we have gone for the middle one of 340,00, but she felt very insecure about what our house was actually worth. if these are the proffessionals, how are we supposed to know. and for me, how am i supposed to know what a house is worth if they doon't?

Snow_Dog

And breath..........

PasturesNew

Snow_Dog wrote: »

And breath..........

roflmfao
..........

PasturesNew

The answer to the original question is, there's not really a way to KNOW.
A house is only worth what somebody is prepared to pay for it.
A house's owner is the only person who can say yes/no to an offer.
Everybody's situation and perception is different.

Who knows how EAs price property.... it's pretty much been a finger in the wind approach. Add a bit more on to the last one that sold, bearing in mind how long ago that was + a feeling for how much he thinks the owner wants to hear.

Officially, an official, qualified RICS surveyor wll be able to tell the value.
But having the right value doesn't mean there will be a buyer for it at that price.

It's all a game.

That is why you have to offer what it is worth to YOU.

You might offer £200k because it's at the end of a cul de sac:
- good position - bigger garden - room to access front garden/easier to park

Another person might offer £180k because it's at the end of a cul de sac:
- every bugg4h turning round in your driveway - kids playing/gravitating towards the end - increased risk of burglary for a house at the end

And the owner might see the house as being worth £220k because there's room to extend.

As the old saying says: You pays your money, you makes your choice.

Ivana_B_Rich

In my area (Lancashire) it feels like agents and vendors are only just realising that prices are starting to fall. Vendors still seem to expect bidding wars and asking price offers. I think that the EAs are still giving very high valuations but the surveyors are more in tune with the market and the true value of property.

A house near me has been reduced 60k in the last 3 months and has finally gone under offer. I really think that property will sell if it is priced correctly, but until EAs stop allowing vendors to believe that prices are still high a lot of vendors will not be able to sell.