Second Down valuation on house I’m selling

ReadingTim

Sunsaru said:

It's actually 51 times over 15 years

(source: doyourownresearch.com)

And all the while, cruelly depriving a village of its idiot.  

Sarah1Mitty2

Gavin83 said:

Sarah1Mitty2 said:

Gavin83 said:

Fbuyer1234 said:

Sarah1Mitty2 said:

RelievedSheff said:

There is absolutely no point in worrying about something that you have no control over.

The house obviously isn't over priced or you wouldn't be getting the amount of interest that you are.

You just need to find a buyer who isn't reliant on such fine margins that a down valuation scuppers the sale.

You bought the house. There will be someone else in the same situation as you were when you bought.

Unlikely if they are buying with a mortgage, lending conditions have changed completely, anyone who bought in the last few years should be prepared for a valuation that says the house is worth less than they paid.

I haven’t heard this as a general consensus? Is this really the case? 

Not really, no. It's far more complicated than that and will depend on when you bought, the area you live in and the type of house. If you bought at the very peak it might be worth a bit less now but you're probably talking a few %. We bought our house in 2021 and it's now worth about 15% more than we paid.

Mortgage companies will be a little conservative in what they'll lend at the moment. If you go for a cash buyer or someone with a sizeable deposit you could potentially avoid some of these issues. You're far more likely to get a down valuation from someone who's borrowing up to their necks.

Why did you sell so soon after buying?

We’re not selling but it has recently been revalued.

Without an actual sale it is just guesswork though, a lender`s valuation will be much more picky, I think a house purchased in 2021 is more likely to be looking at selling for 15% less now not more, unless it is very unique or in an exceptional area.

Sunsaru

Sarah1Mitty2 said:

Gavin83 said:

Sarah1Mitty2 said:

Gavin83 said:

Fbuyer1234 said:

Sarah1Mitty2 said:

RelievedSheff said:

There is absolutely no point in worrying about something that you have no control over.

The house obviously isn't over priced or you wouldn't be getting the amount of interest that you are.

You just need to find a buyer who isn't reliant on such fine margins that a down valuation scuppers the sale.

You bought the house. There will be someone else in the same situation as you were when you bought.

Unlikely if they are buying with a mortgage, lending conditions have changed completely, anyone who bought in the last few years should be prepared for a valuation that says the house is worth less than they paid.

I haven’t heard this as a general consensus? Is this really the case? 

Not really, no. It's far more complicated than that and will depend on when you bought, the area you live in and the type of house. If you bought at the very peak it might be worth a bit less now but you're probably talking a few %. We bought our house in 2021 and it's now worth about 15% more than we paid.

Mortgage companies will be a little conservative in what they'll lend at the moment. If you go for a cash buyer or someone with a sizeable deposit you could potentially avoid some of these issues. You're far more likely to get a down valuation from someone who's borrowing up to their necks.

Why did you sell so soon after buying?

We’re not selling but it has recently been revalued.

Without an actual sale it is just guesswork though, a lender`s valuation will be much more picky, I think a house purchased in 2021 is more likely to be looking at selling for 15% less now not more, unless it is very unique or in an exceptional area.

Let me get this correct. You think a house purchased in 2021 is worth 15% less now than it was in 2021???

Wow... just wow....

diggingdude

Sarah1Mitty2 said:

Gavin83 said:

Sarah1Mitty2 said:

Gavin83 said:

Fbuyer1234 said:

Sarah1Mitty2 said:

RelievedSheff said:

There is absolutely no point in worrying about something that you have no control over.

The house obviously isn't over priced or you wouldn't be getting the amount of interest that you are.

You just need to find a buyer who isn't reliant on such fine margins that a down valuation scuppers the sale.

You bought the house. There will be someone else in the same situation as you were when you bought.

Unlikely if they are buying with a mortgage, lending conditions have changed completely, anyone who bought in the last few years should be prepared for a valuation that says the house is worth less than they paid.

I haven’t heard this as a general consensus? Is this really the case? 

Not really, no. It's far more complicated than that and will depend on when you bought, the area you live in and the type of house. If you bought at the very peak it might be worth a bit less now but you're probably talking a few %. We bought our house in 2021 and it's now worth about 15% more than we paid.

Mortgage companies will be a little conservative in what they'll lend at the moment. If you go for a cash buyer or someone with a sizeable deposit you could potentially avoid some of these issues. You're far more likely to get a down valuation from someone who's borrowing up to their necks.

Why did you sell so soon after buying?

We’re not selling but it has recently been revalued.

Without an actual sale it is just guesswork though, a lender`s valuation will be much more picky, I think a house purchased in 2021 is more likely to be looking at selling for 15% less now not more, unless it is very unique or in an exceptional area.

I haven't been on here for a while. Is this crashy or the new crashy? 15% drop is a fantasy. 

newsgroupmonkey_

Sunsaru said:

Sarah1Mitty2 said:

Gavin83 said:

Sarah1Mitty2 said:

Gavin83 said:

Fbuyer1234 said:

Sarah1Mitty2 said:

RelievedSheff said:

There is absolutely no point in worrying about something that you have no control over.

The house obviously isn't over priced or you wouldn't be getting the amount of interest that you are.

You just need to find a buyer who isn't reliant on such fine margins that a down valuation scuppers the sale.

You bought the house. There will be someone else in the same situation as you were when you bought.

Unlikely if they are buying with a mortgage, lending conditions have changed completely, anyone who bought in the last few years should be prepared for a valuation that says the house is worth less than they paid.

I haven’t heard this as a general consensus? Is this really the case? 

Not really, no. It's far more complicated than that and will depend on when you bought, the area you live in and the type of house. If you bought at the very peak it might be worth a bit less now but you're probably talking a few %. We bought our house in 2021 and it's now worth about 15% more than we paid.

Mortgage companies will be a little conservative in what they'll lend at the moment. If you go for a cash buyer or someone with a sizeable deposit you could potentially avoid some of these issues. You're far more likely to get a down valuation from someone who's borrowing up to their necks.

Why did you sell so soon after buying?

We’re not selling but it has recently been revalued.

Without an actual sale it is just guesswork though, a lender`s valuation will be much more picky, I think a house purchased in 2021 is more likely to be looking at selling for 15% less now not more, unless it is very unique or in an exceptional area.

Let me get this correct. You think a house purchased in 2021 is worth 15% less now than it was in 2021???

Wow... just wow....

I do wonder where he gets all of his thoughts from.

I concur with Tim at the top of this page.

Here you go Crashy, have some statistics
https://tradingeconomics.com/united-kingdom/average-house-prices

mi-key

diggingdude said:

Sarah1Mitty2 said:

Gavin83 said:

Sarah1Mitty2 said:

Gavin83 said:

Fbuyer1234 said:

Sarah1Mitty2 said:

RelievedSheff said:

There is absolutely no point in worrying about something that you have no control over.

The house obviously isn't over priced or you wouldn't be getting the amount of interest that you are.

You just need to find a buyer who isn't reliant on such fine margins that a down valuation scuppers the sale.

You bought the house. There will be someone else in the same situation as you were when you bought.

Unlikely if they are buying with a mortgage, lending conditions have changed completely, anyone who bought in the last few years should be prepared for a valuation that says the house is worth less than they paid.

I haven’t heard this as a general consensus? Is this really the case? 

Not really, no. It's far more complicated than that and will depend on when you bought, the area you live in and the type of house. If you bought at the very peak it might be worth a bit less now but you're probably talking a few %. We bought our house in 2021 and it's now worth about 15% more than we paid.

Mortgage companies will be a little conservative in what they'll lend at the moment. If you go for a cash buyer or someone with a sizeable deposit you could potentially avoid some of these issues. You're far more likely to get a down valuation from someone who's borrowing up to their necks.

Why did you sell so soon after buying?

We’re not selling but it has recently been revalued.

Without an actual sale it is just guesswork though, a lender`s valuation will be much more picky, I think a house purchased in 2021 is more likely to be looking at selling for 15% less now not more, unless it is very unique or in an exceptional area.

I haven't been on here for a while. Is this crashy or the new crashy? 15% drop is a fantasy. 

Same old crashy !

RelievedSheff

Sarah1Mitty2 said:

Gavin83 said:

Sarah1Mitty2 said:

Gavin83 said:

Fbuyer1234 said:

Sarah1Mitty2 said:

RelievedSheff said:

There is absolutely no point in worrying about something that you have no control over.

The house obviously isn't over priced or you wouldn't be getting the amount of interest that you are.

You just need to find a buyer who isn't reliant on such fine margins that a down valuation scuppers the sale.

You bought the house. There will be someone else in the same situation as you were when you bought.

Unlikely if they are buying with a mortgage, lending conditions have changed completely, anyone who bought in the last few years should be prepared for a valuation that says the house is worth less than they paid.

I haven’t heard this as a general consensus? Is this really the case? 

Not really, no. It's far more complicated than that and will depend on when you bought, the area you live in and the type of house. If you bought at the very peak it might be worth a bit less now but you're probably talking a few %. We bought our house in 2021 and it's now worth about 15% more than we paid.

Mortgage companies will be a little conservative in what they'll lend at the moment. If you go for a cash buyer or someone with a sizeable deposit you could potentially avoid some of these issues. You're far more likely to get a down valuation from someone who's borrowing up to their necks.

Why did you sell so soon after buying?

We’re not selling but it has recently been revalued.

Without an actual sale it is just guesswork though, a lender`s valuation will be much more picky, I think a house purchased in 2021 is more likely to be looking at selling for 15% less now not more, unless it is very unique or in an exceptional area.

What planet are you on?

It certainly isn't this one!

Do you know how much house prices rose in 2021 and 2022?

RelievedSheff

mi-key said:

diggingdude said:

Sarah1Mitty2 said:

Gavin83 said:

Sarah1Mitty2 said:

Gavin83 said:

Fbuyer1234 said:

Sarah1Mitty2 said:

RelievedSheff said:

There is absolutely no point in worrying about something that you have no control over.

The house obviously isn't over priced or you wouldn't be getting the amount of interest that you are.

You just need to find a buyer who isn't reliant on such fine margins that a down valuation scuppers the sale.

You bought the house. There will be someone else in the same situation as you were when you bought.

Unlikely if they are buying with a mortgage, lending conditions have changed completely, anyone who bought in the last few years should be prepared for a valuation that says the house is worth less than they paid.

I haven’t heard this as a general consensus? Is this really the case? 

Not really, no. It's far more complicated than that and will depend on when you bought, the area you live in and the type of house. If you bought at the very peak it might be worth a bit less now but you're probably talking a few %. We bought our house in 2021 and it's now worth about 15% more than we paid.

Mortgage companies will be a little conservative in what they'll lend at the moment. If you go for a cash buyer or someone with a sizeable deposit you could potentially avoid some of these issues. You're far more likely to get a down valuation from someone who's borrowing up to their necks.

Why did you sell so soon after buying?

We’re not selling but it has recently been revalued.

Without an actual sale it is just guesswork though, a lender`s valuation will be much more picky, I think a house purchased in 2021 is more likely to be looking at selling for 15% less now not more, unless it is very unique or in an exceptional area.

I haven't been on here for a while. Is this crashy or the new crashy? 15% drop is a fantasy. 

Same old crashy !

Same old agenda.

Fbuyer1234

Could I kindly ask you move this debate away from my thread  

I still am grateful for any advice people can give to my situation 

Gavin83

Sarah1Mitty2 said:

Gavin83 said:

Sarah1Mitty2 said:

Gavin83 said:

Fbuyer1234 said:

Sarah1Mitty2 said:

RelievedSheff said:

There is absolutely no point in worrying about something that you have no control over.

The house obviously isn't over priced or you wouldn't be getting the amount of interest that you are.

You just need to find a buyer who isn't reliant on such fine margins that a down valuation scuppers the sale.

You bought the house. There will be someone else in the same situation as you were when you bought.

Unlikely if they are buying with a mortgage, lending conditions have changed completely, anyone who bought in the last few years should be prepared for a valuation that says the house is worth less than they paid.

I haven’t heard this as a general consensus? Is this really the case? 

Not really, no. It's far more complicated than that and will depend on when you bought, the area you live in and the type of house. If you bought at the very peak it might be worth a bit less now but you're probably talking a few %. We bought our house in 2021 and it's now worth about 15% more than we paid.

Mortgage companies will be a little conservative in what they'll lend at the moment. If you go for a cash buyer or someone with a sizeable deposit you could potentially avoid some of these issues. You're far more likely to get a down valuation from someone who's borrowing up to their necks.

Why did you sell so soon after buying?

We’re not selling but it has recently been revalued.

Without an actual sale it is just guesswork though, a lender`s valuation will be much more picky, I think a house purchased in 2021 is more likely to be looking at selling for 15% less now not more, unless it is very unique or in an exceptional area.

I agree that without a sale it’s all guesswork. We aren’t selling though so this is the best we’ll get.

However this is a lenders valuation. The reason it’s been valued is for a re-mortgage. We paid £430k for it in 2021 (a valuation that the lender agreed with, although we could have underpaid) and they’ve said it’s now worth £480k.

If we sold we might well get a bit less than that but there’s no way it would go for 15% less than what we paid.