Home valuation

Willsie01

We’re thinking of buying a house that has been on the market for quite a while. This has got me thinking that it may be overpriced. What are my options for getting a market valuation. I’d like to get this sorted before I take the step of making an offer.

user1977

We don't know how long you've been looking, but...how do you normally assess the value of properties you've been looking at? Presumably you have an eye on what similar properties have sold for? Well, same here.

If you mean you want to get a professional valuation then yes, that's possible, though (in the English & Welsh system) rather unusual to do so prior to making an offer.

ReadySteadyPop

Willsie01 said:

We’re thinking of buying a house that has been on the market for quite a while. This has got me thinking that it may be overpriced. What are my options for getting a market valuation. I’d like to get this sorted before I take the step of making an offer.

Good move, so many people now make offers in a hurry just to get down valued by their more realistic lender.

Willsie01

user1977 said:

We don't know how long you've been looking, but...how do you normally assess the value of properties you've been looking at? Presumably you have an eye on what similar properties have sold for? Well, same here.

If you mean you want to get a professional valuation then yes, that's possible, though (in the English & Welsh system) rather unusual to do so prior to making an offer.

I’ve been looking for about 12 months. The last house I bought was over 40 years ago and my younger self was less inclined to challenge prices.

AskAsk

Not aware of anyone offering to do this.  Agents will put a property on the market for what they think they may get for it based on sold and asking prices in the area.  It is then up to the punters to determine what price they are willing to pay for it. 

That is how a property is valued when it goes to market.  You could get a building surveyor to value it but he would only be able to do a desktop valuation as he won't have access to the property.  But that means little if the seller won't sell for what you offer.  So it is up to you to value how much the property is worth to you, personally, as property value is personal. 

One person may consider it more costly to another person.

born_again

Try looking on the house sale websites, they have history of sales in the area.

Other option. Just put in a offer at what you feel it is worth. They can say no, but might say yes, if they are keen to move.

Tracet74

An RICS Registered Valuer would be able to carry out a private market valuation, which is exactly the same as a lender would carry out. There would be a cost attached but it would give you absolute certainty.

LHW99

Tracet74 said:

An RICS Registered Valuer would be able to carry out a private market valuation, which is exactly the same as a lender would carry out. There would be a cost attached but it would give you absolute certainty.

Although there wouldn't be any certainty that the seller would accept an offer at that valuation. It may be why the property has been slow to sell if the vendors aren't too bothered about a quick sale, and have made up their minds how much they want.

FreeBear

born_again said: Try looking on the house sale websites, they have history of sales in the area.

Which is pretty much what any surveyor would do with a desktop valuation. Perhaps with an adjustment either way depending on condition.

Bigphil1474

Personally, I'd do my research online and offer based on that. Paying someone to value it before offering seems to be no more of an advantage to getting it valued after offer. Offer below asking, and increase your offer if you have to. Some people will accept, some won't. 

silvercar

The question is do you want to buy it and what is it worth to you? If the seller will accept your prepared price, you have a house. If they won’t then it doesn’t matter how many valuations you have.