Rightmove wrong number of bedrooms and bathrooms

Exodi

michael1234 said:
I'm not quite sure what you mean by a "professional buyer" ?

I'm surprised you're not sure what a professional means, considering it was you that suggested it in the first place, I'm only responding to you!!

michael1234 said:
Not only do many house hunters look at these numbers as part of an overall picture, "professionals" do too.

It's obvious what we're talking about, e.g. experienced buyers as opposed to first time buyers or something. Professionals are not using Zoopla estimates like you suggest, it is commonly mocked on this forum for the seemingly random values it spits out.

michael1234 said:
In my experience, I see a lot of valuations that use the likes of Zoopla as a starting point. They typically look at the sale history and apply recent house price inflation to come up with a figure. I've dealt with more than one EA who has admitted to me it is faster to do it that way.

Lordy, if that is true that would explain the houses that seemingly sit on the market for so long. I'd expect that the best way to price a house would be to look at historic sales data, like you suggested, but also comparable properties in the vicinity to work out a sensible asking price. People aren't going to pay a squillion pounds because Zoopla said so, if a mirror of your house is available down the road for £100k less.

michael1234 said:
Also bare in mind, that valuations produced by professionals such as rics etc also have a rich history of inaccuracy.

Not at all comparable and for a totally different reason - RICS surveyors are concerned with liability so are motivated to provide pessimistic valuations, there is no benefit to them to suggest a house is worth more than the asking price.

It's totally different to say an estate agent or online valuation tool, which is motivated to provide optimistic valuations, as if they tell potential sellers that their house is worth a squillion pounds, they might get business from them.

michael1234

Exodi said:

michael1234 said:
Also bare in mind, that valuations produced by professionals such as rics etc also have a rich history of inaccuracy.

Not at all comparable and for a totally different reason - RICS surveyors are concerned with liability so are motivated to provide pessimistic valuations, there is no benefit to them to suggest a house is worth more than the asking price.

It's totally different to say an estate agent or online valuation tool, which is motivated to provide optimistic valuations, as if they tell potential sellers that their house is worth a squillion pounds, they might get business from them.

The surveyors are motivated by their client who is paying them. For example, someone wanting to obtain a bridging loan will be motivated to instruct a surveyor that provides the most positive figure possible. As you say, if the surveyor is acting for the lender its the opposite story.