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Having your property valued accuracy

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  • 21-07-2017 9:58am
    #1
    20Cent
    Registered Users Posts: 8,939 ✭✭✭


    Hi all,

    Quick question, have had my house valued by three different estate agents. Two came to a similar figure and one was about 50k higher.

    I'd imagine they go for the lower price so when it goes for more it looks like they did a good job but this difference seems very high.

    The property is in a popular area in good condition and it would sell quickly.

    Any opinions on how accurate these evaluations are?


    thanks.


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    The only way you're going to know your properties value for certain is by selling it.

    Anything else is an educated guess.

    I can't imagine any EA would deliberately undervalue a property in order to look better later, chances are you wouldn't go with that EA anyway.


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    #3
    Peregrinus
    Registered Users Posts: 26,511 ✭✭✭✭Peregrinus


    Yes. The incentive is for an EA to over-value your property, so that you'll place it in his hands in the hope or expectation that he will look for, and get, a higher sale price.

    So if two of your three valuation are more or less in line with one another, and the third one is higher, not lower, odds are that its' the third one that's off-beam.


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    #4
    mloc123
    Registered Users Posts: 9,454 ✭✭✭mloc123


    I don't think there is any science to valuing property... now with the PPR they will usually look at what similar houses have gone sale agreed at in the past few months and value at 5-10k less (in the hope of getting more people in to view) IMO.


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    #5
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    mloc123 wrote: »
    I don't think there is any science to valuing property... now with the PPR they will usually look at what similar houses have gone sale agreed at in the past few months and value at 5-10k less (in the hope of getting more people in to view) IMO.

    It correct. Ppr shows what the final price goes for. However purchasing a place can take 3-12months on average. As a result the purchase price could be well off the current market rates. Ppr helps to get a fell butnwith price fluctations being so high. Ppr doesn't correctly show the real value at a moment in time


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Honestly- any estate agent who claims to be able to accurately value a property- is talking through their hat.
    Any given property- is worth what any given prospective purchaser will pay for it. Even if its a remarkably good area- if there is only one person interested in the property- it may make an awful lot less that you'd imagine. Whereas- a run-down hovel that has a few people interested in it- may make well over the odds.

    If you look at the television programmes- they tend to get three estate agents from local lenders valuation panels. They get each to independently value the property. They then add the 3 valuations together- and divide by 3.

    Its a bit like looking into a crystal ball- its not a science- its complete bull****- you might randomly pull a figure out of thin air- and be considerably more accurate than a 'professional'.

    It all depends on- how much its worth to a prospective purchaser- and whether there are multiple people interested in it.


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    #7
    mloc123
    Registered Users Posts: 9,454 ✭✭✭mloc123


    Fol20 wrote: »
    It correct. Ppr shows what the final price goes for. However purchasing a place can take 3-12months on average. As a result the purchase price could be well off the current market rates. Ppr helps to get a fell butnwith price fluctations being so high. Ppr doesn't correctly show the real value at a moment in time

    Even if PPR is slow.. agents are much less secretive about what places sell for now. 10 years ago they would not tell you what a house went sale agreed at... now when I phone about a place.. they will happily tell you what it went for.

    I know when I had an agent up to value our house, she knew what the similar ones from other agents had sold for.. so did I having phoned them up.


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    #8
    Cyrus
    Registered Users Posts: 20,097 ✭✭✭✭Cyrus


    20Cent wrote: »
    Hi all,

    Quick question, have had my house valued by three different estate agents. Two came to a similar figure and one was about 50k higher.

    I'd imagine they go for the lower price so when it goes for more it looks like they did a good job but this difference seems very high.

    The property is in a popular area in good condition and it would sell quickly.

    Any opinions on how accurate these evaluations are?


    thanks.

    It won't sell quickly if the price is wrong


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    #9
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Cyrus wrote: »
    It won't sell quickly if the price is wrong

    Or if its targetted at an audience who won't entertain the suggested price point........ It really is a bit of a how long is a piece of string question.


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    #10
    CeilingFly
    Closed Accounts Posts: 3,378 ✭✭✭CeilingFly


    Op may not know what ppr is.

    Www.propertypricerrgister.ie

    Key in details of where you are and the precise price other properties have sold for in the area will be shown.

    Compare these to your property and you should be able to get a ballpark figure.

    You can also ask the agent who gave the higher price for the reason - you might find he sees something that the others didn't.

    Also what experience did each valuer have?


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    #11
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    20Cent wrote: »
    Hi all,

    Quick question, have had my house valued by three different estate agents. Two came to a similar figure and one was about 50k higher.

    I'd imagine they go for the lower price so when it goes for more it looks like they did a good job but this difference seems very high.

    The property is in a popular area in good condition and it would sell quickly.

    Any opinions on how accurate these evaluations are?


    thanks.

    I know who the third one was anyway. They wont achieve that. Theyll have an excuse, Trump, Brexit etc etc etc


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