Bucking the trend in property prices

[macroban]

It's the terminology I grew up with. The terminology may now be obsolete and go under a different name in the 21st Century.

It's a fundamental of a valuer's tool-kit.

I've never quite understood how the unqualified youngsters who now pose as estate agents do their valuations. Was there any better methodology in use during the boom other than "a similar property sold several weeks ago so I'll add 10%"? How are properties being valued in 2008?

[*Bob*]

The valuations agents give are simply a balancing act between roughly what the property might go for (based on how much the one next door went for last week) and what the homeowner would like to get for it.

The variables to add-in are (a) desperation of the agent to secure the business and (b)greed on the part of the homeowner, or © a mistaken belief that their home is actually nicer than it is.

When a, b and c are are in play, you get a foolishly optimistic valuation.

No toolkit required.

[macroban]

Oh *Bob*, you are a wag.

########## without tool-kits?

[*Bob*]

I thought it was an perfectly accurate portrayal of valuations. Don't you agree?

Of course these days the valuation would be based on what the house next door didn't go for rather than what it did.

[macroban]

You are too charitable *Bob*.

I think we have a serious problem here. There are no real estate agents left in East Dulwich that have qualified professionals. I'll be happy to be corrected on this, but I have consulted friends, and none can think of one that still has a A/FRICS or equivalent on board.

What we have are shop fronts with inexperienced young sales assistants. This may be fine when house prices are increasing rapidly and it is a sellers' market. You may begrudge the commission for little apparent work, but you grit your teeth and bear it.

When house prices are falling and there are very few buyers you need good professional advice if you need to sell.

Who do you go too?

[Andyng]

*Bob* Wrote:

-------------------------------------------------------

> I thought it was an perfectly accurate portrayal

> of valuations. Don't you agree?

>

> Of course these days the valuation would be based

> on what the house next door

Isnt that always been the case if a flat is imilar than what

other comparables are there unless the flat is a bit quirky?

didn't go for rather

> than what it did.

what do you mean?

[macroban]

Official. Everything's alright!

[benmorg]

Far from "bucking the trend", the Beanied houses on this thread have yet to go under offer and both and come down in price quite a bit:

upland road down 75,000

http://www.rightmove.co.uk/viewdetails-21832673.rsp?pa_n=1&tr_t=buy

melbourne grove down 45,000

http://www.woosterstock.co.uk/Detail.php?id=5209

judging from propertysnake, flats in SE22 are being cut in price proportionately more than houses.

[Amelie]

Foxtons are selling the redeveloped former hotel on Overhill Road, their signs have been up for weeks but as far as I know not one of the flats has sold. Foxtons are also selling something at #455 Lordship Lane, but have managed to put their sign right in front of the tree in the front garden so it is now completely obscured by the tree's summer growth. The owners of the huge house on the corner of Overhill/Lordship are selling through Property Broker, but my personal opinion is that they will need to address the appearance of their enormous front garden. Apparently it is a really well-cared garden from the house's perspective, but from the street it just shouts "thousands of pounds' worth of work needed".