What Price for Your Property?

I know there is a Reference Value on houses which the banks consult before granting a mortgage.

The thing is, how much would you put your house up for? There seem to be so many conflicting prices that it would be rather diffcult to know where to set it. For example, on our complex we have a 2 bed, townhouse up for sale at €125,000. Just across the street on the same complex is the exact same style 2 bed townhouse for sale at €169,000 and yet another (different agent) at €175,000. Now this could be different estate agents putting a value but, in two cases, it's the exact same estate agent. The more expensive one hasn't had any more done to it than the cheaper one.

Likewise, though with different estate agents. a 3 bed townhouse is going for €165,000 but an exact same is up for €215,000.

Looking at other complexes, the problems seems the same with similar houses have a 30 to 40 thousand disparity between them.

So if I were to put my house up for sale (which I'm not) how would I know what price to actually put on it? Too low and you lose money, too high you get nobody coming round to have a look.

If you rely on the agent, how come two similar houses have such a high difference in the prices?

I know some will put it up at a higher price and then accept a lower price which seems a discount but it isn't really. Just seems like a bit of double dealing to me.

How would you know a "fair" price that you could stick to?

I always thought the price of your suma bill was 60 or 70 % of the price of your property.
If you have a swimming pool or outside kitchen you add more on.
Or you can find out by the square meter of your property in the area you live at the council office.

What on earth does that have to do with the OP’s ponderings regarding a potential sale price?

lexia wrote:I always thought the price of your suma bill was 60 or 70 % of the price of your property.
If you have a swimming pool or outside kitchen you add more on.
Or you can find out by the square meter of your property in the area you live at the council office.

I take it you mean the rates or catastral valor of the property. In which case mine is about 35% and that was valued some 15 years so doesn't really bear any relation to property prices nowadays.

The reference value is produced by notaries giving an average of property prices in the area but, with such a great disparity, how can they come up with an average?

Someone who wants a quick sale to move may reduce it to well below the value price and thus skew the prices up considerably.

marcliff wrote:I know there is a Reference Value on houses which the banks consult before granting a mortgage.

The thing is, how much would you put your house up for? There seem to be so many conflicting prices that it would be rather diffcult to know where to set it. For example, on our complex we have a 2 bed, townhouse up for sale at €125,000. Just across the street on the same complex is the exact same style 2 bed townhouse for sale at €169,000 and yet another (different agent) at €175,000. Now this could be different estate agents putting a value but, in two cases, it's the exact same estate agent. The more expensive one hasn't had any more done to it than the cheaper one.

Likewise, though with different estate agents. a 3 bed townhouse is going for €165,000 but an exact same is up for €215,000.

Looking at other complexes, the problems seems the same with similar houses have a 30 to 40 thousand disparity between them.

So if I were to put my house up for sale (which I'm not) how would I know what price to actually put on it? Too low and you lose money, too high you get nobody coming round to have a look.

If you rely on the agent, how come two similar houses have such a high difference in the prices?

I know some will put it up at a higher price and then accept a lower price which seems a discount but it isn't really. Just seems like a bit of double dealing to me.

How would you know a "fair" price that you could stick to?

Advertise the house on TQ with no sale price on it...someone will be quick to spark discussion about it!

For good measure, BUMP it a week later!

Not me selling. I don't think 'er indoors would speak to me if I suggested it. Did think of moving a few years ago to somewhere else in the area but the costs involved in selling and buying something else were horrendous.

No, this is one of my neighbours. His wife died just over a year ago and he's stuck it out but now feeling a bit lonely and is thinking of going back to UK for his family. He asked how much I reckoned he could sell for so I said see what others are charging. That's where the big disparity in prices came up. Same two houses with a 50k disparity in prices. I said pitch it in the middle and see how it goes.

Having sold 2 houses perhaps I can give some insight into the disparity. Different agents gave me different estimates depending on how desperate they were for the business. The more they wanted it on their books the higher the valuation. Presumable on the basis they could get me to reduce it later. The more reputable ones may vary a bit but are generally in the same ball park. If the vendor wants to sell quickly then they will be at or below the bottom of the band and the reverse if prepared to wait. They also said that vendors often have their own idea of the valuation and may insist that it is marketed at above the market norm.
A surveyor friend in the U.K. once told me that there is no exact price for any given property, it is in any case only someone's opinion. In the area where I lived all the properties were totally different so comparison was more or less impossible. The area of land and size of building gave a starting point then add or subtract for condition, age and special features. As he said the true price is what someone is prepared to pay.
I would suggest your friend gets two or three agents to come and value his house without obligation and then take his own view. hope this helps.

pedrosloggett wrote:A surveyor friend in the U.K. once told me that there is no exact price for any given property, it is in any case only someone's opinion. In the area where I lived all the properties were totally different so comparison was more or less impossible. The area of land and size of building gave a starting point then add or subtract for condition, age and special features. As he said the true price is what someone is prepared to pay.
I would suggest your friend gets two or three agents to come and value his house without obligation and then take his own view. hope this helps.

I agree with your friend. Also - a property is "worth" absolutely nothing unless it's sold!

Yes - multiple valuations...or find a good agent who will show the SOLD prices for recently-sold, similar properties (if they had any on their books).

We have an apartment for sale which is going for 30k More then one sold 2 months ago. When I asked the estate agents why it's been priced so high she said there aren't enough houses available for sale and the owners need as much as they can get Cant believe there's not enough houses there's loads about,

Chrisdee wrote:We have an apartment for sale which is going for 30k More then one sold 2 months ago. When I asked the estate agents why it's been priced so high she said there aren't enough houses available for sale and the owners need as much as they can get Cant believe there's not enough houses there's loads about,

Agent profiteering due to Russia/the B word...lots of Spanish apartments currently sitting in shipping containers in Dover.

Allegedly.