Which website is better or ideal to check the valuation of the property?

robydjrsg

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From bank loan perspective, bank is saying if the agreed price is more than bank's valuation price then the difference amount has to be paid by cash.

This is very risky, isn't it? This is tricky situation.

Any idea, which website is better or ideal to check the valuation of the property?

( I know a few popular ones but the numbers of valuation, coming out it, are biased it seems )
 

Forever84

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I usually use SRX to track

I assume u r buying private property? If resale, the agent usually should get a few bank valuation to match seller asking price before they list. So u no worries


HDB not so sure but I think now it is usually based off recent transactions
 

Ohw123

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From bank loan perspective, bank is saying if the agreed price is more than bank's valuation price then the difference amount has to be paid by cash.

This is very risky, isn't it? This is tricky situation.

Any idea, which website is better or ideal to check the valuation of the property?

( I know a few popular ones but the numbers of valuation, coming out it, are biased it seems )

UrbanZoom :)
 

Hayate84

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Actually how accurate is srx? Got 5% margin boh?

Sent from From Power of LOVE using GAGT
 

robydjrsg

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Thanks. Yes, SRX is also an option, but EDGEPROP fair value is also another option, but there is a difference in both the calculations, sometimes it may vary 5% ~ 10%

That's why it's so confusing.
 

Forever84

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Thanks. Yes, SRX is also an option, but EDGEPROP fair value is also another option, but there is a difference in both the calculations, sometimes it may vary 5% ~ 10%

That's why it's so confusing.

All not super accurate one la, because valuation is based on what bank willing to offer which can differ from bank to bank

But what's your goal for this? R u trying to sell your property and find what the price to list for?
 

robydjrsg

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All not super accurate one la, because valuation is based on what bank willing to offer which can differ from bank to bank

But what's your goal for this? R u trying to sell your property and find what the price to list for?

Want to compare the asking price and valuation price , thats the goal, thats why asked this ...

The problem is, based on the previous statistics, some of the sellers & agents are in their own dream world and assuming that many buyers will be jumping into this situation to buy assuming prices are low, but franking speaking we are on the pandemic now, I am not sure in which world these sellers or agents are living or dreaming, frankly speaking, it’s the time of great depression, I would sincerely hope they would wake up from the dream world, sooner or later ... apologies, no offence, as an experienced professional in Investment Banking, Insurance sectors, I know how challenging & difficult are these situation as everyone is fearing if something will happen everyday soon ... But one other thing, it is also the property agent’s primary responsibility to influence these sellers to become practical and pragmatic, if sellers are stubborn like this then it’s hard to meet both ends.
 

PropExpert

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All not super accurate one la, because valuation is based on what bank willing to offer which can differ from bank to bank

But what's your goal for this? R u trying to sell your property and find what the price to list for?

Banks obtain indicative valuations from independent valuers, so it depends on which valuer the banker asked. Eg, bank A and bank B can possibly ask the same valuer for an indicative value of a particular property.

There is no such thing as accurate valuation. The value that different valuers gave should be pretty close unless if the property is big in size (like landed) or there are no recent transactions, den there might have some differences.

Property agents will always ask the banks to give the highest possible value for the property they are selling, as long as the valuers can justify to match the asking price, they will just match it.

Those online valuation sites use certain algorithm/method to derive a valuation. They might not be "accurate" cos they simply base on your input on the address and the size. Eg, these sites will usually give wrong valuation for units with patio or roof terrace as these sites will just take the whole build in area as usable space. These website wont know the condition of the property too. Eg, an original condition landed house built in 1970s.
 
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PropExpert

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Want to compare the asking price and valuation price , thats the goal, thats why asked this ...

The problem is, based on the previous statistics, some of the sellers & agents are in their own dream world and assuming that many buyers will be jumping into this situation to buy assuming prices are low, but franking speaking we are on the pandemic now, I am not sure in which world these sellers or agents are living or dreaming, frankly speaking, it’s the time of great depression, I would sincerely hope they would wake up from the dream world, sooner or later ... apologies, no offence, as an experienced professional in Investment Banking, Insurance sectors, I know how challenging & difficult are these situation as everyone is fearing if something will happen everyday soon ... But one other thing, it is also the property agent’s primary responsibility to influence these sellers to become practical and pragmatic, if sellers are stubborn like this then it’s hard to meet both ends.

If you have a mortgage specialist from bank, den just get him/her to help you obtain a "fair" value on the property you are interested in. Seller's agent will always tell the banks to give the highest valuation.

With so much cooling measures in placed, our system is still quite well placed, which is why those sellers are able to hold on to their asking price, but I do agree with you a lot of people still do not know the current situation. Many will think tat he/she will not be the one tat will be retrenched etc until it really happens to them. But the fact tat you are also looking to buy a property, doesnt tat mean there's still some demand?

If you want, you can pm me the property details and I can help you get a fair value (and highest value) from the different banks (valuers).
 
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Forever84

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Want to compare the asking price and valuation price , thats the goal, thats why asked this ...

The problem is, based on the previous statistics, some of the sellers & agents are in their own dream world and assuming that many buyers will be jumping into this situation to buy assuming prices are low, but franking speaking we are on the pandemic now, I am not sure in which world these sellers or agents are living or dreaming, frankly speaking, it’s the time of great depression, I would sincerely hope they would wake up from the dream world, sooner or later ... apologies, no offence, as an experienced professional in Investment Banking, Insurance sectors, I know how challenging & difficult are these situation as everyone is fearing if something will happen everyday soon ... But one other thing, it is also the property agent’s primary responsibility to influence these sellers to become practical and pragmatic, if sellers are stubborn like this then it’s hard to meet both ends.

Well

Seller sets the price, so even if u did prove that valuation is below asking price doesn't mean they will lower price to match also
 

NiShiZhu

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Want to compare the asking price and valuation price , thats the goal, thats why asked this ...

The problem is, based on the previous statistics, some of the sellers & agents are in their own dream world and assuming that many buyers will be jumping into this situation to buy assuming prices are low, but franking speaking we are on the pandemic now, I am not sure in which world these sellers or agents are living or dreaming, frankly speaking, it’s the time of great depression, I would sincerely hope they would wake up from the dream world, sooner or later ... apologies, no offence, as an experienced professional in Investment Banking, Insurance sectors, I know how challenging & difficult are these situation as everyone is fearing if something will happen everyday soon ... But one other thing, it is also the property agent’s primary responsibility to influence these sellers to become practical and pragmatic, if sellers are stubborn like this then it’s hard to meet both ends.

Sorry, no offence, but what’s the point of U ranting here if sellers have good holding power. U expect them to sell u at breakeven price or the price u wish for? As a seller yourself next time, If I Low ball u, how would u feel. As a future seller yourself, Aint u not profit driven as well? U can choose to walk away if price isn’t right for u, plain simple. No point act like a spoilt brat when sellers are not willing to relent.
If now the situation is so jialat like what u said, you should be picking plenty of cheap durians and won’t be here ranting right?
I know Im harsh but I felt your mindset is rather one sided to expect all sellers to relent to the price u want. :D
 
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robydjrsg

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Sorry, no offence, but what’s the point of U ranting here if sellers have good holding power. U expect them to sell u at breakeven price or the price u wish for? As a seller yourself next time, If I Low ball u, how would u feel. As a future seller yourself, Aint u not profit driven as well? U can choose to walk away if price isn’t right for u, plain simple. No point act like a spoilt brat when sellers are not willing to relent.
If now the situation is so jialat like what u said, you should be picking plenty of cheap durians and won’t be here ranting right?
I know Im harsh but I felt your mindset is rather one sided to expect all sellers to relent to the price u want. :D


I understand, and not ranting here ... the problem is with so many sellers expecting sky high profit margins and not being realistic .. but I guess those are not serious buyers, this is what i learned as well. And you are right, I am simply walking off from those sellers.
 

gasband

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I understand, and not ranting here ... the problem is with so many sellers expecting sky high profit margins and not being realistic .. but I guess those are not serious buyers, this is what i learned as well. And you are right, I am simply walking off from those sellers.

No choice, gotta move on. I recently bought a property and some owners have different reasons for not lowering their asking price, either they are not desperate to sell or they had bought a higher price, for example, I had a owner who bought during sub-sale at a much higher price compared to those who bought during early launch at lower price. So you can imagine if these 2 owners who bought at different prices, of course one if willing to lower because he would still make a profit but one would not because the market price is just not good. At the end of the day, my opinion is, if you like it, offer your price and move on if not accepted. I hate playing games with owners and agents who try to ask high, the negotiate. This agent I close with is very steady, ask me budget what I willing to offer, tells me what she think can do, I think about it, I offer next day, accepted next day. There was another one who keep shifting goalposts, today say this amount can, tomorrow say cannot, I told her, sorry, even how low I also don't want to buy. Shifty agents mean prolonged process and indicates a character flaw to me and I don't like dealing with people like this. Sorry that is just my opinion.
 
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