SRX valuation accuracy

[Ronkie]

hello all…
I did some research on the resale on the unit I wanted to purchase and also base on the valuation portals online, as a gauge , ( I know accuracy is abt 5-10% difference ) I made my offer to the seller.

but to my horror , HDB valuation is about $90k lesser than srx .

anyone encountered shocking COV ?

 

[kiatme]

SRX is not accurate at all it its an auto calculation base on nearby units (street, overall all the units)

HDB values based on the district and room types. There are places where the 4 rooms sell higher than the 5 rooms within the same street, years just 3-4 years apart.

 

[Tp101s]

In your case, is “SRX” even a recognised valuer in the eye of HDB? Otherwise, nothing horrifying.

 

[hwmook]

hello all…
I did some research on the resale on the unit I wanted to purchase and also base on the valuation portals online, as a gauge , ( I know accuracy is abt 5-10% difference ) I made my offer to the seller.

but to my horror , HDB valuation is about $90k lesser than srx .

anyone encountered shocking COV ?

90k lesser so valuation is how much, if 1.3m valuation then 90k difference still possible.

My own HDB valuation is about same as SRX value for my purchase.

 

[gonewiththesmart]

check the area of the unit provided by all these free valuation. 4s treated as 4A etc

 

[ctstalin]

not accurate one, it valued the HDB unit I buying at 1.03m, valuation come out 990k. Now I check again, go up to 1.05m

 

[hwmook]

not accurate one, it valued the HDB unit I buying at 1.03m, valuation come out 990k. Now I check again, go up to 1.05m

1.03m vs 990k is quite close already.

 

[Ronkie]

In your case, is “SRX” even a recognised valuer in the eye of HDB? Otherwise, nothing horrifying.

No it’s not . But from what I read from many in this forum, the difference isn’t that huge. Thou I did see one or 2 guys with $60k off range.

I am not saying hdb takes srx results as a gauge.

just want to let those who are making offers be aware there’s such situation like mine

 

[Ronkie]

90k lesser so valuation is how much, if 1.3m valuation then 90k difference still possible.

My own HDB valuation is about same as SRX value for my purchase.

Valuation $500+ k , srx $600+k

 

[Ronkie]

check the area of the unit provided by all these free valuation. 4s treated as 4A etc

Issue is not many recent transactions

 

[hwmook]

Valuation $500+ k , srx $600+k

That is 20% off. Any recent transactions in the area with $600+k? I see SRX valuation is base on recent transactions so it is usually not far off.

 

[Ronkie]

That is 20% off. Any recent transactions in the area with $600+k? I see SRX valuation is base on recent transactions so it is usually not far off.

Only 2 transactions. And I know the hdb valuation of one of them bcos I almost bought it. So I used that unit to check on the accuracy of srx before I made my current offer, and the difference was only $8k

 

[pricklepantz]

depends on the unit and the valuer .... in my case srx is abt 15k lower and yes i still got cov

srx has another agent only tool that can tell you how much cov for the recent transaction (sourced by different agencies and also can be untrue)

the unit you buying must be a well renovated one compared to the other 2?

 

[zeroX26]

No it’s not . But from what I read from many in this forum, the difference isn’t that huge. Thou I did see one or 2 guys with $60k off range.

I am not saying hdb takes srx results as a gauge.

just want to let those who are making offers be aware there’s such situation like mine

Propseller, the co tat I used for selling, told me SRX tend to be "overly optimistic" on their prices one.

 

[Ronkie]

depends on the unit and the valuer .... in my case srx is abt 15k lower and yes i still got cov

srx has another agent only tool that can tell you how much cov for the recent transaction (sourced by different agencies and also can be untrue)

the unit you buying must be a well renovated one compared to the other 2?

Actually no. It’s not . Although it’s not impt to me on the reno part I prefer it quite bare . This unit is fine condition just not newly removated

 

[hwmook]

Propseller, the co tat I used for selling, told me SRX tend to be "overly optimistic" on their prices one.

That is definitely not true from my experience. Propseller just want you to lower your expectations so its easier for them to sell. SRX calculate base on recent transactions in that blocks/area together with the market trend so for those newer blocks with higher transactions volume, it should be pretty accurate to get a market rate. HDB valuation on the other hand tend to be lagging in a rising market thus COV is very common.

 

[zeroX26]

That is definitely not true from my experience. Propseller just want you to lower your expectations so its easier for them to sell. SRX calculate base on recent transactions in that blocks/area together with the market trend so for those newer blocks with higher transactions volume, it should be pretty accurate to get a market rate. HDB valuation on the other hand tend to be lagging in a rising market thus COV is very common.

I didn't make things easy for them though. I requested for a price higher than SRX's valuation and the agent from Propseller still went all out to get that price for me. So kudos to them.

 

[Ronkie]

I used www.ohmyhome.com/en-sg/home-e-valuation-v2/ valuation early this year. It was quite accurate and the difference is <5%.

I guess it depends on district and many various factors . I used several including ohmyhome but the difference is huge too .

anyway managed to discuss with the seller he gave me a slight discount and I went ahead…

 

[zeroX26]

I used www.ohmyhome.com/en-sg/home-e-valuation-v2/ valuation early this year. It was quite accurate and the difference is <5%.

<5% is still pretty wide, no? For a 500k unit, tat's like 25k diff liao.