Buying or selling property is not easy. Verditakst, suggested price and sales report will all say how much the property is worth.
However, the projections may miss rough. Last year, eight out of ten homes in Oslo sold over fare. For buyers’ major frustration, and surely many merchants pleasure.
– In a market with almost explosive growth and then residences as we now see in Oslo, will value valuation rarely vote more the result of the bidding, says CEO Norwegian Evaluation Association, are Andenæs Huser.
– Can not guess
in one year, house prices in Norway rose by 8.8 per cent. July, which is usually a quiet month, ended with record growth in Oslo.
According fare men, it is therefore quite normal that prices ends of the tariff is set to.
– It’s like that the dynamics of the market. Fare shall not be a future vision, it is the market so we are considering it then and there. Prices driven up by strong demand. Appraisers should not guess or predict the outcome of the bidding, said Huser.
Thus, the figure starting with often lower than what buyers are willing to give a few weeks later. Those who missed last round of betting may also extend even a little longer in order not to lose the next.
Huser notes that the location where prices are falling, which in Stavanger, the situation is reversed.
Renovation object was sold 6 million of valuation
the mediators will appraise yourself
But agents do not agree that it’s the only explanation.
– the difference between the value appraisers estimate and sales prices are much higher than the average price increase, says Grethe Wittenberg Meier, CEO of PRIVATmegleren.
Member Firm is one of several that will now stop letting taksørene estimate the market value of new sales objects. It has already been the practice in the rest of the country, but from June should also brokers in Oslo set asking price alone.
– Our asking price considering the location and other conditions, and we believe it provides a more realistic picture, says Wittenberg Meier.
She says taksørene still should consider the technical value , ie how much the property is worth in itself, but not taking into account other factors that may to pull the price up or down.
– the mediators our uses a computer tool called e-valuation based on data from Eieindomsverdi and hope with it to get so close to the selling price as possible, she said.
appraisers feel pressured to drop valuations– Anyone using the same tools
Statistics of Property value is the basis for both brokers and appraisers when assessing the value of a home.
– the professionals are using the same tool when assessing the value of a home, says Thomas Bartholdsen, Director of the Consumer Council.
in addition to easily check what the property is sold for previously calculated property value in today’s market based the average inflation for housing in the same area. Besides stating the price of similar homes in the neighborhood that have recently been sold.
So, broker or valuer exercise judgment and consider other elements, such as the bathroom is renovated or view additional fine.
– With all this information it’s pretty rough that brokers booms and such marketer homes much lower than similar properties in the same block is sold in previous months, says Bartholdsen.
property Value – Find out what your home is worth
Confused by all the terms? Here are the most common ways to assess the value of a home.
Verditakst / valuation:
Fare’s assessment of the market, based on sales figures for similar objects, as well as easy inspection and surveying of the property. Contains technical description and specifies maintenance requirements, but is not as thorough as a condition. Taking also into account external factors such as location, views, sun and communications.
Asking Price:
Broker’s assessment of what the property can be sold. Often based on the valuation of the property, and taking into account the location, views and other conditions, as well as whether there is high demand in the market.
technical value:
Assessment of property tangible value. In simple terms what it will cost to build the house itself, minus wear, tear and others that must be rectified. Does not take into account location and other factors.
Status Report:
Thorough and detailed description of the property’s technical condition and maintenance requirements. The report describes deviations from building regulations and normal expectations about state of wear and tear, either for the whole building or parts of it. Are several different varieties, including housing sales report.
Boligsalg Report:
A widely used version of the condition contained in thorough and less thorough editions, but with more basic information than simple values and loan appraisals. It is the most superficial types used at least, according to the Consumer Ombudsman.
Status Report in accordance with NS 3600:
status Report specifically designed housesales who follow a detailed checklist based on Norwegian Standard for technical state analysis by reacting residence. Assessing the need for repairs and maintenance thorough, and measure different parts of the residence condition on a scale from zero (no difference) to 3 (severe deviation). Available both with and without consideration of the market.
Loan Charge:
property value bank uses as a basis for loans, mortgages and any forced sale of property. Determined by the appraiser and is normally 20 percent lower than the value appraised.
Pre-Charge:
Considering the value of the property in the future, based on construction plans, division of the plot, and so on. If the plans implemented such valuation assumes, can advance valuation normally converted to a value fare.
Sources: Norwegian Evaluation Association, the Consumer Council, Great Norwegian Encyclopaedia
– Independent review
Are Andenæs Huser admits that brokers may consider market as well – or badly – who fare the men.
– It’s not about who’s the best people to say what a property is worth. We use the same aids based on statistics, and everyone can learn a local market. The important thing here is the roles, says Huser.
When agents get to decide the value yourself, the pricing will be even more skewed than it is today, he said.
– The brokers’ role is to get the highest possible price for the property. That they are alone in setting the value contributes in any case not less inflation. Most are keen to get an independent assessment of the property before buying or selling, says Huser.
Difficult technical value
– But if appraisers estimate technical value and agents mrkedsverdi, should the buyers to be well informed?
– Consumers are having trouble dealing with technical value alone, because it can not be used as a guideline for what the house is worth when they will bid says Thomas Bartholdsen Consumer Council.
in fraflytningsområder sold houses often at lower cost than their technical value, while homes in areas with high demand have a much higher price than the technical value.
Bartholdsen fear that agents will imply higher sales to hijack mission.
– the cleanest and safest for consumers is that two professionals considering market and that the valuer takes into account the wear and remediation needs. The mediators refuse the often that they knew nothing about the condition of the property when buying ends with complaints, says Bartholdsen.
According to the Consumer Council research shows that most homebuyers have higher confidence in the valuer than the real estate agent.
– Inspectors men hit most often
But the brokers’ assessment is often too low.
– You’d think that the realtor was the one who hit the best in a rising market. But consumer inquiries and spot checks show that the rate men averaging more accurate, says Bartholdsen.
He believes this is largely due to the use of lure prices. In residential Ads Consumer Council has gone through, the agent’s suggested price not rarely lower than the tariff.
– Before it was a bit embarrassing and obviously when the broker sets a price far lower than the tariff on popular housing, to draw more people on display . Homebuyers saw through broker lure pricing and reacted. Now that brokers squeezes fare men away from estimating the market value, there is less risk that lure prices revealed, he said.
“Oslo’s cheapest” apartments went hundreds of fareRejects lure Prices
PRIVATmegleren says their price estimates so far have been about three percent lower than final sales prices over the last month.
– In the market we have now, it is difficult to hit. There is a lot of psychology. There must be a price the seller can accept, but not one that is so high that no one comes in view, says Meier.
But she denies that it is the same as to entice buyers with unrealistic offers.
– the allure price is putting a price lower than what you are willing to sell for. We appreciate the never lower than what we think may be acceptable, she said.
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