WIW now turned inot a business Pinsters were here first!!!

Saw this on dealrush

The Deal: 5 Euro for an Online Property Valuation Including a Detailed Sale and Rental Report from ValueMyProperty



I see they ‘value’ this service at €16. But it costs €5. Hope the same logic doesn’t apply to their property valuations…

p.s. Maybe this is a pinster!

Come on name and shame (or at least guess ) :laughing:

Would be interesting to see how accurate they are in terms of their estimates vs the eventual PPR listing.

Come to think of it, how accurate is the Pin’s collective wisdom? If you averaged out the responses and check the PPR I’d say we are brutal. I posted a WIW earlier this year for a house asking 370k in north Kildare. Most generous estimate (if you exclude the ‘I wouldn’t live there’ responses) was 300k. PPR says 363k.

I’d say we usually underestimate by around 20%.

The 'Pin valuation was probably closer to LTEV

But it’s “What it’s worth” not “What It Will Sell For” WIWSF.

What it is sold for is what it is worth to the person buying it! The market decides the worth not the academic debate.

I think most people answer WIWs as though the question is ‘What would I pay for that?’

That’s not always very useful to the person asking the question. A big house in a nice part of Galway might be worth 400k on the market but I would pay somewhere between nothing and 20k because I don’t want to live in Galway (no offence, it’s perfectly nice ‘n’ all!).

Any time I’ve posted WIWs, what I really want to know is what should I bid for this? What’s it likely to go for? If someone says ‘a house down the road went for 310k but this one has a better garden so maybe 320k’ - but I only have 300k then I might move on with my search.

Of course, mostly the responses are ‘For a house on the edge of a small city in a small country off the coast of Europe…offer them 20 quid, a bag of sticks and a 1995 Toyota Corolla

There’s some sales pitch in that ad

But I’m not the one buying it so it’s a case of what it’s worth to me not what it will sell for.

I totally agree with you, so therfore *worth *is subjective and based on the desire and capability of the buyer to aquire a particular property.

that’s really a personal question to be answered by the buyer: you pay for it what it’s worth to you (or less). When you ask around for other ideas, you get a sense of whether you’re likely to be able to buy the property at that price (or if others will value it more highly). You also get a sense of whether you are in agreement with your peer group (when you tell people what you paid, will they think you a mug: shouldn’t matter but might do).

That is probably a positive, rather than a negative.

I know, it’s hilarious. Nothing to do with me but thought it worth sharing :slight_smile: