Bank Valuations are going down down down

The latest figures out show that the property prices have remained stoicaly steady and that confidence within the market place is improving.  After a turbulent year this is good news for many sellers, buyers and agents.

Only today I received a call from an investor, looking to purchase property in McDowall, he is withdrawing monies from the banks as the returns are negligable.  To quote him directly  “putting it in bricks and morter something I can touch and feel and won’t disappear into the big balck hole”.

Bank Valuations are going down down down

Having said this the bank valuers are being still very very cautious when carrying out valuations.  Only yesterday a contract crashed due to valuation i.e. the valuation was less than the contract price.  Within two hours we had a second contract on the same property for the same price.

Don’t the buyers set the value?  Interesting times!

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