How reliable is "how much does it sell for"!!

marylee

The estate agent sent me a brochure for a house at £269,950. I checked the "how much did it sell for" website and a semi-detached sold in September 2005 sold for £235,000. Do ES delibarately over price the property expecting propective buyer to bargain a bit? The EA is also selling brochures of houses under offer which I do not think it is right, most of the houses I like are under offer or vendor approved. I do not wish to waster ther time or mine, why don't they take the house off the market, if it is under offer, does the house go to the highest bidder if there are more than one buyer? Thanks.

cattie

Checking how much other houses in the street went for isn't a good way to gauge the price of a house in my opinion. In my street there can be quite a variation in prices depending on different things such as how the owners have arranged their living accomodation, state & style of interior, extensions etc.

Here, houses with up to date & flexible family accomodation can expect to get at least £25,000 more than a house that is tired, dated & hasn't had at least a kitchen extension.

With regard to still marketing a property under offer, I don't agree with it myself. If an offer has been accepted then that should be it, end of story, house off market. If vendor's aren't happy with the level of an offer then they should say no & continue to market the property untill they get an offer that they are happy with. They shouldn't put a prospective purchaser in the position of thinking they are buying a house, when all along there is the chance of someone else offering more money coming along & snatching it from them.

Tahiti

It's bang out of order continuing to market a property after it is sold subject to contract in my opinion.

As for house price websites, finding similar properties (in similar condition) will give you an idea of what has been available, but each seller has their own idea of what they will ask/accept (whether or not it is reasonable).

I know from personal experience that certain estate agents are quite open to a vendor that they will slightly overprice a property in order to be able to accept a "low offer", but it's not always the case.

robwend

you all made a statement to the above SSTC,, its like ronseal does exactly what it says on the tin. nothings sold till solicitors exchange,all agents are saying is dont get ya hope up coz a "offer " has been exepted, usually its the last buyer to the finishing post wins, just coz its sstc dont mean you cant offer aswell

Tassotti

cattie wrote:

Checking how much other houses in the street went for isn't a good way to gauge the price of a house in my opinion. In my street there can be quite a variation in prices depending on different things such as how the owners have arranged their living accomodation, state & style of interior, extensions etc.

Unless you pay for an independent valuation to be done, checking sold prices is the ONLY way to find out True market value. Prices will vary within that street, and from all the information supplied, including market conditions and the condition of the house, there is your true valuation.

Houses are selling for 93% of asking price on average. This answers the question on whether EAs are overpricing. Of course they are. They want as much money as possible, but are giving sellers false and unrealistic hope.

david29dpo

bear in mind if you are in a contract race,ALL parties MUST be told by law.