House now valued at £13K less!!!!

gilly41

Hi
Our house has been on the market 6 weeks with no viewings. The person that valued it was not the Estate Agents valuer--she was standing in whilst he was on holiday!!! She works in the next town!
Anyhow, after I have complained several times that we have not had one single viewing they have sent the main valuer out today!! He was most apologetic and said that she had over priced it!!He has said that a house in similar condition and with all the same features as ours has just gone for 125k!!Ours was up at 138K!! I said I thought that it was overpriced at the time but hey what do i know as i havent sold a house for 18 years!!
So what do we do?? I have definately decided to sell but 13K drop is huge!!! What can we do? We are going to have to agree to the new price if we want to sell---I have seen a house i would really love so that makes me keener to just go ahead with the new price!!
What faith do we have in Estate Agents

silvercar

You don't need to have faith in the estate agents, unless they have not been passing on details of the property to their lists, the fact that no-one has been through the door in 6 weeks is evidence enough.

TBH it is very difficult to sell properties just over the stamp duty threshold.

I would price it at £125k "for a quick sale".

skim

EA's vary wildly in prices.

One valued ours at £125k, another at £130k whereas another valued it at £160k.

We put it up for sale at £145 & sold in 10 days for £140k

I guess the real market value would have been about £150k

I think you have to look around & go with your gut instinct.

irnbru_2

gilly41 wrote:

I have definately decided to sell but 13K drop is huge!!!

Better 125K of cash than 138K of nothing.

stamford

gilly41 wrote:

Hi
Our house has been on the market 6 weeks with no viewings. The person that valued it was not the Estate Agents valuer--she was standing in whilst he was on holiday!!! She works in the next town!
Anyhow, after I have complained several times that we have not had one single viewing they have sent the main valuer out today!! He was most apologetic and said that she had over priced it!!He has said that a house in similar condition and with all the same features as ours has just gone for 125k!!Ours was up at 138K!! I said I thought that it was overpriced at the time but hey what do i know as i havent sold a house for 18 years!!
So what do we do?? I have definately decided to sell but 13K drop is huge!!! What can we do? We are going to have to agree to the new price if we want to sell---I have seen a house i would really love so that makes me keener to just go ahead with the new price!!
What faith do we have in Estate Agents

Stick your postcode into this website and see what nearby properties have sold for

http://www.ourproperty.co.uk/

gilly41

Hi
Thanks for the replies---sorry to sound stupid but what is the stamp duty threshold---is it 120k or 125k?
x

Ian_W

I agree with silvercar, the real proof is no viewings.

In fairness to the EA, valuing houses isn't an exact science in many ways - there are so many factors that make very similar houses worth 1000's more or less than each other - but your house is worth only what someone is prepared to pay for it. If it was over-priced then I wouldn't worry about the price drop unless it prevents you buying the house you'd like, even then you can't do anything about it except lower your sights if you want to move.

But I wouldn't have only one EA value a property anyway as my experience is that some over-value simply to get you to sign up with them, then encourage you to drop your price rather quickly when it won't shift. I'd get at least 3 valuations and look to put it on around the middle one. Valuations are free and they give you an opportunity to weigh up the different agents.

EDIT to add: It's +£125K.

Carter_2

I agree that it is difficult to sell just over the £125k threshold but think it should be put on the market for slightly higher, say £129k. People always want to think they got something off so if you put it on for £125k they still might try to get £1-2k off that price too. What was 'asking price' the other house was up for sale for, as opposed to what it went for i.e. sold at?

PJD

Price isn't necessarily the reason gilly hasn't had any viewings.

I had TWO VIEWINGS in NINE WEEKS with one particular estate agent.... - sacked them, put it up again for the same price & had around TWELVE VIEWINGS in the FIRST WEEK!!!

Personaly I would get a couple more agents around to see what their opinion is....

gilly41

Hi
Thanks again for the replies. We have been with this agent for 6 weeks and are tied in for a 16 week contract---therefore til March! I did have another valuation done in the summer and that was for 125K----when we got this EA out and she said that the 125K was way below what we should be looking for I just assumed she was right! As I say i havent sold for 18 years so havent really got a clue---but I am learning fast!
x

dunstonh

Property values dropped in October and there are signs that things could go in either direction depending on where and what you read.

With you being so close to the stamp duty mark, you either have to be quite a bit above it or just below it. There is little point being just over it.

It may be worth a little bit more than £125k but that stamp duty level is working against you.