Estate Agents Valuations - Driving Me Mad!

romi-j

Hi everyone

My husband and I have decided to put our flat up for sale in order for us to buy a house.

Since calling Estate Agents,I've been laughed down the phone when I mentioned how much I paid for our flat in 2007. One even asked if I'm looking to make a profit (well obviously!) and kept going on about how the industry is on its knees.

I understand there is a recession, but in order for us to buy a home we need a large deposit so we have to make a profit.

Does anyone have any experience with selling via an online estate agent in Scotland?

Thanks

mjdh1957

Unfortunately for your plans house prices have dropped since 2007 so it is very unlikely you will have made a profit. The fact that you 'need' one to move makes no difference.

The Estate Agents might have been a bit cruel in laughing at you but them's the facts....

Online Estate Agents won't be able to increase the price of your property above what the market will accept.

You could start saving up for a bigger house now. As it's likely that the price of the house you want won't be increasing much over the next few years either.

southantrim3

Yea, valuations are nowhere near what they were at in 2007, you're roughly at about 30% less than what you would have bought it for, if not more.

the_flying_pig

you shouldn't deal again with someone who's so rude as to laugh down the phone at you.

but they've no reason to lie to you about something as fundamental as the value of the house. if they say that prices have fallen then chances are that this is right.

in general falling prices should always be good for someone looking to upsize, unless it pushes you into NE, since it means you'll have to borrow less to move up the ladder.

MissMotivation

Very poor that an EA laughed at you down the phone!

Very, very unlikely you will make a profit if you bought in 2007 and whether you need a large deposit or not it's not going to make your house worth anymore than it is in the current market.

By all means try an online agent but what makes you think they will be able to see for more than market value?

WestonDave

You appear to be in the position of having a fiver, and trying to get someone to give you a tenner in exchange! Your flat is worth what someone is willing to pay, and if that is less than you paid for it, no amount of sugar coating from EA's will change it. No, they shouldn't be rude about it, but if you NEED a profit, their laughter is the least of your worries - you simply aren't going to get someone to pay more than it is worth in the current climate.

kingstreet

Did you by any chance make any mortgage overpayments during that four year period? You can maintain the equity you have in your property in a falling market by reducing the mortgage on a regular basis.

googler

Since most online agents' pitch is 'we can get you onto Rightmove', you should treat them with caution, as RM just doesn't have the same presence in Scotland that it does in E&W.

What you need and what the market is prepared to pay are two very separate things.

However, if you do achieve a sale on your flat at less than you hoped for, the general expectation is that, having achieved that, you're in a better position to offer and negotiate price downward on your onward purchase.

If you're up against another buyer, you've sold and they haven't even got theirs on the market...... etc

I assume from the fact you have a flat to sell that you're in a city or large town..... how many local agents do you have?

Lastly, your thread is titled "Estate Agent Valuations" - has anyone given you a face-to-face valuation yet, or have you merely told them over the phone what you paid and what you want to get?

myhouse_2

romi-j wrote: »

Hi everyone

One even asked if I'm looking to make a profit (well obviously!) and kept going on about how the industry is on its knees.

I understand there is a recession, but in order for us to buy a home we need a large deposit so we have to make a profit.

In 2 paragraphs, you have wonderfully summed up the current market situation - vendors with no understanding of how a market works, who think they are entitled to a profit (for reasons unstated) and who think that house prices always go up.

Well they don't, and the EAs are not interested in some "vendor" who can't afford to sell at a realistic market price. Why should they do all the work involved in preparing a house for sale when they know it's going to sit unsold for months/years? And why would you want to have your house sitting unsold for years if you're genuinely looking to move?

There's no shortage of property in Scotland that have been on for 2-3 years, which don't even get viewers anymore but who are owned by people who are not willing to budge on price.

Sorry if it sounds harsh, but as a buyer in Scotland, I'm fed up seeing unsold houses on sale at peak or peak + x%

ognum

romi-j wrote: »

Hi everyone

My husband and I have decided to put our flat up for sale in order for us to buy a house.

Since calling Estate Agents,I've been laughed down the phone when I mentioned how much I paid for our flat in 2007. One even asked if I'm looking to make a profit (well obviously!) and kept going on about how the industry is on its knees.

I understand there is a recession, but in order for us to buy a home we need a large deposit so we have to make a profit.

Does anyone have any experience with selling via an online estate agent in Scotland?

Thanks

I agree that it is very rude to laugh at you but I do wonder how you presented your needs to the EA. If he explained what you might get for your flat and you disagreed and said you had to get a igher figure then he may have laughed in desperation!

Sadly as anyone including me who is selling a flat bought near the peak of the market will find the value is lower. Go on Rightmove or the Scottish equivalent put in your area and the size of the flat and then look at the flats that are sale agreed NOT at the asking prices.

The sale agreed flats will be unlikely to have sold at asking so deduct 5 - 10% and that will be you approx asking price. You do not need an EA to give you a valuation. An EA will always claim its worth more to sign you up

It is unlikely unless you are in London that you will get close to your purchase price.

romi-j

The thing is the estate agent didn't even ask how much I am looking to make.

There are 2 properties for sale in our building, 1 is under offer and the other is £20k more than what we would be looking for.

We aren't in a rush to sell anyway so may hold off and see if the market picks up in the next 10 years!