Estate Agents Valuations - Driving Me Mad!

GDB2222

Try the Nationwide house price calculator. http://www.nationwide.co.uk/hpi/Default.asp?calculate=true

A property located in Scotland which was valued at £100000 in Q2 of 2007, would be worth approximately £92767 in Q3 of 2011.
This is equivalent to a change of -7.23%.

If you bought a new-build property, the drop is likely to be much, much more.

Sorry, but you're best off to be realistic, rather than paying loads of money for an online estate agent.

googler

romi-j wrote: »

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.

"how much you are looking to make" is irrelevant. The EA will have an opinion on value, you'll need a Home Report in order to place it on the market, that will have a surveyor's valuation in it.

Generally speaking, no-one will pay more than HR valuation unless there's something very special about the property. The HR valn is provided to buyer's lender, and determines what the buyer can borrow. Unless they have extra funds over and above baseline deposit required by the lender, that's all they can offer.

Have you seen the Home Reports for the two other flats in your building? What valuations do they have, and how do those flats compare to yours? Is your flat in a unique, prestige development, or a standard city tenement?

Which agents did you speak to? The one who has a flat Under Offer? The one who's selling the other one? Others?

missile

romi-j wrote: »

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!

It might be a good idea to phone the estate agent(s) who advertised those properties.

Not all areas of Scotland are in recession. Prices in many desirable areas in Abz and Edinburgh are now above their value in 2007.

littlemissscruffy

Have you looked at how much neighbors flats have sold for? on the likes of zoopla and nethouseprice that tends to be this information the EA will use to value your property. That should help you get an idea of what might be achievable for your flat.

Caveat_Mortgagor

I cant believe how many sensible posts have been submitted to an obvious troll.

If on the other hand romi-j you arent a troll, why not sell it yourself?

You can set your own price and wait for the market to catch up - thats how they used to calculate prices in the old days!

romi-j

missile wrote: »

It might be a good idea to phone the estate agent(s) who advertised those properties.

Not all areas of Scotland are in recession. Prices in many desirable areas in Abz and Edinburgh are now above their value in 2007.

Good idea. Many thanks for the helpful advice

romi-j

Caveat_Mortgagor wrote: »

I cant believe how many sensible posts have been submitted to an obvious troll.

If on the other hand romi-j you arent a troll, why not sell it yourself?

You can set your own price and wait for the market to catch up - thats how they used to calculate prices in the old days!

I am not a troll,just looking for advice

romi-j

littlemissscruffy wrote: »

Have you looked at how much neighbors flats have sold for? on the likes of zoopla and nethouseprice that tends to be this information the EA will use to value your property. That should help you get an idea of what might be achievable for your flat.

I have and they tend to vary greatly. Most of the people who bought their home got it when they building was first built 12 years ago. Others have sold in the peak a few years ago.

Probably best waiting for a while and see how things improve.

romi-j

It may be irrelevant to the estate agent, however it is very relevant to me. I'm not prepared to lose £25k on my property because an agent can't be bothered to even view my property.

I have just started calling Agents over the past 2 days so will need to look into it some more. We had a mortgage valuation last month and was valued more than what we paid so Im hoping the Home Report will be the same.

MissMotivation

romi-j wrote: »

It may be irrelevant to the estate agent, however it is very relevant to me. I'm not prepared to lose £25k on my property because an agent can't be bothered to even view my property.

I have just started calling Agents over the past 2 days so will need to look into it some more. We had a mortgage valuation last month and was valued more than what we paid so Im hoping the Home Report will be the same.

In that case then why don't you try selling it yourself?