Estate Agents Valuations - Driving Me Mad!

somethingcorporate

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.

But you're in a relative market so you won't have lost £25k because house prices above you would have suffered an equal % drop. You would only lose £25k if you crystalise the loss by not buying again.

Obviously if you do not have the equity to buy another house this would cause problems.

romi-j

MissMotivation wrote: »

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

That's what we might end up doing.

As I said we aren't in a rush to move and it would be cheaper to sell online

AngryDog

tbf, that nationwide house price calculator isnt overly accurate. I sold my house in 2008 for £20k more than they reckoned it was worth.

As with anything, a property is only worth what someone will pay for it. If you can hang on for a few more years before buying a house, this may be your best bet. The market in Scotland as been said isnt great right now.

I wish you good luck in your sale if you decide to sell!

pinkteapot

An estate agent's job in valuing your property is tell you what price the property should be marketed at.

In doing this, did you expect them to:

1) Look at what comparable properties have sold for locally in recent months, and their current demand from buyers for your type of property

or

2) Ask you what you paid for it, ask you how much profit you want and add the two together?

Estate agents usually give you quite a rosy valuation because they want the business. That's why there are so many people on this board saying "why hasn't my house sold in a year?". If estate agents are refusing to market your property for the price that you want to market it for, it should tell you something.

If you disagree with the estate agents and can't find one who will market it for the price you want, you will have to try online agents and selling it yourself.

romi-j

somethingcorporate wrote: »

But you're in a relative market so you won't have lost £25k because house prices above you would have suffered an equal % drop. You would only lose £25k if you crystalise the loss by not buying again.

Obviously if you do not have the equity to buy another house this would cause problems.

That's the thing, I am looking at a new property which is near my in laws and the prices are still high so therefore we would need a large deposit and in order to get that we would need to make a profit on our flat

ognum

romi-j
Good luck with your sale if you go ahead It would be good if you could keep us informed of what you plan to do and how it goes
Hope it goes well

pinkteapot

romi-j wrote: »

That's the thing, I am looking at a new property which is near my in laws and the prices are still high so therefore we would need a large deposit and in order to get that we would need to make a profit on our flat

The housing market is a market, as other people have said. What you're saying is like saying "My shares in Tesco are worth £4 each on the stock market today but I want to sell them for £7.50 each." No-one will buy them at that price.

All you can do is wait until the market reaches the level you want (but if it goes up that much the house you want to buy will have gone up too) or save up!

romi-j

ognum wrote: »

romi-j
Good luck with your sale if you go ahead It would be good if you could keep us informed of what you plan to do and how it goes
Hope it goes well

Thanks very much. Will have a chat with my husband tonight and arrange a home report.

Will keep you all informed!

romi-j

pinkteapot wrote: »

The housing market is a market, as other people have said. What you're saying is like saying "My shares in Tesco are worth £4 each on the stock market today but I want to sell them for £7.50 each." No-one will buy them at that price.

All you can do is wait until the market reaches the level you want (but if it goes up that much the house you want to buy will have gone up too) or save up!

I agree with you however, the estate agent didn't even ask how much I was looking to sell it for and theres another flat that is under offer at the moment so they are selling.

googler

pinkteapot wrote: »

Estate agents usually give you quite a rosy valuation because they want the business.

Not in Scotland.

As I said, every house marketed must have a Home Report, with a surveyor's valuation. There's no mileage in the EA overvaluing by £20,000 only to have the HR value come in at (say) £15 or 20,000 below their figure - especially when the HR valuation forms the basis for the buyer's lending. An overvaluation will just leave the EA with egg on their face.

OP - have you found out what the other flats' HR valuations were? How do those flats compare to yours? The same? Larger? Smaller?

Have you spoken with either of the other agents? Have you found out if the one that's gone Under Offer had multiple viewings? If so, it strikes me that the agent who has almost sold that one will have a number of folk who may still be looking for something in your building, and that could be your route to a quick sale. That's assuming you want a quick sale......