What would happen if......

monkeyboy72

....you placed your property on the market at a value based on the average of 3 agents valuations and within a day you started receiving 2 or 3 offers at full asking price, you then realize you have probably marketed your property to low, rather than just accepting one of the offers could you take your property of the market for a few days and place it back on at a higher price?, I know it sounds harsh but has this ever happended?
The reason I ask is my property is quite difficult to value for various reasons and im slightly worried I may set the initial price to low or are EA's usually pretty spot on. Thanks

budgetdiyer

I'd say if you've has 3 valuations all in a similar ballpark the agents are probably right. If your property is unique, unusual or interesting this is why it might attract more interest than a modern box that is replicated up and down the country.

If you've not put it on yet and feel the average figure is a little low, why not go with the agent who valued at the higher figure?

Of course you don't have to accept any offer, and you could raise the price if you wanted but i imagine the agent would be a little miffed!

GAH

OP, if your property was in the scenario you suggest, I would say the property has been put on at the right amount. At the end of the day if you feel you have underpriced the property and you have people tripping over themselves making offers you could well find that you would get offers come in exceeding the asking price.

If you feel the amounts are too low though, don't put it on and then change the price higher at a later date though. Put it on at the higher figure then reduce if needed.

People will see this as greedy if you had offers coming in and then changed your asking price. If I was bidding, id be sure to walk away.

Better_Days

monkeyboy72 wrote: »

or are EA's usually pretty spot on.

If you want an idea of how EA's in your area value properties put the postcode into Zoopla with a range of say 10 miles and then search by 'most reduced'. In my area this search result is dominated by one agent. Astonishingly :rotfl: they work on a fixed fee based on the original valuation rather than a percentage of the final selling price.

So the advice is 'know thy agent':)

andy.m_2

We had 2 offers on the day we went to market, 1 at 1% under and the second offer came in at asking.
Everyobody has said we priced too low but we already broke the current ceiling on the street.

As it is, we knew we had an artificially powerful situation due to a slip from the agent and we maximised (I guess then he did his job) so ultimately we were in the right place at the right time.

Be thankful you're going to get asking, dont be greedy and toss away your hand as house selling and buying brings out the very worst traits in people and it often costs them in the long run

googler

Better_Days wrote: »

If you want an idea of how EA's in your area value properties put the postcode into Zoopla with a range of say 10 miles and then search by 'most reduced'. In my area this search result is dominated by one agent.

This is only of value if you know how many of the agents in your area use Zoopla to advertise their properties, which in my area is .... not many.

Do most or all of the agents in your area use it? If not, it's usefulness in this context is doubtful.

DVardysShadow

monkeyboy72 wrote: »

....you placed your property on the market at a value based on the average of 3 agents valuations and within a day you started receiving 2 or 3 offers at full asking price, you then realize you have probably marketed your property to low, rather than just accepting one of the offers could you take your property of the market for a few days and place it back on at a higher price?, I know it sounds harsh but has this ever happended?
The reason I ask is my property is quite difficult to value for various reasons and im slightly worried I may set the initial price to low or are EA's usually pretty spot on. Thanks

I take it you are not yet on the market. Well done for recognising the issue - and as you say, with all of the internet tools around, it is difficult to take a property off the market and come back with an increased price.

A lot depends on how quickly you want to sell the property - if you can wait, then go in high and then be prepared to drop. If you add the factor of timescale to a sale into discussion with the EA, you may get some more indications of how to proceed.

Better_Days

googler wrote: »

This is only of value if you know how many of the agents in your area use Zoopla to advertise their properties, which in my area is .... not many.

Do most or all of the agents in your area use it? If not, it's usefulness in this context is doubtful.

OP was asking if agents are usually pretty spot on with valuations. I was simply saying that one EA in my area seems not to be, and Zoopla picks this up in an easy to identify way. There is not enough info available from OP to be any more specific.

Using property bee on RM may be another way to identify agents that may value high to get business then encourgage the vendor to drop when there is little or no interest.

gingin_2

In my area (not Scotland) prices regularly go for over asking. It's not uncommon to see houses go for 10-15% more and we had to get our heads round getting in to bidding wars and making final offers.

Our sellers took the house we were buying off the market for 2 weeks and placed it back on for £50k more after having 3 people interested. I believe that secured us the property as everyone else pulled out once they did that ( and we got it for our original offer price - 5k over their initial price).

Wobblydeb

monkeyboy72 wrote: »

....you placed your property on the market at a value based on the average of 3 agents valuations and within a day you started receiving 2 or 3 offers at full asking price, you then realize you have probably marketed your property to low, rather than just accepting one of the offers could you take your property of the market for a few days and place it back on at a higher price?, I know it sounds harsh but has this ever happended?
The reason I ask is my property is quite difficult to value for various reasons and im slightly worried I may set the initial price to low or are EA's usually pretty spot on. Thanks

Have you had the valuations yet? That should give you an idea.

I had a reasonably unique property - there were a few others around, but nothing had come to market since 2007 (I sold in 2010) so it was hard for me to judge.

The agents came back with suggested asking prices of 155-165, 185 and 195 so quite a gap! :eek: My feeling was that the agent suggesting 155-165 didn't really understand the market for the village I was in, and that the agent at 195 was known for "full" valuations so went with 185. To parrot Better Days "know thy agent"

[p.s. It eventually sold at 170]

princeofpounds

I'd set a date a week or two down the line to submit best and final offers, conduct viewings in the meantime, and select the highest (or best) offer on a sealed bid basis.