falt valuation

hungary97_2

Bought flat last year for 105K in posh area of town but in right mess.

Have done it up (new kitchen replastered in places new flooring thorughout redecorated etc)

and have received 3 valuations

1) 115000 (agent i purchased it from)
2) 110000 (niche agent)
3) 137995 ( redional independant agent)

Now basement flat in same building (needs alot of work) has sold for 128000 in last couple of weeks. and third agent has other properties for sale in area.

Which agent value do you think i can rely on

(i am having another agent out tommorow due to the variance)

hungary97_2

had another vlaution at 125K now really confused

sarah_elton

I'm surprised one sold for £128k given the stamp duty threshold of £125k. Are you sure that's what it sold for, or was that just asking price? How many bedrooms was that one compared to yours? What other differences are there between the two?

Based on the four valuations, I would say you'd be sitting under the SD threshold. Don't get too excited over one high valuation - some agents are just like that. The market is the best way to find out - if you put it on and have little interest, price is too high, simple as that.

Why don't you have another chat with the two middle agents (115k and 125k) - ask them both what price they'd suggest marketing at, and what price they'd be hoping to achieve. You might find there's little difference. e.g. The £115k agent might be going for a quick sale at asking price, the £125k agent might be looking for an offer of £117-119 say.

One comment I would make is that agents are often frustrated by sellers who insist their property is marketed at a price above the valuation. My brother is an EA and it drives him nuts when people claim their house is worth more, then complain to him when they have few viewings and no offers.

PoorDave

It's less stressful to sell quickly for a couple of thousand less than the absolute max you could get, than to go for too high an asking price, get hardly any viewings, have to reduce, then have the market see your flat as "the one that wouldn't sell, so they reduced the price".

I'd list it at £127k, expecting offers just below £125k to avoid SD.

The problem these days is that places sell for high prices if they need work, because people see the opportunity of buying at 128k, spending a few quid, and making massive amounts of cash. It's this kind of speculation that fuels the market to some extent.

Debt_Free_Chick

hungary97 wrote:

Which agent value do you think i can rely on

None of them! They are simply giving you their opinion of what they think a buyer will pay.

The highest valuation looks bizarre! I would speak to that agent again and ask him why he thinks it will fetch that much.

You are looking at an average valuation of around £122k and the highest one is 13% above that value

hungary97_2

Forgot to mention that even though this is the best area in town for location and highly desierable for some reason it is a deprived area for stamp duty and therefore no stamp duty is payable under 150K.

A new block of flats has gone up behind me recently (some with sea views) and a one bed start at 250K.

The main differences between my flat and the basement (apart fromm mine being recently done up) is the basement flat has an extra hall meaduirn 3 foot by 12 whereas i have views of teh city and the moors and cornwall from mine

courtjester

As indicated, these are not 'valuations', they are only guesses by the agents based on (1) what they think they 'might' be able to attract a buyer for and (2) what they think might appeal to the greed element in you - higher than relaistic values are often given by agents to try and get you to sign with them.

You need to make your own judgement - there is no scientifically correct asking price anyway. Why not choose a prive level and try it on the market - buyers in the market will decide what is the right level and you can test this by the response you receive initially and amend the pricing as you go.

In addition, why go with an agent anyway - you can save yourself a fortune by selling privately and there is no legal or practical reason not to, unless you don't have the time or can't be bothered to take this on yourself. Agents don't do anything legal, they only market the property and you can do this (probably more effectively) yourself and avoid the problems associated with using agents.

hungary97_2

sorry bumping for more help

saxy1

bumping is fine but, have you read the advice already given, it covers pretty much all you need to know. Is there any more advice in particular you need??