Lazy valuations: e.g. £320k - £360k

adamzetec

Does this happen with many agents? A local agent prices between a range, no doubt so the house falls in to the lower search bracket when a price is specified. It's ridiculous though as you see prices range from £320k - £360k or £190k to £210k as an example. That's a spread of 10-12%.

If I am looking at a house advertised with this agent, where do I pitch my offer? It's like a completely lottery. I assume the vendor won't be looking for the lower end of the range and wouldn't expect the high range.

I think this is completely misleading and I wouldn't want my property marketed in such a way.

daniel80

I totally agree, having the same problem myself. I tackled the agent about this and he more or less said the lower figure was to draw potential buyers in and sellers are mainly after at least the middle figure. Bring back the old days of one fixed price.

GAH

It is a bit lazy. Personally I wouldn't take any notice of the higher end, and look at the lower end. But ultimately If i did view a house with a range/price guide, and i liked it, I would offer what i thought it was worth to me, even if lower than the price guide.

adamzetec

GAH wrote: »

It is a bit lazy. Personally I wouldn't take any notice of the higher end, and look at the lower end. But ultimately If i did view a house with a range/price guide, and i liked it, I would offer what i thought it was worth to me, even if lower than the price guide.

I expected responses of this nature and I completely agree. However, with the sellers having their expectations set so high, it can sometimes be difficult for them to differentiate between a low and reasonable offer.

Luckily this agent is the only one doing this in my area although I believe they are part of a chain and have offices elsewhere.

sunshinetours

It can also be because the agent values it at the lower end but the vendor wants the high end. Certainly this is a practice that has been used in Austarlia/NZ etc for many years

propertyman

Sigh, your house is not a bag of chips!

There are two broad reasons for this both related to what the house can be sold for.

Where a house has no direct comparables or has a number of good and bad points eg its beautifully decorated and rewired but the boiler is clanking away and there are more roof tiles in the garden than on the the roof, or the layout is not what many buyers are looking for, buyers will take different views on what to offer and it is harder for the agent to judge.

Similarly if there are only a few houses like it and there has not been much activity , or interest is more focused on a glut of alternative choices, then it is harder to judge.

I once sold a house that was on with everybody for ages it had more bedrooms than comparables in the road and while a great family house in great order, there was limited on street parking, so no one wanted it. It was just fortunate that the right family came in to my office on a Saturday afternoon ( I was happily studying away for exams) having sold their home via our sister office, and had the deal done by dinner time.

Modern boxes on an estate in a town with lots of modern boxes are easier to pin a price as many more sell as they are easily compared.

its not lazy.

Mobeer

I take it as a marketing tool by the EA. He can reassure the seller it will sell for a nice price if marketed by this EA, and still show it to buyers as the lower price.

I would always assume the lower price is the more realistic one. (edit: I mean realistic for marketing, not necessarily for a final sale price).

adamzetec

propertyman wrote: »

Sigh, your house is not a bag of chips!

There are two broad reasons for this both related to what the house can be sold for.

Where a house has no direct comparables or has a number of good and bad points eg its beautifully decorated and rewired but the boiler is clanking away and there are more roof tiles in the garden than on the the roof, or the layout is not what many buyers are looking for, buyers will take different views on what to offer and it is harder for the agent to judge.

Similarly if there are only a few houses like it and there has not been much activity , or interest is more focused on a glut of alternative choices, then it is harder to judge.

I once sold a house that was on with everybody for ages it had more bedrooms than comparables in the road and while a great family house in great order, there was limited on street parking, so no one wanted it. It was just fortunate that the right family came in to my office on a Saturday afternoon ( I was happily studying away for exams) having sold their home via our sister office, and had the deal done by dinner time.

Modern boxes on an estate in a town with lots of modern boxes are easier to pin a price as many more sell as they are easily compared.

its not lazy.

Sure, your example is an exception. It's lazy when every single house they market follows this model. A range of £40k is substantial so it's very difficult to gauge expectations.

Mr_Moo_2

It's a marketing tool, pure and simple. Keeps the vendor happy 'cos the Agent talks upper end, but opens up the promotion across a wider range of purchasers. Wards down my way do this a lot.

Do your research and offer what you think it is worth.

propertyman

adamzetec wrote: »

Sure, your example is an exception. It's lazy when every single house they market follows this model. A range of £40k is substantial so it's very difficult to gauge expectations.

Well no its not an exception its very common- but that's 30 year experience explaining it to you, and not a smarmy EA in a Golf who lacks
- the experience and skill to judge.
- the ability to explain
-owners who expect that they can be valued as a unitised commodity,
-oh and there's is better and special and worth much more than anyone elses.