Estate Agents offering mixed advice on price:

Seanymph

We have a house.

We had it surveyed to sell to our eldest - and that came in at 190k not all that long ago.

Yesterday we had four estate agents in (he had decided not to buy).

One said 190 - 200, one said 200, one said 250, and one said 265.

Now, given that this isn't a 'high value' house, and the differences are HUGE, we are a bit confused.

Quite obviously we don't want to go 'oh, we'll go for 190k, if we could achieve (and it is worth!) more'. Likewise, there is no point in putting it on the market at such a high price it never sells.

Our inclination is to go back to the 250k one (we liked them the best) and perhaps drop it a little more from there after explaining to him that two came in much lower (and one higher).

Whilst accepting it's not an absolute science, the diversity has us worried.

I'd appreciate any thoughts?

AnotherJoe

I would ask the 190/200 EAs "other EAs have said we can get 250 why are you so low" and vice versa, "why so high and can you point to any similar houses you've sold that would back your valuation up"

kinger101

Have similar properties in close proximity also sold recently?
Do the EAs suggesting the higher valuations have lots of properties advertised where they've reduced prices?
How much has the market in the area improved since is was surveyed?

There is a risk of overpricing. No-one will view it for three months because it's overpriced. The when you reduce the price, people will think something must be wrong with the property - it's been on the market for three months already.

tlc678910

Hi,
I apologise if I am stating the obvious (but just in case) do you know that you can go on right move or mouse price and see what nearby properties have sold for in the past? Could be useful if anything similar has sold recently.
Tlc

eddddy

Seanymph wrote: »

Our inclination is to go back to the 250k one (we liked them the best) and perhaps drop it a little more from there after explaining to him that two came in much lower (and one higher).

You won't have to explain to the EA (or convince the EA) about why you want a lower asking price.

They will be pleased. It's much easier for them to sell a property at a lower price than it is at a higher price.

martindow

Agents are often inclined to overvalue houses as some sellers are tempted to go with the highest price quoted. Often the house is then slow to sell and has to be reduced to its true value to sell it.

I would be inclined to go back to each agent and ask them to quote prices for a quick sale, a realistic price for it to sell at after a few weeks and the top price it could go for if it got into a mad bidding war.

This may bring the prices closer together and give a realistic idea of what you may actually get.

cashbackproblems

Yes all agents will say they can get a higher price to get your business.

If you are looking to move as soon as, and similarly priced properties in the area are not selling, I would tell the EA you want to set a lower offer.

As a buyer, if you price it at 250k and are willing to accept 225k, potential viewers will be put off as it wont hit their alerts or they will think its pointless viewing as they don't know your real price. Plus after a week your listing will be lost on Rightmove and towards the bottom