Inflated house price.

Muzz1

Thanks for all your replies. My worry was that over valuations would inflate prices a bit in my immediate area. I've taken on board all you say suppose it all very objective. Thanks again.

glasgowdan

bouicca21 wrote: »

The market is different in different areas - if it's hot the EAs will push for higher prices and stand a good chance of getting them. The only 'true' indicator is what people are actually prepared to pay. A good clue to how hot the market is, is an open day with people bumping into each other as they try to view.

That was exactly what our viewing was like in our current house. We still got it for under what we instinctively felt it could be worth.

There is an agent locally who's properties still make me look twice when I see the prices at times. However, they DO sell, and usually very quickly.

Human instinct is to see a high price and think "ooh, that must be good, look how expensive it is". Look at fashion, kids toys, cars ...a brand that commands a higher price but is obviously no better than a different brand still often sees people happy to buy it.

davidmcn

Quizzical_Squirrel wrote: »

What am I missing?

Not sure if you've missed the point, but these are Scottish Home Reports i.e. sellers' surveys, so it's generally the estate agent who brings in the surveyor before they start marketing. I suspect any dodgy dealings would be more like "we'll continue instructing you for our home reports, provided you give us suitably high valuations", rather than any additional "bribes" being paid. The pay-off for the estate agent is more the fact that they get (or keep) the business from their clients as they achieve higher prices than the competition.

AnotherJoe

davidmcn wrote: »

Not sure if you've missed the point, but these are Scottish Home Reports i.e. sellers' surveys, so it's generally the estate agent who brings in the surveyor before they start marketing. I suspect any dodgy dealings would be more like "we'll continue instructing you for our home reports, provided you give us suitably high valuations", rather than any additional "bribes" being paid. The pay-off for the estate agent is more the fact that they get (or keep) the business from their clients as they achieve higher prices than the competition.

The point being if they achieve higher prices than the competition then by definition they are not overvaluing but in fact are doing a great job for their clients.

marksoton

Muzz1 wrote: »

Thanks for all your replies. My worry was that over valuations would inflate prices a bit in my immediate area. I've taken on board all you say suppose it all very objective. Thanks again.

So you were wasting all our time. And talking a load of rubbish. Brilliant. Thanks.

prosaver

if 3 estate agency surveyors value your property
1 says 110 k
2 says 120k
3 says 130k.

who your going to business with if your not after a quick sale?

beecher2

prosaver wrote: »

if 3 estate agency surveyors value your property
1 says 110 k
2 says 120k
3 says 130k.

who your going to business with if your not after a quick sale?

This is Scotland so you might go to 3 estate agents who will give you estimates of what they think you'll get, but you'll only get one valuation by the surveyor producing your Home Report. Might not even be an estate agent involved, we got our Home Report done before contacting estate agents.

glasgowdan

beecher2 wrote: »

This is Scotland so you might go to 3 estate agents who will give you estimates of what they think you'll get, but you'll only get one valuation by the surveyor producing your Home Report. Might not even be an estate agent involved, we got our Home Report done before contacting estate agents.

Missing the point... Estate agents will often recommend a surveyor, and I know for a fact that some of them speak to the surveyors to discuss their estimated prices first. They've built up a relationship and do have an impact on home report valuations.

beecher2

glasgowdan wrote: »

Missing the point... Estate agents will often recommend a surveyor, and I know for a fact that some of them speak to the surveyors to discuss their estimated prices first. They've built up a relationship and do have an impact on home report valuations.

It was our solicitor who recommended our surveyor, and they had no idea who the estate agent was. Rather than missing the point, I was just stating that estate agents aren't always involved and pointing out the different system we have up here.

prosaver

beecher2 wrote: »

It was our solicitor who recommended our surveyor, and they had no idea who the estate agent was.

Rather than missing the point, I was just stating that estate agents aren't always involved and pointing out the different system we have up here.

so why did she recommend them?
not being funny or out, all these people have to make a living and you'll be surprised what goes on.