Has the estate agent undervalued our house?!

katherinegrey

All good points, and I realise it’s a tricky time of year.

Next doors garden is same size, same shape, they’ve just had AstroTurf and we’ve got regular grass. It makes theirs look so much neater, their lawn is also edged nicely and ours runs straight across so not as neat looking.

Our house went for the same price to begin with as all the others. We all bought for the same price.

I was thinking we’d get around 168,000, allowing for their garden being better. Seems I’d miscalculated. Not really a problem, just wanted some other input, so thank you so much for that.

You’re also right on the percentage of course, I’m embarrassed, due to a family bereavement I’ve not slept in a week, my brain is obviously too frazzled for maths!

This has all eased my mind the valuation was indeed correct, so thank you.

financegeek

I'd echo the above about getting an estate agent not connected to the developer in if you can. Is there a reason you were thinking of going with them in the first place?

there's also nothing stopping you from asking the estate agent to market the property at 170/175k etc. You may not get it of course, but at least it gives you haggling room!

is there much difference in the size of the gardens? unless there's is a great deal bigger i wouldn't expect it to have a huge bearing on price and i'd take real grass over astro turf any day!

good luck

Sibz

It's no coincidence that you mentioned the figure 165000 and then an estate agent connected with the developer valued it at that... I assume that you are in England or Wales.

As a previous poster has suggested, you could contact an independent EA to get a comparison - normally EA's would aim higher on a valuation in order to get the business. Have you got some arrangement with the developer that there may be some part exchange etc going forward - and the end number would be a percentage of the value? - that would also explain/highlight a conflict of interests in this scenario.

You've stated time is not on your side, 6 weeks is an extremely short turnaround for a house sale, that does not give you much room for maneuver or a strong bargaining position. Is it paramount that you relocate so soon?

eddddy

katherinegrey wrote: »

Ours has just been valued at 165,000. I can’t understand why such a difference?

We’re wondering if the developers of our new property have told the agent they want the sale as quick as possible in order to shift the last two houses so they can move off the estate. It just seems odd as 165000 was the minimum we told the developer we’d accept.

I'd be pretty certain that the developers told the EA you'd accept £165K, so they should value your house at that.

The developer wants your house to go under offer asap - so that you can exchange contracts asap.

The best way to achieve a fast sale is to set the price as low as possible.


The developer isn't your friend. It sounds like they may have 'played' you.

Rambosmum

Get three valuations.

hazyjo

You know roughly what it's worth. In your shoes, I would instruct an independent EA to market at £175k. If it doesn't sell, drop the price.

Squirtle17

katherinegrey wrote: »

Next doors garden is same size, same shape, they’ve just had AstroTurf and we’ve got regular grass. It makes theirs look so much neater, their lawn is also edged nicely and ours runs straight across so not as neat looking.

I HATE astroturf with a passion and although it wouldn't put me off buying a house, I'd be looking at returfing with real grass asap.

Nothing more to add, I just thought I'd mention I'd doubt this would have any impact on the value of your house.

chunkytfg

My car isn't worth a million pounds so that's what I'm going to Put it up for sale for!


You can get the EA to list your house for whatever you want to sell it for. Doesn't mean it will sell for that but they work for you remember!

Stick it up for 175k and see what happens?

AlexMac

I alwys get three agents in and the last time I did there was a 14% range in their valuations. But then there were no local comparable properties as with yours. We sold via the toppiest at 12% ove r the bottom one, despite swallowing the usual 5% drop on the asking price...

getmore4less

you need a bigger sample than 1.

do a more like this and get a sample of around 20 that are SSTC.

That will give you a good idea what people are spending their money on.

pop up a post code and I can do one for you.