House Valuation

Prishan

Confused different estate agents give a different valuation of our property, some are fairly close to one another but one or two are quite outlying. Don't know which one to take. Is there any rule of thumb to rely upon?

letitbe90

Well some agents overestimate the value to try get you to choose them (only to tell you two weeks later with no viewings that maybe you should bring down the price).

I wouldn't go with an estate agent based on valuation, at the end you get to decide what you want to put the house for (look at recently advertised/sold near your area) and go with an agent you think will do some hard graft for you.

AdrianC

Ask the EAs to justify their values with comparables, then make your own mind up.

ReadingTim

You'll find exactly the same issues if you ever analysed answers to a 'guess the number of sweets in a jar' competition - which is basically the same thing as the EAs are doing when they "value" a property.

lisyloo

ReadingTim wrote: »

You'll find exactly the same issues if you ever analysed answers to a 'guess the number of sweets in a jar' competition - which is basically the same thing as the EAs are doing when they "value" a property.

I think that’s a bit unfair on good EAS.
A good EA will have experience of the area and often the type of property being sold.

I’d question them and go with the one that appeared to have some experience of the area, the local property market etc.

We started off high, but our EA was honest about it and didn’t over egg it to get chosen, it just makes sense to start off high.

NeilCr

When I sold I had one high and two lower valuations. I talked to all three agents and made my decision on which one I felt most comfortable with and who had a plan for the sale. As it happened the two lower ones were both on the £250k stamp duty mark - the other one was £20k more and my gut reaction was I would have ended up at £250k with him.

Plus he fancied himself!

I'd always go with my judgement of them as a person and a business. Not on the number of pound signs they waved.

SmashedAvacado

in a rising market some will look to flatter the market by expressing a bold price in the hope that the market catches up with the price
in a falling market some will look for a conservative approach with the hope of getting a sale quickly
it depends on where your location / house type is in the cycle to some extent - if they are flying to sold in a couple of weeks, be bold. if they are sticking for weeks and you want it sold, and can afford to, ask a low price

lookstraightahead

Maybe do your own research - estate agents have different motives.

Mojisola

Look at their listings for other houses - are the pictures good, is the description well-written, is there a floor plan?

You want your house to be shown as well as possible - if they aren't doing that for current listings, they won't be doing it for your house.

Crashy_Time

The valuation that pulls in viewers/offers is the one to go with, saves time discussing endless points of view on photos/EA`s etc. This market needs price drops to get a sale, just embrace this fact and save yourself a lot of stress IMO.

googler

AdrianC wrote: »

Ask the EAs to justify their values with comparables, then make your own mind up.

This.

Ask each of them WHY they value your house at £X