We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Estate agent - £25k reduction after a month
ClaireB182
Posts: 21 Forumite
Hi all
Our estate agent valued our house and put it on the market 5 weeks ago. We had one viewer. Last week the agent made the suggestion to reduce the price by £25k, take the house of the market and put it back on Boxing Day. Basically, the agent has over valued the property. My husband and I were horrified. I know estate agents cant value to the exact pounds and pence but a £25k reduction after just one month of them valuing it feels crazy. On Friday the agent sent viewers round who are looking for a 5 bedroom house. We live in a 3 bed semi............Im sure its just a coincidence that the viewers came the day after we had voiced our concerns!
We don't know what to do going forward. We have no confidence in the agent now but are not convinced that any of the others will be any better. We know where we want to move to, there is a property up for sale there we like but until we get movement here we cant do anything.
Any advice much appreciated please. Thank you.
Our estate agent valued our house and put it on the market 5 weeks ago. We had one viewer. Last week the agent made the suggestion to reduce the price by £25k, take the house of the market and put it back on Boxing Day. Basically, the agent has over valued the property. My husband and I were horrified. I know estate agents cant value to the exact pounds and pence but a £25k reduction after just one month of them valuing it feels crazy. On Friday the agent sent viewers round who are looking for a 5 bedroom house. We live in a 3 bed semi............Im sure its just a coincidence that the viewers came the day after we had voiced our concerns!
We don't know what to do going forward. We have no confidence in the agent now but are not convinced that any of the others will be any better. We know where we want to move to, there is a property up for sale there we like but until we get movement here we cant do anything.
Any advice much appreciated please. Thank you.
0
Comments
-
What's the asking price? £25k doesn't mean much if we don't know whether it's off £100k or £1m.0
-
Typical estate agent tactic is to overvalue it at the beginning to get your business then they'll tell you to drop the price in order to sell. Thats why you should always be wary of going for the agent with the highest valuation.
You can either stick with the same agent or switch but as your house is overvalued your going to have to drop the price either way.0 -
Now is not a good time to sell. Winter is generally slower, but with an election looming it's even moreso.
How many valutaions did you get?0 -
Might be a good time to read your contract with the agent carefully. Notice period? Is there a fee for notice?0
-
What was the average suggested price from the different Estate Agents you had come and value your property?0
-
Did you do any research into house prices and more importantly sold prices in the area before you marketed?
Post a link to the property,there are a few good people on here who will happily analyse the area and make suggestions as to whether its a good valuation or one that you should be open to offers on.
The fact that you only had one viewing might be an indicator that it was originally priced too high but there are many factors.
It does seem that you were enticed in a little by the promise by an agent of something that house buyers in your area are not prepared to rise to at this time.in S 38 T 2 F 50
out S 36 T 9 F 24 FF 4
2017-32 2018 -33 2019 -21 2020 -5 2021 -4 20220 -
25k reductions are commonplace now.0
-
Two weeks in, reduced by £200,000 ( not a typo):
https://www.zoopla.co.uk/for-sale/details/52003334?search_identifier=d08d166378bd6e6126e23c2a07736aca0 -
Let's see the RM listing.0
-
Crashy_Time wrote: »25k reductions are commonplace now.
That's a meaningless statement without knowing the original asking price.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.9K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.1K Spending & Discounts
- 244.9K Work, Benefits & Business
- 600.5K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards