House selling valuations

Pete123jack

Hi all

So we're selling our home. have had 3 estate agents comin at 162k to 170k over a 2 year period. After putting the house up for sale we've had a part ex offer 145k and a private offer 161k.

The issue comes where the private sellers valuer valued the house way below this, valuing in the 145k range. So now were not moving fwd. To put this into context next door part exd for 153.995k in 2017 but the builder moved it straight on for 124k I think this is causing the issue. A smaller house same age up the street has just made a 30k profit in 2 years.

What do ppl think are the valuations way out either way?

Cheers

Cakeguts

Yes the estate agents estimates are all too high in order to get your business and the house will actually sell for what you have been offered and what it has been valued at by the valuer.

RelievedSheff

Take the part exchange offer.

It's what we did so that we could move on quickly.

We got about 10% under what we could have got on the open market but by the time we had factored in fees paid by the developers, stamp duty paid and no estate agents fees we were about even on the deal.

We had a guaranteed buyer at a guaranteed price and were able to make the move to our new home in just under four weeks.

As it happened the developers marketed the house while we were still living in it and it sold again within a couple of days. But that part of the transaction was nothing to do with us.

Pete123jack

Could almost accept that but how do you reconcil next door part exi g for 153k. The exact same house other than we have more land. That's where I'm struggling. Ta

davidmcn

Pete123jack wrote: »

Could almost accept that but how do you reconcil next door part exi g for 153k. The exact same house other than we have more land.

Either (a) they got it wrong or (b) they knew it would make a loss, but it was worthwhile in order to secure the sale of the new house. At the end of the day, the price achieved on the open market is the best indicator of the true market value.

Davesnave

Pete123jack wrote: »

Could almost accept that but how do you reconcil next door part exi g for 153k. The exact same house other than we have more land. That's where I'm struggling. Ta

That's history.

What matters is what similar houses in similar locations are selling for now.

The market doesn't always move upwards, and we've just gone through a poor year for sales in many places.

And we're not out of the woods yet.

Pete123jack

Local prices are good. Our agent has been very good and set out all of the recent sold and selling prices in the local area for similar properties. There is nothing for the price in or around the price we agreed of the same quality.

To put in into perspective the 2 bed next door has just sold for a 25% profit I think. Sold for 95k 2 years ago and has just sold for 120k.

We has a 3 bed semi bought for 145 6 years ago. There's a 3 bed terrace on the same estate up for 150. The 4 bed town house round the corner went for 178k so I don't think out price was far away.

But thanks for all your comments guys appreciated.

Slithery

Pete123jack wrote: »

Could almost accept that but how do you reconcil next door part exi g for 153k.

Because that was 3 years ago - it's now irrelevant.

diggingdude

You can market at any price you like and hold out for it but if valuers see it at a certain price that is likely all you will ever get

Crashy_Time

diggingdude wrote: »

You can market at any price you like and hold out for it but if valuers see it at a certain price that is likely all you will ever get

Very true, although some sellers have probably been holding out for literally years by now?

getmore4less

Pete123jack wrote: »

Hi all

So we're selling our home. have had 3 estate agents comin at 162k to 170k over a 2 year period. After putting the house up for sale we've had a part ex offer 145k and a private offer 161k.

The issue comes where the private sellers valuer valued the house way below this, valuing in the 145k range. So now were not moving fwd. To put this into context next door part exd for 153.995k in 2017 but the builder moved it straight on for 124k I think this is causing the issue. A smaller house same age up the street has just made a 30k profit in 2 years.

What do ppl think are the valuations way out either way?

Cheers

Builder probably made their money on the new build.
Yours may not have such a big margin to play with.