The value of a house - Am I wrong ?

Angela_D_3

Now I appreciate it's not an exact science and in my mind there's at least a £5,000 window.
However question for you.
We had viewers look around and feed back to the estate agents they felt the house was worth £20,000 more than we paid for it in 2007.   We have spent £70,000 on the house.  it was valued at £330,000 and to get it how they wanted it they felt an additional £50,000 could be knocked off the asking price.
I'm open to being told i'm wrong but surely that's up to them what they do with it once it's theirs, I don't have to pay for whatever improvements they want to make, extensions etc.  Are they being cheeky ?   Or do I do the same ?  I'd fully expect to get told to !!!!!! off tbh.

SallyDucati

Is it just one set of viewers or more than one?  Did you get more than one estate agent to value? It sounds like just the one viewer who wants to do a lot of changes which others would not necessarily want to.  I would just say thanks but no thanks.  Another buyer will be along.

Angela_D_3

Just one viewer.  

We had three valuations all same ball park figure,  went with the middle one. 

I just couldn’t get my head around their thought process tbh 

GJB1954

We have had one viewer recently give offer on house. In fact has four times given same offer. All rejected. Their feedback was house needed renovating. House has had £40,000 work done within past year. 

RelievedSheff

I would tell them where to go. It isn't your problem that they would want to change the property.

Equally it doesn't matter that you have spent £70k on it. That doesn't necessarily mean you have added £70k of value to the property.

random321

We had a viewer write a 3 page document to our estate agent explaining why our house was worth £25,000 less than our asking price, and made their final offer explaining they really want the house but that was their maximum as that is all it was worth (our valuations said otherwise). We sold 2 days later for £23k more than their offer. They are just trying it on, hold out a while longer and I'm sure you'll get a better offer!

eddddy

You're over-thinking this.

It sounds like you're saying that your house is on the market for £330k and somebody thinks it's worth £280k. So what?

But also bear in mind - this might be part of the EA's plan to 'soften you up' for a price reduction. i.e. Initially tell you that they can sell the house for £330k, then keep telling you that viewers think it's worth much less, so that you'll reduce the price.

Angela_D_3

Surely if they are paid on a commission basis the more they get for the house the more they get paid ?  I mean that’s how I work,  I drive prices up not blooming down 

SpiderLegs

Really what you paid for it in 2007 or how much you’ve spent on it is irrelevant.

all that matters is how does it compare today to other similar houses. if £330k is in that ball park then job done.

These viewers sound like time wasting nutters to me.

RelievedSheff

Angela_D_3 said:

Surely if they are paid on a commission basis the more they get for the house the more they get paid ?  I mean that’s how I work,  I drive prices up not blooming down 

The difference in their commission will be minimal. It is getting the sale agreed and over the finish line that matters to them not the sale price.

YoungBlueEyes

When we were selling our house (a lovely big old terrace) a developer put an offer in that was 2/3 of our asking price. I told the estate agent to ignore him. His reason? He wanted to turn it into 2 flats (!)

We sold to someone else for 3% under asking.