Are my estate agents doing enough?

TheJP

Ath_Wat said:

eidand said:

Ath_Wat said:

eidand said:

Ath_Wat said:

eidand said:

I am lost, you got an offer 6k over your asking price and you think your EA is not doing enough?
They clearly have, why are you not accepting that offer?

If the best offer you get in the first week of your house being on the market is £10K under the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  I don't think anyone would dispute that.

If the best offer you get in the first week of your house being on the market is £10K over the asking price, it is not unreasonable to assume that if you keep it on longer, someone might offer more.  However, a lot of people do seem to dispute that.

Pricing a house is not an exact science.  If you have a lot of people throwing money at you within 48 hours of listing it, it's sensible to say hang on, I might have made a mistake here, let's see what happens.

Those are very different scenarios.

Offers over are usually hit by a bank's evaluation which brings people back to earth. That's the problem. Doesn't really matter how much over someone offers because too many people are stupid and don't think about the consequences of their offers.
Do you see what I mean ?

That's the risk you're taking for a few extra k.

If enough people think your house is worth a lot more than the 19 year old trainee that the estate agent sent round to value it for you, why wouldn't you take a step back and re evaluate?  The OP only wants to have a look and see what happens  Your position is "the estate agent said that's what it's worth and that should not ever be challenged".

that's a common misconception. What people think a house is worth is irrelevant unless they are cash buyers and can afford to pay what they offer. Anyone else who needs a mortgage will get a mortgage evaluation and that is what decides what they can offer.

We see quite a lot of people here with that particular problem, because if the valuation is let's say same value as the asking price then anything the buyer offers over that has to be covered with buyer's funds.That's the bit most people miss.

All very well but you are still not addressing the fundamental issue of an incorrect valuation by the estate agent in the first place.  You are assuming the bank will agree with them.  

The bank might, of course.  Or the bank might agree with all the buyers valuing it much more highly.   Everything you are saying is predicated on that initial valuation being accurate. Do you trust estate agents that much?  There's no reason for the OP not to take a few days to see the lie of the land

Estate Agents give a valuation guide as to what you could market your property at, the seller is the one who decides what to market the property at. My EAs gave me a valuation of X and i decided on Y based on the market and certain elements my property had over others. I had an offer over my valuation of Y. 

The OP was happy to market at a certain price and has had an offer £6k over and he asks is my EA doing enough, the answer is yes they are they have gone above your expectations as you directed them to.

Look at the fundamentals here, OP asked the EA to sell at X, the EA has gotten a higher offer than X and the OP is now questioning if they are doing enough. If they wanted more then why not market it at a higher price.

The crux now is people will see the OP (if the OP re-markets) has raised the price and that will likely dilute/turn off prospective buyers. 

trakky14

We listed ours a week ago, we had 11 viewings over 2 days and 2 offers over asking price (10k over) we accepted the one with the strongest position (in theory, nothing is certain). I think that's a good result with very little effort for us! I'd stick with the offer you've had if I'm honest! 

In comparison last year we tried to sell but the chain collapsed a few months in...we had 14 viewings over 4 days, 5 offers over asking price and went to best and final bids. We accepted 18k over asking price. That was with the stamp duty madness of course! 

Zerforax

I think if you wanted offers which were 17k over your price, you probably shouldve listed it for 10-15k more than you did.

While there is a temptation to think the longer you stay on the market, the more interest you will receive, I think with the internet and desperate buyers, you get most people jump in quickly and then interest tails off.

DRP

If you;'re not happy with the offers, the EA should continue marketing.

It is that simple.

movilogo

OP got £17k over asking price yet hot happy. 
Nothing prevents OP to raise the asking price and continue marketing in case higher offer comes. 

user1977

movilogo said

OP got £17k over asking price yet hot happy. 

Nope, they said that's what a similar property got.