Huge variation in property valuation

Harlan2

I have just had my house valued by four local estate agents and have had values ranging from £130k to £160k which is a massive variation relative the the value of the house.  I have doubts about it being worth £160k and am worried about putting it on and it going “stale” on the market, at the same time I can’t afford for it to sell for a lot less than it is worth as I am moving to a less desirable area from a highly desirable area in order to gain more space.

MorningcoffeeIV

That's not a particularly large variation, given the property value.

You say you can't afford to sell for less than it's worth. What value is that?

MikeJXE

Go with your gut

Don't take lowest or highest 

One wants a quick sale the other wants your custom 

Harlan2

SoMorningcoffeeIV said:

That's not a particularly large variation, given the property value.

You say you can't afford to sell for less than it's worth. What value is that?

23% more is a lot to me

user1977

Harlan2 said:

SoMorningcoffeeIV said:

That's not a particularly large variation, given the property value.

You say you can't afford to sell for less than it's worth. What value is that?

23% more is a lot to me

I would look at it more as £145k +/- 10.3%. That sort of variation isn't necessarily unusual but depends on the type of property and what comparables are available.

diystarter7

Hi OP

Nothing stopping you testing the waters at 160k unless you serilsuly beleive its too hyped.

Property that looks the same, ie built by the same builder/spec etc may have diferring sized gardens, outlooks, facing in a different direction, ie south facing living room, oppiste something really nice as oppsoed to a bus stop, block of flats, etc and could be done to what most perceive as good taste etc. So not harm in trying the top, near the top for a week or two. 

However, check the contract with the agent and esnure you are happy with them, their record etc and check the details in the contract if you were to use another agents etc and introductions etc, etc

Good luck

lookstraightahead

In my opinion, an estate agent values a property to win business. 

How about getting a third in and then take an average?

it's all a bit of guesswork.

propertyrental

lookstraightahead said:

In my opinion, an estate agent values a property to win business. 

How about getting a third in and then take an average?

it's all a bit of guesswork.

OP has already had 4. Another would be OTT!

Have you looked for, or been shown by the EAs, any comparable properties? Currently on the market for how much? How long have they been on the market?

How about recent sale prices (though this is hard as the Land Registry is take months to upload new sales?

Ramouth

We had a huge variation in value for ours too, between 225 and 295 back in 2020.  We realised that they were all using different properties as “comparables” and chose the agent who seemed to best understand our property - we were slightly offended by what one of them considered comparable!

Harlan2

diystarter7 said:

Hi OP

Nothing stopping you testing the waters at 160k unless you serilsuly beleive its too hyped.

Property that looks the same, ie built by the same builder/spec etc may have diferring sized gardens, outlooks, facing in a different direction, ie south facing living room, oppiste something really nice as oppsoed to a bus stop, block of flats, etc and could be done to what most perceive as good taste etc. So not harm in trying the top, near the top for a week or two. 

However, check the contract with the agent and esnure you are happy with them, their record etc and check the details in the contract if you were to use another agents etc and introductions etc, etc



Good luck

What is meant by “introductions”  how would I check their record apart from online reviews?