House prices.

slackgarry

Had three estate agents round to get a valuation to sell. Prices are 300000, 300000 and 265000. Could the lower valuation be a price to sell very quickly or do you think I should get a fourth valuation.

Thanks

JM68

A fourth agent won't necessarily help.

What valuation were you expecting?  How are similar properties (in similar condition) priced?  What are the latest similar property actual sale prices?

Market is very slow at the moment, due mainly to interest rates returning to normal after years of being close to zero.  Most of the indices are showing at least 5% down on 2022 peak prices.

However, lots of estate agents seem to be still valuing at or close to peak prices to try and get the instruction, only then to say 'we have to reduce price' a month or so after listing.

MultiFuelBurner

slackgarry said:

Had three estate agents round to get a valuation to sell. Prices are 300000, 300000 and 265000. Could the lower valuation be a price to sell very quickly or do you think I should get a fourth valuation.

Thanks

You have to do your own research as well. Check what properties have been put up for locally that are comparable.

Consider this time of year is not traditionally the best time to get the most interest and best price and finally what you need for what you are moving to. No point moving if you cant realise your next step.

Bigphil1474

OP, we had similar, and the EA who said a lower price told us it would get more interest and potentially push the price up towards the higher valuations anyway. Not sure it's the market for that at the minute as most people seem to want to under offer, and there's not that many buyers around it seems. The 3 EA's who valued ours were all local and pretty much equally reputable so we went with the agent we preferred. There was only £10k difference in our 3 valuations though. Might be worth putting on at £300k and see what interest there is, unless you are in a hurry. If it sells, then nothing lost, if you struggle to even get viewings then you might have to reduce it in a month. I was hoping ours would sell quick but it hasn't so I'm taking a chill pill for now.

AlexMac

It’s a lottery; choose the agent you feel is most competent/ with the best local reputation. 

When we last sold, there was a huge 8-9% difference between the valuations (altho there were few local comparator properties as every flat or house in the street differed.)

We went with the guy who we respected most, and who coincidentally had sold or bought for us twice previously. 

And who sold for a few % under his, the top valuation, in days as he had a client up his sleeve who luckily wanted a place just like ours! 

None of which helps you beyond my advice to go with your gut (or toss a coin?)  

I endorse the view that this is a bad time to put it on the market?  Can you wait five weeks?

ManuelG

I'd go by how you felt when meeting them. We had one who valued it far below the others, and nearly 20% below what it sold for. He gave a general air of disinterest when he came round though, so can only conclude he didn't want the business!

Dustyevsky

ManuelG said:

I'd go by how you felt when meeting them. We had one who valued it far below the others, and nearly 20% below what it sold for. He gave a general air of disinterest when he came round though, so can only conclude he didn't want the business!

I had that when selling a small bungalow suited to an elderly person. The agent didn't particularly want it on their books. He saw waiting for the right buyer could take 6 months or more at the going rate, and while I got the higher price, he was right too.

ManuelG

Dustyevsky said:

ManuelG said:

I'd go by how you felt when meeting them. We had one who valued it far below the others, and nearly 20% below what it sold for. He gave a general air of disinterest when he came round though, so can only conclude he didn't want the business!

I had that when selling a small bungalow suited to an elderly person. The agent didn't particularly want it on their books. He saw waiting for the right buyer could take 6 months or more at the going rate, and while I got the higher price, he was right too.

Thing is, I sold mine within a week at £40k more than he valued(!)

Maybe it was too cheap and the commission wasn't worth his while(!)