Selling house - what to list for following valuations

housebuyer7

Hello, we have had four estate agents round to value our property. Three local estate agents and Purple Bricks. The valuations were as follows:

1. £560,000 - £565,000 (suggest to list OIEO £550,000)

2. OIRO £600,000

3. OIRO £575,000

4. Top price £600,000, bottom price £570,000 (suggest to list £590,000).

Can anyone advise what is the recommended strategy when receiving varying valuations? Don’t need to move urgently as moving in with parents but don’t want it to sit forever!

FlorayG

The local estate agents will have the most likely price - which one was Purple Bricks? I would discount that one

housebuyer143

Have you looked on Rightmove for properties like yours in your area? How much are they listed at? Have any sold and how much were they listed at? 

You should be able to tell from this which price is most realistic. 

theoretica

Which estate agent do you think of going with - how did they vary in things other than price, which one sells most in your area?

housebuyer7

I’ve looked on RM for similar properties and there is wide variation, so I think I will need to base the listing on guidance from the estate agents. The local ones I got all sell similar numbers of properties.

Albermarle

The price range is not that unusually wide. The top price achievable if you get the right sort of buyer at the right time, seems to be £600K and at  £560K is 'priced to sell' That is only a difference of 7%.
So a listing of £595 K?. 
Typical discount from asking price is about 5%, so = £565K . Hopefully someone likes the house and/or there will be multiple buyers interested and you get closer to the asking price.

BonaDea

Some years ago I sold a property valued by EAs thus:   £295K, £305K, £340K, £350K, £375K.  I listed at the median valuation (£340K) and it sold at £320K.  Not sure what, if anything, can be inferred from that anecdote, but as valuing individual properties is all stochastic anyway then anecdote is as good as anything else ....

Bigphil1474

The lower average is £576k, the upper average is £585k. Personally, if I was listing today, I'd go at £575k and see what happens. The market will tell you if that's too high or too low.

ReadySteadyPop

housebuyer143 said:

Have you looked on Rightmove for properties like yours in your area? How much are they listed at? Have any sold and how much were they listed at? 

You should be able to tell from this which price is most realistic. 

Use PropertyLog or this......

https://chromewebstore.google.com/detail/rightmove-property-notes/ddnkogahnfkgkechllbdfgacnkikddbf?hl=en-GB

Not sure how helpful it is.

ReadySteadyPop

BonaDea said:

Some years ago I sold a property valued by EAs thus:   £295K, £305K, £340K, £350K, £375K.  I listed at the median valuation (£340K) and it sold at £320K.  Not sure what, if anything, can be inferred from that anecdote, but as valuing individual properties is all stochastic anyway then anecdote is as good as anything else ....

Ultimately the lender values it, unless the buyer wants to add their own money to a "down valuation", the market years ago is very different to this one though.