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House valuation - help please!

(114 Posts)
labsarelife Tue 20-Feb-18 20:51:05

House valued at 450k in Aug 2017. Out on at 440k. Few viewings. Reduced to 415k after 12 weeks, end of Oct. Had about 6 viewings since but no offers. Phoned agent yesterday and asked bluntly, what price will we sell it at. Answer, try from £350/375k! Person from the same estate agency that originally suggested marketing it at 450k, with a view to attaining 425k.
I am dumbfounded, speechless, upset and frustrated. Our future projections were based around 400k minimum.
If you have experience of this industry, please can you comment as to how ludicrous you find this (or not!)
Thank you.

GreyGardens88 Tue 20-Feb-18 20:53:36

And so the bubble is bursting

GreyGardens88 Tue 20-Feb-18 20:54:10

Good news for all us first time buyers

Rumpledfaceskin Tue 20-Feb-18 20:57:22

Prices have started to drop since brexit I believe.

Unescorted Tue 20-Feb-18 20:57:50

EA estimates are not valuations... They will give you a figure to buy the commission and then keep reducing the price until you get a buyer.

retirednow Tue 20-Feb-18 20:58:28

Maybe the first agents massively over valued it, it happens a lot. Look up mouseprices website to see otherlocal valuations. Its horrible when you feel let down. I would go to another estate agent and get another realistic valuation. Don't forget they work on commission. Go onto rightmove and see what similar properties are selling for in your area. flowers

Viviennemary Tue 20-Feb-18 20:58:42

It's depressing. But hopefully if prices are going down you should get your next house cheaper. Look around your area and see what's for sale at what price. Then have another look at your house and see if there's anything you could do to it to make it more appealing to prospective buyers without spending loads. I wouldn't be in too great a rush to massively reduce it till you've had a good think about it.

labsarelife Tue 20-Feb-18 20:59:49

My house isn’t suitable for a first time buyer. I don’t understand the relevance of your comment.

NapQueen Tue 20-Feb-18 21:01:11

Your home is only worth what someone will pay for it. No one is prepared to pay 400k for it. Ergo it is not worth 400k

When we come to sell we need 105k to be able to move. Its what other flats on our street sell for. Im not naive enough to believe that we will sell for certain at that price because what if no one wants to at the time we sell?

RandomMess Tue 20-Feb-18 21:01:29

The first time buyers are at the start of most chains, as prices fall at the bottom so they become more affordable so will the next tiers up.

NapQueen Tue 20-Feb-18 21:01:42

Why isnt it suitable?

labsarelife Tue 20-Feb-18 21:02:15

Yes, I’ve rung another agent to come and have a look at it on Friday. I understand that an agent’s valuation won’t be spot on and I’ve bought and sold several times before but I’ve never come across such a huge discrepancy and when I questioned the agent, he was offhand and quite rude to me today!

wintermonster Tue 20-Feb-18 21:04:07

Is the area not very popular with buyers at the moment?

Is there anything going on nearby that would affect the sale (hs2 / sprawling development next door)?

Here just on outskirts of m25 house prices still going up.

There are the odd people trying their luck with ridiculous valuations though (House next door which has dropped their price by £100k but is still a good £100k above the ceiling price in the area for example

labsarelife Tue 20-Feb-18 21:04:19

Agreed, a house is only ever worth what someone will pay for it but I expect a professional to be able to pitch at least somewhere in the ball park for their starting figure and I trusted them to do that for me.

retirednow Tue 20-Feb-18 21:05:45

I am glad youve gone to another agent, the original one sounds nasty. When people look to move they sometimes forget they have to consider moving costs, stamp duty which all adds up.

Pollyisinmypocket Tue 20-Feb-18 21:07:36

How can they get it so wrong nearly £100k wrong! Sorry your having to go through this! Selling houses is a bloody pain in the arse! I asked for some advice on here a few weeks back regarding my house as it’s up for sale and all I got was a headache from people on here.

I’d get another 2 estate agents out to do 2 valuations and then meet in the middle of what they both say. I wouldn’t even entertain the one that has put your house on the market so far as they have got it way wrong. I’d understand if it was £10/20k wrong but nearly £100k!

Fingers crossed for you smile

labsarelife Tue 20-Feb-18 21:08:07

I think there’s an issue between what my estate agent is valuing houses at, compared to other agents. I raised this today and the agent denied this but other agents seem to be valuing more modestly when I made the comparison. Hmmm. I’d rather they’d have been honest from the start.

ThroughThickAndThin01 Tue 20-Feb-18 21:08:55

The market is being quite weird at the moment. Our neighbours have just sold, with no price reduction, after being on the market for a year and a half!

I think different regions are experiencing different things, but in my area in the south east properties are selling quickly if there is nothing wrong with them I.e. not on a busy road, otherwise they are hanging around for a bit.

If I were you and I wanted to sell, I’d probably reduce to under £400 and go on at £399,950.

labsarelife Tue 20-Feb-18 21:10:21

Pollyisinmypocket Thank you. I’ve instructed one agent to come out this week and will get another one as well. I agree there’s a margin of error in valuations but yes, 100k on a 400k property is way out. That’s not very professional in my opinion. I’m sorry you’vd had trouble too!

labsarelife Tue 20-Feb-18 21:12:06

Yes, I think coming in under 400k might be a good move but I’d have loved to have done this several months ago! I’m a realist and I’m annoyed that I’ve been robbed off, of the truth be known. I just wanted an honest valuation from the word go. Seems too much to ask, huh?’

AnnieAnoniMouse Tue 20-Feb-18 21:12:39

I can’t believe you based anything in one agents say so 😱

What are similar properties selling for one Rightmove?

Can you choose not to move at the moment?

orvil Tue 20-Feb-18 21:14:05

Agents over value in the hope you'll go with them and not the other agents who are realistic, but lower. Generally that's why they have the reputation they do.

GreenTulips Tue 20-Feb-18 21:14:34

My house isn’t suitable for a first time buyer. I don’t understand the relevance of your comment

Of coarse it's relevant!

You need first time buyers to kick start the chain - this frees up middle buyers and so on.

Check if the EA work in commission for listed price or selling price, I've seen this a few times

Chienrouge Tue 20-Feb-18 21:17:23

How can a house be not suitable for a first time buyer?! We’ve just bought our first house... large 4 bed/3 reception rooms/large garden. FTB’s can buy any house they can afford!

RaspberryCheese Tue 20-Feb-18 21:18:42

EAs are crooks in smart cars. What skills do they have apart from hatching Machiavellian plans to line their own pockets? Whoever said houses always go up in price anyway?

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