to think estate agents just pick numbers out of thin air??

[workshy]

had my house valued by 3 agents in the last week and they vary by 35K

top one 185k (which I think is too high btw)

how on earth can there be such a massive difference?

They lie.

A lot.

They want your business, so they reel you in with a good price, knowing full well you'll have to drop it.
As was said, They lie. A lot!

YANBU but that's why you got it valued by 3 different people, surely? The real value is always somewhere in the middle.

it is why I got is valued by 3 people (and did loads on internet research) and I came out with somewhere in the middle of the 3 before they even came round -would expect maybe 10k difference but 35????

Because valuation is an art, not a science. They will use comparable properties but, as not two houses are exactly the same, they adjust the valuation accordingly. These adjustments are where a difference of opinion will transpire.

That said, its not unknown for them to over value in the hope that a greedy vendor will just go with them thinking they may get a higher price

We had 3 valuations 10 days ago. There was a 20% difference top to bottom.

Agree with TillyS about overvaluation possibility. Also have a theory other way about undervaluation to make very quick sale to get some commission in at quiet time. Based on recent sold prices (last 6 wks) believe bottom price a joke.

35k is nothing, a friend got their house valued, highest was 250k, lowest was 150k!

I suppose there can be a significant difference if you have a unique house, especially at the upper end of the market.

But if its a standard type then you'd think they'd all check downmystreet or whatever its called first and see what the norm is, and not stray too far from that without good reason.

Yep, a £20k difference here. We ignored the top valuation.

But similarly I guess it is a little subjective as well.

Grandparents house had 100k valuation range -but alot of the estate agents were looking at properties that had sold in area which were very different and alot smaller others were also pricing for quick sale which wasn't as issue.

Think some areas like our are hard to gauge- prices haven't settled down and oddly some properties I'd think over priced are going while other cheaper and needing less work can't get viewers through the door.

They lie to get your business, like people upthread said.

Go with middle one.

There are alot over pricing then asking you to drop the price very quickly.

One will over price to get your business. One will under price to get a quick sale and the middle price is usually the going rate.

Don't got with the top one. Agents will be telling viewers to put in lower offers, at least that's what's happening to us with overpriced houses where we are looking

The range in our town is astounding. The biggest price gap between similar 4 bed houses on the market I have seen is 200k.

Whenever we are in a position to buy it's going to take a lot of research to work out why on earth their is such variation... it's not school catchments or crime.