House valuations - accurate?

[Love51]

I have just had a valuation on our 100+ year old starter home. Its up North - I know property in London / South East is different from the rest of the country. I've only had one valuation as we won't be in a position to actually put the house on the market for a few months, but now I know what its worth I can start looking at what we might be able to buy, and what areas etc. I was wanting to know from other people - if you have had a valuation, was this reflected in terms of actual offers? Also how long was your property on the market before you got a reasonable offer? Thank you!

Depends on whether you had an estate agent around and asked for a selling price or what you could expect to achieve. Two very different figures in some cases.

We had three valuations from EAs - we ended up selling for a few grand over the highest valuation. I would get a few round as the first valuation we received was 10% less than what we sold it for.

mandy He gave the same 5k price band for both, which is what prompted me to ask.

canIsay I will get a few when we are in a position to market the house. Can I ask whereabouts you are (not exactly, but town or rural for example). And was that recently? Ta.

On the other hand ours was over valued at £250k - small 3 bed detached, no interest for months, we were getting fed up and dropped it to £240k and it was offered on that day.

We are in the East Midlands in a nice part ordinary suburb. We had our 3 bed detached (but small) valued at £155k by 2 agents and £160k by a third. We marketed at £158k and sold within the week for £154k (to a cash buyer; we had found somewhere)

We did look at other sold prices in the area but we were on a small estate of maybe 60-70 nearly identical houses. Ours went for slightly above what others had, which I think was due to the position at the head of a cul desac fronting open fields

Yep... We're in the south west of England in a town, about 10 miles from the nearest city.

We only got 1 valuation but I had been keeping an eye on the prices of similar properties for months before and so knew both what it was roughly worth and also what we needed to achieve as a minimum to be able to move.

Our EA suggested putting it on as a price range of £20k with the amount we needed in the middle. We got an offer at the top of the range.

Also, prices change so quickly at the moment, we accepted an offer in Dec and although we haven't even exchanged yet, I know we'd get another £10k if we were putting it on the market now.

basin Does that mean if someone offered the lower half of the range you would have had to reject because you needed at least the mid point to move? Some of the houses im looking at have a range and Im trying to get my head round why.

Thank you all who are responding.

The way the EA explained it was that by putting a range, you get more hits on online searches and more people through the door. They said it generally worked positively and we had 6 or 7 offers within a week so I'm inclined to agree!

I guess it's better than needing, for example, £200k and putting it on at £210k expecting people to come in with offers below but hoping they exceed £200. You might be pricing someone who would be willing to pay £205k out by advertising at a higher price.

We had three valuations at £185k, £220k and £230k. Sold for asking price at £225.

I see basin I am looking a bit above my price range and would put in offers if I was interested but clearly not everyone works the same way.