House valuation - help please!

[labsarelife]

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.

[JoJoSM2]

If you want a professional valuation, pay a valuer to do it. Estate agents are just sales people that require no professional qualifications of any sort. Some dodgy ones might tell you all sorts to get your business just to tell you to drop the price once you've signed on the dotted line.

Alternatively, just have a look on sold prices on rightmove to see what houses have actually sold for in your area. It should be pretty obvious if 250, 350 or 450 is a realistic price.

[OutyMcOutface]

It's pretty standard for EAs to grossly exaggerate valuations to reel you in.

[Pollyisinmypocket]

I agree with OP and can see why she said it wouldn’t be suitable for a first time buyer. It may be huge and £400k is very expensive in most areas of the country. People tend to stay as low as possible when buying first time unless their really well off which isn’t usually the case for a first time buyer

[labsarelife]

There are all sorts of answers from all sorts of people on here and some are going off on a tangent. I bought my first house in 1998 and have sold several since. I’ve seen markets rise and fall. Sold a house mid recession and still doubled its value. I’m not really here to discuss anything more than the discrepancy in valuation. I’m just wondering whether it’s as unusual and quite as outrageous and unprofessional as I think it is or whether it’s happened to anyone else. That’s all I came here for. I’ve never used Mumsnet before and I have 3 children aged 16, 13 and 11. Just thought I’d give it a try.

[labsarelife]

Also, I know that chains often begin with a first time buyer but many also don’t. I was referring to the fact that a 400k house usually would not be sold to a first time buyer in this part of the country, as an average house price is about £230,000 and a first time but maybe £180,000.

[Pollyisinmypocket]

This is what I meant by headache @labsarelife some people just like to argue with everything a poster says.

[namechangedtoday15]

OP I think it's outrageous and I would be fuming. Did it seem high at the time?

I'd be asking for an explanation in writing of why they think the drop is in order. House prices aren't dropping here so its obviously area dependent but even so, £100k?

I'd make sure you change agents so this agent doesn't get a penny in commission.

[labsarelife]

How strange @Pollyisinmypocket I did feel slightly set up on for a moment there, by the first time buyers! I’m not a vicious sort myself. My username contains the words lab, as in Labrador - you know, the friendly type!!

[3boys3dogshelp]

I’d be pretty unimpressed too OP, that’s a huge amount to reduce by so I’m not surprised you’re disappointed. Have you tried looking at sold house prices on Rightmove in your area? Is there anything reasonably similar to yours for sale?
I was advised to get 3 valuations from estate agents before deciding what to list for and they varied by about 15%. I did a bit of digging and found the most expensive valuation was too high and the agent had a reputation for overvaluing to ‘flatter’ you in to going with them, then dropping the price when it inevitably didn’t sell.
I agree with reducing to just below £400k as you’ll appear in searches for everyone who puts in up to 400 online. You say you would take 400 happily but I bet a lot of potential buyers with that as their top budget don’t know your house is for sale.

[didireallysaythat]

25% top high does sound your EA just got it badly wrong. What did the other EA you got valuations from before you went on the market suggest ?

[labsarelife]

Thank you @namechangedtoday15 I tend to feel as you’ve described. I thought the first valuation of 450k was pushing it but considered it their ceiling and have adjusted based on that but to find out they’ve changed the goalposts almost completely, is a shock. I’m selling my house to downsize, in order to fund medical treatment for myself, so they’ve really let me down.

[labsarelife]

@3boys3dogshelp I agree with you. Under 400k will be the way forward. I’d be ok with 400k or a tad below. The nearest comparable is 430k. To be told 450k high and 350k low has shattered my confidence in them as an agent.

[Smellybluecheese]

We are first time buyers looking at houses up to £400k - still can’t find anything suitable in our area for our budget. 😢 I put £425k in the rightmove searches if that helps.

[Smellybluecheese]

And I would definitely switch agent.

[labsarelife]

I only had one valuation from one agent. Stupid I know. I’d used them before 6 years ago but it’s a small agency and the previous guy had moved on and has been replaced. Obviously operating in a slightly different way now! @didireallysaythat

[WheresMyMuppet]

You have my sympathies, the whole process is a bloody mare, not helped by the weird market at the moment.

I think you have to put the original valuation out of your mind and go from where you are now. Get three new "valuations" from agents. Consider paying a valued/surveyor for one. If your house is comparable to surrounding look at Land Registry / Zoopla / Right Move sold prices.

Then you know where you are a bit more.

[labsarelife]

I’ll go under the 400k I think. I just wish that they’d have started me off at the right price point because as I say, I’m downsizing to release equity to pay for medical treatment that I can’t access on the NHS. I’m not well and 6 months is a long delay for me and it has probably been an unnecessary delay too. I wish these estate agents would consider that there are many emotional issues behind house moves and them faffing about with prices, is messing with people’s life plans.

[labsarelife]

Thank you @WheresMyMuppet Sensible advice. Scrap what I was foolishly lead to believe and start again! I think you are right!

[Happened]

This would frustrate and upset me too. The agents weren't fair misleading you and wasting your time.

[Bluntness100]

This happened to me, but I disputed the price, agents do it to get you to sign, they also want to keep thr market price up. It's fairly common practice. Over value, get them to sign, drop the price in a few weeks.

Ultimately you'd just have sold it quicker if you started at a lower price and took a punt at a higher price. Don't take it personally, most of them do it. Sadly folks tend to sign with the agent who values highest thinking they can get that price when other agents can't. They can't. Everyone is looking at right move. Which agent now is really down to the service levels.

[SantaClauseMightWork]

Even Rightmove has announced that the bubble is bursting already. You are hardly the first story these days. Same happening everywhere.

[KittyKK]

Wow that’s a massive drop!! No wonder your trust and confidence in that EA is damaged and it’s definitely worth changing to another company.

The market is vastly overpriced where I am in South East. Always thinking less 10% on the asking prices I’m seeing. Good luck OP!

[pupchewsleg]

Consider trying an online agent who is much less likely to overvalue your house. Doorsteps.co.uk will photo, value, and market your house for £199 all in. The tradition model of estate agents is all about overvaluing your house to get you in.

[namechangedtoday15]

Santa most recent news 're house prices says they're still going up here

[Jamiek80]

I doubt anyone can answer for definite. I know we have had a house valued between 120k and 200k identical house next door sold for 100k. My parents have had their home valued between 150k and 250k. I guess some go low with the promise of a quick sale and others go high hoping for business and a customer who will drop massively when an offer comes in. Locally the difference between sale prices and sold prices is around 25%