Selling our house. Accuracy of agents valuation?

[Pabboo]

We are selling our house - it’s our first home and we purchased from new 6y ago. So we haven’t much experience of this!

We’ve had two agents value - one has looked around and the other hasn’t and based his on his online searches. But the other also seems to have ultimately based his valuation solely on searches of properties selling in the area too, despite having looked around.

Both are valuing at the very lowest end that Zoopla values it at. We think it’s worth about 10% more than their valuation. We worry if we put it on for too low, people will expect to be able to put in offers and the price may be driven down. But obvs too high a price will put people off altogether.

Neither seem to be much interested in the age of the property or the current market. They compare it with either much older properties in the area, or ones from the new build estate but which sold in 2019. The houses on this estate seldom come on the market.

How accurate are these estate agent valuations likely to be?
Would we be making a mistake putting it on for that 10% more despite what they say?

Doesn't suprise me, we had a Yopa agent who couldn't give us a valuation on his visit as his laptop was down so couldn't find other houses to compare with.

Also had a PB agent who said he didn't know what to price the property at as there were no comparisons..
Get some valuations from local streetside agents who are experienced in the area and take an average of the valuations (bear in mind some will over value to get your business).
It's better to come down in price but harder to go up.

My experience is the opposite. They over value to get the business and then when you don’t sell in a few weeks get you to drop it. When two agents independently give the same Lower valuation I think it’s a clear sign it’s not worth what the op thinks it is.

From my recently experiences I'd have to agree with Bluntness here. We're in the same boat as you, but we've only been in ours 4 years. We're in a semi and the neighbours beside us is on the market. Nothing wrong with the houses or development, but circumstances meant we both needed to go in the market at the same time.

I'd been keeping an eye on house prices in the area and was surprised when we got the valuation as it was definitely at the top end for the type and size of house. I wanted to put it on at the middle value the EA had suggested, but DH resisted. I knew it was overpriced. The neighbours (who's house is actually slightly smaller) also put it on at the higher value.

After a few weeks of no movement I called time on the higher figure, we dropped the price and got an offer which we accepted. Neighbours didn't drop, kept saying they'd had even higher valuations before and pointed at one that went down the road pre-covid which got £x. They seemed to think "valuation=what we'll get for it", rather than see it as a guide. They're now in a position where they're about to loose their new house because they've had no interest in their current one.

If two agents are telling you £x, they're probably not both talking completely out of their arses. But they do need to get out and see the house- maybe they're not quite getting the location or house's aspect which might bring it up closer to what you think it's worth. But equally, you might need to accept that it might not be worth exactly what you thought it was and be realistic about it. Best way to do that is by keeping an eye on similar properties being listed in the area.

Thanks all for your comments. Took them on bird, got three valuations and lowered my expectations of what it’s worth.
I’ve put it on for what I want to get for it and hope it will attract enough interest to maybe have people bid higher given the current market.
Thanks again

*on board
Not on bird! 🐦