Agent undervaluing

[Muddle2000]

Last March I went to put my property on the market to be told the market was slow and they would try their best .
In fact property was going like hot cakes due to the SD holiday .
I am furious as I think I have lost out

So did you decide not to sell ?

You don’t have to accept their valuation, though?

I think if this has already happened, you need to view it as a learning experience and determine that you’ll do things differently next time.

Did you sell, or not? Even if the agent “under valued” then in a hot market it shouldn’t have made much difference as it would have prompted a lot of interest and potentially a bidding war. If you didn’t get any offers above the agent’s valuation then the property wasn’t worth more than that, regardless of other sale prices.

So what actually happened? Did the agent give you a valuation lower than you were hoping for and you decided not to put your property on the market at that time?

Did you get more than one valuation? Or take the word of the first person you met?

Did you not read everywhere that the property market was insane? It was literally being talked about everywhere!

@ComtesseDeSpair

Did you sell, or not? Even if the agent “under valued” then in a hot market it shouldn’t have made much difference as it would have prompted a lot of interest and potentially a bidding war. If you didn’t get any offers above the agent’s valuation then the property wasn’t worth more than that, regardless of other sale prices.

I don't think this is always true, particularly if you are in a market with fewer buyers (e.g. niche property/rural). You might get more interest than usual and sell the property in a few days for the asking price. If the property had been priced appropriately you might have needed a few weeks longer but sold it for more.

With such an important job of maximising your home value always get a few agents to appraise your property it's also a great way to get information on the local market. It does no harm for agents to compete to sell the property either.
Essentially the value the agent put2

Posted early...
Essentially the value the agent puts on the property it irrelevant since it is the buyer's who dictate the market value depending on the supply of similar properties in the area, the price they're will to pay for the property condition and the value the bank places.on it for mortgage purposes.
In some cases deliberately placing the property below market value attracts more viewings leading more bids and the possibility of a bidding round that increases the final sale price.

there will be a lot of posts like this, in the coming year. the Piper needs paying

I’m confused with your post.

We just put ours on and got three agents around, they all said the exact same figure so we went with the one with shortest sale time against closest to valuation price.

Why didn’t you get another agent round? A family member recently had two estate agents round to value their property. One valued it at £650k, the other at £830k. It sold for £845k

Always get a second opinion

Sorry OP I don't really get your post , Furious with who ?
Most people even those with no intention of marketing or moving knew that there has been an explosion in property prices that has lasted for roughly the last 15 to 18 Months some areas were in stronger demand than others but nearly everywhere has experienced this explosion
I think you should have done your homework rather than relying on one agent , you should always ask at least three agents in to value and have previously done some local research online as to a guide in local property valuations ( short easy task )
I think it's been difficult for some buyers and sellers due to a combination of things ie getting into view property and break onwards chains due to the fast moving market and also lack of rental property , storage , and conveyancing times being longer sometimes than normal due to searches taking longer and lack of staffing in nearly all of the associated aspects , but having said this many people have managed to buy, sell and move
The market in my area is still very strong so maybe it's not too late for you in your area to jump in and relocate

In our area the property market is still pretty hot (and we're in Wales so stamp duty holiday was never as good as England and didn't last as long either). I think as others say it's always wise to get multiple valuations before listing. We found when buying and selling last year that the asking price was pretty arbitrary - popular properties sold very quickly and for well over asking, and properties like the one we bought that were listed very optimistically ended up going for less than asking. I'm sorry you regret not listing but ultimately that was your choice and it sounds like you didn't attempt to get any other valuations done? If you're still keen to sell why not see what several agents would make of it now? As I said, prices are still increasing where I live to the point that we would now be priced out of the area that we bought in just 9 months ago.

March 2020? It was slow! It picked up in the summer?
Unless you mean March 21, in which case it depends what you were selling. Flats for example were selling very poorly.

I put mine on in March 21, took until October to sell. Properties vary