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Original poster

I think estate agent has been massively over optimistic about our selling price

45 replies

meateatingveggie · 31/08/2022 17:49

Is it really a sellers market? The property is a lovely example of its type. We've done a lot of work and a new buyer won't have to do anything more than decorate to their tastes.

But the estate agent suggested we market £50k over what I think it's worth and I'm anxious we'll get no interest at all. He was adamant though. (50k is about 20%).

Trusting his opinion atm but how long would you give it before lowering?

OP posts:
Digimoor · 31/08/2022 18:06

Have you spoken to multiple agents?
They should be able to provide sold comparables to justify the price

SamLane · 31/08/2022 18:16

Ours did this. We signed with them, only for them to tell us, within two weeks, that ‘the price YOU want is too much and you need to reduce’.

I'm sure it is a marketing tactic so that they are the chosen agent. ( and I had to correct the information they had written about the house, like it was a Y6 SATs paper - useless they were🙄)

ginghamstarfish · 31/08/2022 18:19

I have a very low opinion of estate agents. You need to get more than one idea of price as they often inflate it to get your business. If you go in too high and get reduced it gives a negative impression, I'm always suspicious when I see a 'reduced' property.

AmandaHoldensLips · 31/08/2022 18:23

Most estate agents are crap. You will have a better knowledge of your house and it's value. Trust your own instincts and make sure your EA does their job.

No tyre kickers.

No viewings by anyone who isn't proceedable (and can demonstrate that they have funds and a mortgage approved)

And I'd be very wary of first time buyers who are usually a complete nightmare

Salome61 · 31/08/2022 18:25

My selling experience was ruined by the EA giving me false expectations of what I'd get for my house.

Have you looked at RightMove 'sold' house prices to see what similar houses have gone for this year?

Kite22 · 31/08/2022 18:28

It's going to depend on how much research you've done, or whether you just "thought" if might be worth £X.

What did the other agents say ?

Have you been able to find similar properties n your area, and what they have gone for?

Piffle11 · 31/08/2022 18:30

Not all estate agents are dodgy. Having said that, I used to work for one who would consistently over value property in order to get the listing. He didn't seem to understand that what would happen is that after a month of very little interest, the seller would take their property to another agent. He then blame the agents for not being able to sell it. We sold our house a couple of years ago: we were told we could probably get at least £50,000 more than what we were asking. We didn't need to sell in order to move into our new house, but we didn't want the property hanging around. We had a good idea of what it was worth, what needed doing to it, and we priced it accordingly. The sale went through seamlessly. Don't be blinded by the figures: if you have got an idea of what you want to achieve, price it accordingly.

Twiglets1 · 31/08/2022 19:31

Oh those estate agents ... they always value high to get your business. If it doesn’t get much interest they will be advising you drop the price within about 3 weeks

Original poster
meateatingveggie · 31/08/2022 20:35

Thank you for your answers. We aren't in a rush to sell so we can test the market, but I'm sure it's over priced. There is so little on the market though perhaps that will influence what people are willing to offer. 🤷‍♀️

OP posts:
Spanglybangles · 31/08/2022 21:56

You never know, depends on local recent selling prices really and the market in your area at the moment. House opposite ours was on at a similar price to yours a few months ago, went to closing date in the first week, then sold for 30% over the offers over price. We were astounded (and wondering whether we should sell ours now!!)

rainingsnoring · 31/08/2022 22:20

Hard to say. Have you just had one valuation? I would get 3 or 4 and research local property sales.

augustusglupe · 31/08/2022 22:26

We're cash buyers, no chain. In what was a very fast moving area up to mad March.
Theres not much coming on and most of what is is still way overpriced. We desperately want to buy, but no way are we going to pay over and definitely not now.
Unless they start dropping their prices, we'll sit tight.

LittleFluffyCloudz · 31/08/2022 22:31

meateatingveggie · 31/08/2022 20:35

Thank you for your answers. We aren't in a rush to sell so we can test the market, but I'm sure it's over priced. There is so little on the market though perhaps that will influence what people are willing to offer. 🤷‍♀️

The agents have over valued to get the business. They are fighting each other for houses to sell. The model is market high then reduce.

CaptainMum · 31/08/2022 22:32

Go lower with an offers over figure. Nothing more frustrating than starting too high, putting off all buyers and having to reduce a few times. It spooks sellers and ends in a lower purchase price.

FiveDollarMilkshake · 31/08/2022 22:33

its not a sellers market anymore

Kite22 · 31/08/2022 23:40

CaptainMum · 31/08/2022 22:32

Go lower with an offers over figure. Nothing more frustrating than starting too high, putting off all buyers and having to reduce a few times. It spooks sellers and ends in a lower purchase price.

I'd disagree with that. I'd say that "offers over" is actually very frustrating, or annoying. Sellers should state what they want for the house and put it on the market at that price. Buyers can then choose if they even want to bother viewing (if they consider it over priced) or if they want to make a lower offer, and then the sellers choose to accept or not. Vague notions like "offers over" tell nobody what they want / are expecting.

Kite22 · 31/08/2022 23:44

I think the fact that there is so little on the market where you are, does make it more valuable. It certainly would if buyers had a reason to really want to be in your particular area (work / family / schools / conservation area / near the station / sea view / whatever).
Obviously I have no idea what your house is worth as none of us do.

You haven't answered all the posters who have asked about what the other EAs valued it at though ? (In terms of near your thoughts or near the EA you went with's thoughts, rather than the actual amounts). If 3 other agents had said it is worth £X and only this one said £X + 50K, then I would have more doubts than is there was a real spread, or if 2 or 3 suggested figures above what you had thought.

SofiaAmes · 31/08/2022 23:51

When I sold my house in London about 10 years ago, I made a deal for it to be marketed non-exclusively by multiple agents. The house was very unique and I expected it to take a while to sell. I got valuations ranging from £500,000 to £1,000,000. We put it on the market for the latter and got (after 8 months, I think) £5,000 short of the asking price. I highly recommend getting multiple agents if you are not in a hurry and your house is unique and hard to value.

P.S. Here in California where I live now, the current trend is to put the asking price about 10% lower than the expected final purchase price, so that a bidding war frenzy can be created. The selling process is different here than in the UK, so don't know if that would work there.

Original poster
meateatingveggie · 01/09/2022 02:28

We had one other valuation.. maybe we should have had more, but it's very rural and not many local ones to choose from. The other valuation was also above what we expected but not as much. They weren't very impressive though, just didn't seem interested. The one we have gone with has sold several in the town recently.

OP posts:
bonkersbirdie · 01/09/2022 02:45

When we sold our house the EA valued it at about £15,000 more than we got but the contract we signed with them was they were paid 1.5% of the initial asking price not the final sale price - looking back I'm sure they priced it higher to bump up their commission.

Diamond7272 · 02/09/2022 17:54

Our estate agent said 430-440k was 'cheap' for my partners home and it should do better and get multiple bids.

5 months and less than 10 viewings later with no offers, we have dropped the price 40k and any buyers through the door are asking us why?... And what is wrong with it?

We are struggling like hell now at 390k, when it would probably have sold relatively easily at 390-400k in march.

Painful lesson. Naturally, estate agent tells us 'everything has changed and its a buyers market now'..

Yeah, great.

gogohmm · 02/09/2022 17:56

Happened to us, we got exactly what we thought it worth, a full £75k under what the agent said

earsup · 02/09/2022 18:15

if no rush then get more valuations etc....if its overpriced it will sit and go stale....all depends on area and demand....here in trendy east london, its still sealed bids and fighting over anything that comes up as so little on the market so prices are still high and no reductions....yet....!!

Salome61 · 02/09/2022 18:18

I rue the day I listened to my EA who over priced my house. I had to reduce twice in a six month period. I then met some people outside my house, who said they'd been 'following the reductions' on property snake. I felt like a fool.

pompei8309 · 02/09/2022 18:23

I wouldn’t sell anything with a high street agent , I only use Purple bricks or Strike and organise my own viewings ,too many bad experiences with the estate agents .