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

[meateatingveggie]

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?

I had 5 valuations on my house when I put it on the market, and the range of prices was ridiculous (£150000 between the lowest and highest). I chose one that was high-middle and dropped the price quite quickly as I still thought it was a bit ambitious, I got an offer of exactly what I’d first thought. Funny that!

As soon as I got the offer, the estate agent was trying to bring down my expectations to get me to accept. Weird when they’d been so positive til that point.

I was pretty unimpressed with them, so I’d say it’s worth a try but be realistic.

It's tricky. Nobody really knows how much anything is worth. I think there is a tendency for some EA to overprice to get the listing, but not all.
I also think EA have been callibrating to the very hot market, where everything that came on sold for over asking, so they're probably a bit optimistic at this point and not realising the mad dash is over.
When we first listed our house, back in January (hint: don't list in January) the EA valued it at 425k, only to suggest, two weeks later, to reduce the price by 25k after a few viewings. I think price reductions will always make a property look less desirable tbh.

Yep, typical EA overvalued to get the instruction, tale as old as time. When you complain about the lack of viewings/interest they will suggest a reduction. If you seriously want to move, reduce the price accordingly, the mad days of over bidding are over.

There are a couple of agents near me who consistently overprice. I say that with confidence as they regularly have reduced properties on the market; one recent example is a house being reduced by £150k in 3 equal goes over the course of 2 months, which represents 16% of the value.

I'm going to see a property on with one of these agents tomorrow, which I'll most likely offer roughly 9% less than what the agent has put it on for as I'm pretty confident a bank valuation would not support anywhere near the higher figure. Who knows how wedded the vendors are to the higher figure, but as I'm chain free with a mortgage in place and decent deposit, I'm hoping they choose me and accept the lower figure in exchange for speed.

You may have people in a similar position to me who will view despite the higher valuation, as I do think the market is starting to turn.

Have you searched your agent on this site?

www.getagent.co.uk/

they tell you what percentage of asking price the agent achieves… might be worth a look?

Thanks. Went to have a look but they want personal details and I'm always reluctant to sign up to such things cos they then won't go away!

I agree with the others that quite a lot of agents over price in order to secure the instruction. That's why I think it's best to have 3 or 4 valuations unless it's a very standard house on an estate.
As a buyer, if you see that a house has been on the market for a long time or reduced it does make you wonder what is wrong with it, why no one else wants it or whether the sellers are greedy and unrealistic. These things may not be the case at all but it does make buyers wonder.
The market has turned in most areas so I think not over pricing is particularly important now.

Use fake details, including a temp email address

temp-mail.org/en/

Using that site meant I saw the difference between the top and bottom rated agent was going to be £10pm in my pocket, when you took varying fees and %age of asking price obtained into account.

£10k, not £10pm

Why is that? I've never heard anything good about online EAs?

Interesting thread. We are thinking of moving. First EA who came is a new local one. The price he quoted was well above my thoughts but it's a unique house (barn conversion) so nothing to compare. He did say he had never had a mrtgage valuer down valued, don't know if that means anything.

Local people know which agents overprice. Where I used to live, one was notorious for it- so much so that when we were moving I automatically took about 10% off the listed price of theirs (this was pre-internet days).

Look at zoopla or similar for comparable sold prices. That is what an estate agent does. Helps if you are have standard house with recent sales nearby. If your house is not easily comparable then it’s worth what someone is willing to pay and depends on what market does and right person right time.

instruction winning valuations are standard estate agent tactics.

@SamLane exactly what happened to us! We were shocked by the figures they gave. But then like you, one of the staff said WE are asking too much! When they had insisted it would go for a certain price. Only been on the market for 3 weeks but thinking of switching agents already.

I had this recently. A 'chain' estate agent who suggested a very high price for our ordinary new build house, way above what I thought it was worth. I did some research and saw lots of the properties they had on had been reduced. Ended up going with an independent, local estate agent who were fantastic. Suggested a price around £20k below what the others did, which seemed more realistic to me, and the house sold within a week at an offer over asking price. I've no doubt if we'd gone with the other agents we'd still be waiting and looking at reducing it now. I'm still extremely happy with the price we got.

We're having the problem in reverse now. Trying to buy a house that's been astonishingly over priced by another chain estate agent who have already reduced once, has been on for weeks and weeks, but the vendors are holding out on accepting any offers because they've been led to believe it's worth far more than it is by the agents. We've given up now and have offered on another house being marketed by another local, independent estate agent. No idea if we'll be successful or not, as it's had loads of interest, but that's because it's been realistically priced. In my experience, independent estate agents are so much better to deal with, too.

You are more likely to get a decent valuation if you go to an agents with chartered surveyors rather than ‘estate agents’. They have to proper, reasoned valuations that must stand up in front of RICS tribunal.

Apologies for quoting myself, but I have an update on this which may be helpful.

I saw the property I mentioned today, and got chatting to the lady whose job it is to let viewers into houses for this particular agents open days.

It's been on the market for a week, and the lady mentioned that only 6 people had signed up to view, compared to the peak she had last year with her personal record of 26 people on one open day.

The lady also mentioned about 6 times across the half hour I was wandering round that the vendors were very open to offers, and were flexible on price. This tells me the agents knowingly overestimated, however they've shot themselves in the foot as lots of potentially interested people would have been put off by the punchy price.

I've put in an offer that is 13% lower than asking, as it needs significant work, minimum replacement bathroom and kitchen, both of which aren't shown in the marketing pictures. The rest of the house needs refurbishing too.

If I were you I'd insist on putting the property in for the price you think is reasonable OP. Had my potential vendors set the price £50k lower, they'd have been well into double figures for viewers today. The price they've set is at the lower end for 4 bedrooms, rather than for the 3 bedrooms they have, and I expect if they don't accept mine or any other early offer, they'll be reducing by £50k in 4 weeks to increase interest.

I am about to give up and take mine off the market. I went for the lower valuation as well, just put offers over the lower price. I have been so disappointed by the EA.

I was told I would have a dedicated staff member but there is a really young staff member who was determined to deal with our property and has made mistakes from the outset. Not getting a sign, not getting the EPC done. Going on holiday for 2 weeks when it went on the market. Just hand it over. Sending me passive aggressive emails saying these things couldnt be helped. It has caused some bad feeling and we do not click at all.

Then, sending me viewers who were completely unchecked, When I asked their situation the agent said "dont know". Sending viewers without properties on the market, viewers x 2 claiming to have just inherited the exact price of my house. People cancelling right on viewing time after staff member insisted I facilitate a viewing, one viewer spending over an hr at the house insisting I showed her who would take her parcels in and then complaining I might have lots of delivery vans. They also did not suggest any properties on their books to me, which shows a lack of initiative despite my asking they do so.

My house is fine but needs new boiler. Our boiler works fine, it is oil, but looks rather sad and old. I am happy to reduce for this. People want me to reduce so they can knock rooms into one huge one.

Last set of viewers were so insulting about my home, I was really upset, I have decided to take it off the market and maybe try again in 12 months when we all know how bad the costing of living issues are in reality, mortgage rates etc.

Our house is a large 4 bed detached one off house in around half an acre a good family house but I am getting viewers generally over 60s couples. No problem but shows me I am too dear for families and our house is not good enough for the price. Hard lesson to learn.

That's disappointing @ElsieMc and your EA sounds rubbish.
I wonder if being very rude about your house is some kind of strange negotiating tactic! If it is, it's a bad one.

Unfortunately, the market has started to fall compared to Summer 2020-2021 so sellers will have to reduce the price or accept lower offers in many cases. If you wait another year, I strongly suspect that the situation for you as a seller will be significantly worse.

It is a symptom of a very dysfunctional market that your viewers are couples in their 60s rather than families in need of a large 4 bed detached.

@ElsieMc how horrible for you. It feels like a real shot in the dark choosing an EA..

We're not in a rush to sell so have decided to go with the EA's advice for now, but are prepared to lower the price if we need to later on.

As someone else said, it's very difficult to estimate when it's a property with little to compare it to, not only because it's 'different' but because there's so little on the market.