Disappointed with house valuation

[mumma24]

House valued at £625,000 to £650,000 by 3 agents but I think it will sell for more to the right buyer. We would consider listing for offers over £675,000.
and willing to wait for the right buyer but feel like agents are just looking for a quick sal. All our previous 4 homes have sold within 4 weeks. Dont really want to list privately but what else can we do

Where is the property located? Brand new builds are selling for 600k right now. People do have money but it's who is willing to sell your property. You could go private or try purple bricks or yopa?

The housing sector is whack a brand new build will sell but an older property won't. This is what they put in sellers heads so they can get a quick sale. At some point the housing market has to catch up.

An older property will sell if it's been priced accurately for the cost of modernisation, which seems to be where most fall down. These costs have skyrocketed so you need to have a lot of spare cash to do it.

They would sell to buyers who they can up sell to. I did watch that programme last year and the seller who sold could have got have more if it weren't for the greedy estate agent.

A 10 year old property?

Our property was valued exactly as yours was. We put it on the market in July at £670k. Radio silence, we dropped the price to £660, changed agents, and on Xmas Eve we dropped the price dramatically to £550k to try and get people through the door. A handful of viewings this week but still very quiet!

I work in the construction world I would prefer an older property to a newer build. They knock them up these days.

No, I'm not talking about a slightly older new build. Something fifty years plus.

My house is 150 years old and we had no trouble getting buyers for it last year, because it has modern heating, electrics, kitchen and bathroom. However, a lot of older houses are priced as if they've been modernised but need all these things doing, which costs £££ these days. So they are sitting on the market for years. We've been to view several in our area but the vendors just don't seem to understand.

We told the EA to list ours for more than they suggested and they did and it sold at the full price after 2 weeks, but, that was during covid when the market was good and the Stamp Duty was suspended. So yes they can list it for more than their valuation, I guess if they refuse that's up to them and you will have to look elsewhere, but it's clear from our area that houses that would ususally sell just arent at the moment, so if there are cheaper option near you that are as good as yours you may wait a while, there's no harm in trying and then taking it off the market again for a while if it's clear there is no interest.

If you really think the agents are undervaluing it - and you have done your research into comparable properties in the area and their selling prices (not just asking prices) - then ask your preferred agent to put the house on the market at a price you're comfortable with.

A few years ago we marketed our property for ~10% over the agent's valuation and sold in under two weeks for another 10% more again.

Of course, that was a rather different housing market....

I thought the EA got the value of our last house too low. I asked one to try it at a higher price and sold it in 3 weeks.

Spot on 👍

Whilst I appreciate falling apart = needs modernisation
For those who’ve upgraded a kitchen in the last ten years or so or have a kitchen / bathroom design within the house style then
it’s all fine ( and imo an original is an amazing find these days )

Everyones taste is different and as long as it all works and is clean then there is no reason to assume a property should be valued so much less

Ive viewed properties with fake timber floors and fireplaces taken out and crap plastic grass and fake fake fake
The sellers all expecting top ££ because it’s all ‘new and done up’. To me it’s disgusting and I’d want to rip it all out and put it straight. That’s my choice

I would not however be expecting a seller to lower their price just in case buyers ie me, don’t like it.
New or old everyone has different tastes and most people want to put their own mark on a property irrespective of when work was done

So with the exception of things like a very old boiler I wouldn’t expect a reduced price as seller or buyer

All the estate agents in my area are totally over valuing houses above £500k.They have been doing this for a few years.
As a PP said they are staying on the market for years or being sold at about £150k below the asking price or being taken off the market for a while. It’s not a great time to be selling a more expensive property.

We completed ours in Jan 2025, agent said now we would have got about 100k less or even more.

Haven’t read whole thread so this may have been said already

If you put it on at £625 or 650k and that’s actually too low then you may get several asking price offers or at least several people very interested. Your agent can then run a sealed bids process or something similar and you’ll end up with more. Basically if you think this price is too low, don’t jump for the first offer but wait a little to see how much interest there is.

If you put it on at £675k then you risk no interest and having to reduce it.

Dont mean to derail but I'm ntrigued to know from you knowledgeable mumsnetters if a small kitchen would put people off? Our first agent said dont bother knocking through to the next door breakfast room (we have a dinnig room too). Modern David Wilson.
I posted upthread and we're at the same price point. No interest at all. Lovely house. Illness means we have to move.

If there’s a separate dining room and a separate living area
Then I’d knock through if the kitchen is small

I wouldn't however if there wasn’t the seperate spaces aswell. People are realising all open plan doesn't work

I think a lot will depend on the market locally for that type of house in your approximate area? I did literally nothing to our house last time we sold because I knew it would sell easily because of the location and it being a solid, well-built 1970s house with a fair amount of kerb appeal and a mature garden. I literally had it cleaned and touched up some scuffed paint, we had two open days and got lots of offers at asking and sold for £30 k above.

But the house we live in now is much quirkier and will take more time and probably more effort in terms of presentation etc.

Just how small is the kitchen and have other similar houses locally mostly knocked theirs through into an adjoining room?

What have tour previous properties got to do with this? Did you also list them at more than they were valued at?

Sounds to me like the £675k is just wishful thinking and the estate agents don't want it because they see you as someone who simply isn't going to sell their house for the going rate.

They know that what would happen is:

• They list it for £675k
• Someone offers £625k (which is the actual market price)
• You turn it down and take the house off the market
• They have wasted loads of their time and money showing people round, taking photos etc

You either need to sell the house for the market price or stay where you are and not move.

Well you obviously know more than 3 professionals in this area so stick it on at offers over £675k and see how many you get but be prepared to lower the price when it doesn't sell or accept a lower offer

it would put me off, although if people are looking at new build David Wilson type houses they probably know what to expect! If you need to move I'd list it as it is and let someone else have the hassle of doing the work if they want to knock through.

@StoppingByWoodsOnAColdEvening most have knocked through. Weve got great bedrooms and four bathrooms but a small kitchen. The agent said dont bother then Rachel Reeves leaked the £500 k band extra coucil tax idea. We would need to borrow to fund the refit which worries me.