So we got the first valuation on our house today ...

[likessleep]

Bought in June 2006 for £285k.
First valuation of the day has come in at £299k.
Bit disappointing as other houses in area are on for a lot more (350k - 400k) and are smaller and we have put in £12k of double glazing and done up half the house.
Oh well, we are staying put for the minute, based on that valuation (we wanted to reduce our mortgage).
Estate agent said that he is selling houses in 4-6 weeks, when they are realistically priced. A lot of houses on the market are overpriced and not selling for that reason. He said it isn't all 'doom and gloom' as houses are selling.
We'll see what the other two valuations this afternoon come in at ...

just be careful of getting lead in to believing they can shift properties in 4-6 weeks.

ime it is unlikely unless you are willing to drop your price compared to others of a similar value.

if they can shift properties in 4-6 weeks, then there is no need to sign up for the usual 10 - 12 weeks is there? might be worth mentioning that to them...

I am amazed you got a valuation higher than june 2006 when prices were peaking. That would be unheard of here. The houses that are selling are asking 15-25% less than their peak value.

likessleep, best not to believe a word estate agents say IME, but ragged is right, don't get tied into any contracts and negotiate a low rate too - they will be desperate for the business so more open than usual to negotiation

buyers will be putting in very low offers if you're after a quick sale, if you don't need to move right now than I would sit tight

ragged thats a VERY good idea !

thing is that ours is a 4 bed detached.
there is a 3 bed detached on at £325k and a 4 bed detached on at £399k (but that does have a conservatory and en-suite, ours doesn't).
but then they haven't sold, maybe they are overpriced.
this is so stressful and we haven't even started yet or even decided if we want to start!
that valuation is lower than we were expecting, based on rightmove properties on for sale at the moment in our street/adjacent streets.
blimey riley.

OP - glad you have a plan, even if it wasn't what you were hoping for.

I agree that June 2006 was the peak here so prices would definitely be lower.

that valuation was at 1.4% commission and no sale=no fee

you hit the nail on the head though when you said "but then they haven't sold, maybe they are overpriced".

any house is only worth what someone is prepared to pay for it - how long have these houses been on the market? if yours has been valued so much lower i would say that these are massively over-priced

wouldn't pay more than 1% commission in this market - see what they say

I was going to say that is good but can see you are disappointed.

We bought in Oct 07 and our house is now worth £40k less than what we paid for it.

i am very cynical of estate agents, especially as 16 mth old ds started crying when he saw him (i think he has intuition about these things )

i just don't see other houses being cheaper than they were IYSWIM? we are looking at a cheaper area to move to and 4 bed detacheds are up to £350k. how can that be? it is so confusing. we have another two valuations today and another on wednesday. i bet we get a real range of valuations, which will confuse me more!

thing is, i'd be happy if i saw other similar houses, in a less desirable area being cheaper. i make comparisons between houses and i just can't see that ours is worth £50k less than smaller houses in a less desirable area IYSWIM?

that's what's frustrating, the relative prices don't seem to add up.

one estate agent said he had 3 families on his books for a 4 bed detached in this village. yeah i am treating what they say with a pinch of salt, but i am not prepared to put ours on at 300k and then take a much lower offer when i am seeing much higher asking prices elsewhere.

aghhhhhh!

The thing is what the houses are on the market for is irrelevant, what matters is what they sold for. I would be amazed if you made money if you brought in 2006. We brought in 2004 and I reckon we will get the same we paid tbh, if you look at recent sale prices thats about what houses are going for here (SE)

how do you find recent sale prices?
tia

I would be asking the estate agents for comparables that they have SOLD, and the prices they sold for. I also wouldn't be paying more than 1%

www.houseprices.co.uk/

or
www.zoopla.co.uk/

thanks loads

next valuer turning up in 20 minutes and ds still asleep, oh dear!

valuations are so variable - we had a house valued in 2002 and we were given valuations that ranged from £210k to £275k!!

i think you have to go with your gut feel - and remember that most EAs are clueless wideboys!

they're actually quite consistent, which has surprised me ...

299,950k
320k
325 - 335k

i think decision is made, staying put in our lovely house, but no money saved on mortgage!

all 3 estate agents said many asking prices aren't realistic now.

ho hum

Some properties here have been on the market for almost 2 years and STILL have their original price on

It is like they want people to see what their houses were valued at originally.

When they have been realistically priced they have sold.

I like www.ourproperty.co.uk for sold prices.

We are looking to move this summer and we bought in 2004, we think we would get about £10k more than we originally paid because we have gutted it so if it had been in the condition it is now in 2004 we would have had to pay £10k more IYSWIM.

Checked out www.nationwide.co.uk/hpi/calculator.asp and we would be about right!