Anonymous asked July 8, 2014

Over the last couple of days we’ve had 3 agents in to value our house – given the price range – I have been astonished to discover such a huge variation in their valuations ( 300k – 325K and 350K ) Thinking that maybe I need to get some more agents in for further valuations – has anyone else had this issue ?

  1. I had seven agents value my flat last year. The first said put it on for 295 expect to get 270. The next said 395 and lost all credibility. The next said 330, another said ask 350, expect 330; and I might have stopped there had the agent been demonstrably competent. It's on the border of several areas so try one from the next postcode: 325 get 315; 350 expect 325; 295 expect 280. And the agent I bought from 30 years ago: market at 380 for 350! On the market, multiple offers at 340, after three months of buyer inaction back on the market with plenty of offers at over at 350.
  2. At that kind of level it is common yes, particularly if your property is something a bit rare. What you must remember is that every valuation is subjective and is the opinion of the valuer. Hopefully it is not the case of the other agent over-valuing to get the business. Are they a reputable firm with a history of selling properties?
  3. From the agent's point of view if they don't get the instruction they can't make a sale; factor in the tendency of sellers to over-value their property and agent's will pitch high rather than low. You need to consider the minimum length of any sole agency agreement— an agent who has many weeks to find a buyer can wait while price rises and make a high price look reasonable and buyers appear. Other agents may set prices that will attract buyers sooner
  4. Hi,
    At that level it is usual to have different levels of valuations, as after all the agent will be advising the best asking price for what they believe they can sell it for. We would advise that you query with the agents about any comparable evidence for their valuation quotes which will give you an idea of what properties are selling. We would say though always be careful when marketing your property as overpricing your property may set you up to lose out. Find out how at http://www.peterheron.co.uk/news/72/why-overpricing-may-leave-you-out-of-pocket/ We hope this helps.

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