Skip to main content Skip to footer

Huge variation in valuations?

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 ?

Asked on Jun 12 2014, House Prices in Bury St. Edmunds | Report content

Answers (5)

Was this question useful? Yes 0 No 0

Sort by: Oldest | Recent | Highest rated

  • 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.

    Answered on Jun 12 2014, Report content
  • 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?

    Answered on Jun 16 2014, Report content
  • 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. If you look under the 'find agents' tab on Zoopla you can see the number of properties each agent has for sale, the average price, and time on market. Also consider if the agent has other properties similar to yours, do they appear to address the likely market for your type of property and probable buyer.

    Answered on Jun 16 2014, Report content
  • 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.

    Web reference: http://www.peterheron.co.uk/news/72/why-overpricing-may-l...

    Answered on Jun 17 2014, Report content
  • Same problem here! Some value higher so they get the instruction

    Answered on Jun 17 2014, Report content

Didn't find what you were looking for? Ask a question

More House Prices in Bury St. Edmunds questions on AskMe

See more AskMe Q&A about House Prices