House valued today - €50K in the difference

teachertrixibel

I had 2 estate agents value my house today and there was a difference of 50K between their valuations... What do I do???? I'm hoping to advertise the house myself and was looking for a guideline price, but now I've no idea what price to go with. Has anyone good advice on this one for me?

Thx
Trix

Victor

Their estimates are theoretical. The only number that matters is what you are actually paid.

Pick a number and see how much interest you get.

Senna

How much are local similar houses advertised for? If those houses have been on the market for a while, your probably best advertising well below them for a quick sale.
You can always re-evaluate as times goes on, but there's little point advertising at the same level as local houses that are still on the market.

quozl

IMO if you advertise at the lower end and get more than 1 interested party, you can raise the price due to their competition.
If you advertise at the higher end and get no interested parties, you can lower the price, but this will take lots of time and you'll be chasing a falling market.

My advice would be to price well below similar nearby properties, and get some viewings. If you get none, there's nothing you can do at all.

I also don't believe things are that near bottom yet, but that's my personal opinion. If you share it, then you want to make sure you sell quickly, so don't chase a falling market - price ahead of it.

teachertrixibel

for all the helpful advise.... Some good points made.

Thx
Trix

johndaman66

Also what sort of money are we talking. If one Estate Agent valued the house at 150k and the other valued the house at 200k well a big difference here. On the other hand if one Estate Agent valued the house at 750k and the other valued it at 800k not so big a differnce here.

uncanny

teachertrixibel wrote: »

I had 2 estate agents value my house today and there was a difference of 50K between their valuations...

Some EAs will deliberately overvalue your property to "win the business".

Then after your house has languished on the market for months with no interest, they'll talk you into a 50K price cut.

Unfortunately, in the meantime, the property market will have dropped further so you'll be left languishing again.

Much better to go with the lower valuation today if you are serious about selling.

Jo King

teachertrixibel wrote: »

I'm hoping to advertise the house myself and was looking for a guideline price, but now I've no idea what price to go with. Has anyone good advice on this one for me?

I am not an EA, but it seems to me that you do not have a clue. You are probably going to create big problems for yourself. You can't value the house now. How will you do so as the sales campaign progresses?
How will you avoid problem purchasers who waste time whilst the market falls further?
How will you avoid selling at an undervalue to cunning purchasers who invent spurious faults?
You should get valuations from three agents. Did you know anything about the agents who valued your property? Are they long standing firms with a good reputation? have they properties similar to yours on the books. How long have they had properties other than yours on their books?
Unless the lower valuation is from a complete gangster it is more likely to be accurate.
Being flattered by the higher valuation is likely to result in wasted months of continually dropping the price and the house becoming a laughing stock.

teachertrixibel

Well Jo King, I'm not an EA either - which is why I looked to here for some advice..... I'm not however a fool either - I am not flattered by any higher price - if I was, I wouldn't have posted here.

I have no doubt in my ability to deal with potential purchasers once the process starts, however my point in posting is to ensure that I start off on a realistic price - hence the involvement of EAs.

I have another 2 EAs coming to me next week as it happens. I've monitored the market in my area for over a year now and have done a LOT of research into different estate agents. I've looked at current properties they have for sale, the number of houses sold etc etc.

I would appreciate HELPFUL advice and not to be told that I "do not have a clue!"

Thanks
Trix

sofia11

I think you have good advice about not pricing too high from other posts already, it will be dictated by the other similar properties your area. You know its all about supply and demand and on how much do you need to move now. Its a buyers market right now so how much are you prepared to take?