What might your house sell for?
You’ve got 3 estate agent valuations, now what?
First things first. Estate agents don’t do valuations, they offer market appraisals.
What is a market appraisal?
It’s a figure an agent tells you is what they think the property might sell for in the current market. This is useful and hopefully they can explain to you how they have chosen this figure. It should be comparable to recent sales of similar houses in your area. You can use rightmove and zoopla sold house price data to have a look at this yourself too.
Why do I get 3 different figures from 3 different agents then?
Because agents are trying to get your business so another agent doesn’t get it. They might need to hit a target, they may want to flatter you, appeal to the side of you that is a teensy bit greedy. They also hope that you think they are ruthless enough to extract that high figure from a buyer’s purse.
The level of flattery can vary so you may get two high-ish figures then you may also find one agent has chosen a lower value.
A good estate agent will tell you why they have chosen the figure they’ve given you. They will have what are called ‘comparables’ – similar properties that have been sold near yours. This helps them see what price is achievable and what lenders have considered reasonable.