three bears three estate agents

You’ve had 3 estate agents out and they’ve all given you valuations.

Estate agents call these valuations but they aren’t. They are market appraisals.

What is the difference between a valuation and a market appraisal?

A market appraisal is a figure an agent tells you is what they think the property might sell for in the current market. This is useful and they should be able to explain to you how they have chosen this figure. If they just tell you a number and don’t explain it, ask why.

The price they provide 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.

A valuation is a calculation done at a specific point in time and is what RICS surveyors do, not estate agents.

Why do I get 3 different figures from 3 different agents then?

Because agents are also trying to get your business. They may want to flatter you, appeal to the side of you that is a teensy bit greedy and hope that you think they are good 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.

Sadly many sellers who go for the agent with the highest price end up disappointed as they fall prey to the agent’s ruse of getting you to sign on the line then calling you three weeks later telling you that you need to reduce the price. That can make you feel like you have already lost money and isn’t a happy place to be.

PS when we meet you to find out if we can help you move, we call it a Pre-Sale Consultation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Privacy policy