Your opinions on our house price please.

jenny74

Hi all!

I have been a reader of these forums for some time, but have only just registered to post, so this is my first post.

We have just put our house on the market as we have seen one very local that we want to upsize to.

There are a few similar houses on the market, one for £170k (Which I think is very overpriced, not as big as ours!) And another that has been on the market for about 18 months and the price was reduced to £155k - This one sold last week.

The EA valued our house at £155k - £165k. We don't want to price ourselves out of the market, and really need £155 to be able to afford the next one. We are marketing our house at £158,950. Does that sound reasonable? We will then be in a position to negoiate to £155k.

It is worth noting that the one that was reduced to £155k need a new kitchen and was on an awkward shaped plot. Ours has a newish kitchen and a very high spec new bathroon/toilet.

Thanks in advances,

Jenny

GDB2222

Hi Jenny. You really need to find out what the other one sold for, rather than its asking price.

If you really need £155k, you've priced your place well**, but buyers are these days making 'cheeky' offers 10% or more below the asking price. So, be prepared for that. Just say no, as your wish is not just to sell your place but to buy the one you want.

Your property may not fetch the £155k you need, in which case I guess you'll sit tight. The alternative is to accept less than the £155k and make a cheeky offer on your new place, and maybe the owners will take it. Who knows?

** I've no idea what it's worth. I just mean that you've priced it well in comparison to what you need to get for it. BTW, have you considered that prices may well drop some more, thus reducing how much you need to pay to trade up?

ad9898_3

Hi Jenny, not only do you need to find out what the other house sold for, has it actually sold or do you mean a "sold" board has gone on it.

Trust me, having the latter up by no means the house has sold.

mrstinchcombe

GDB2222 wrote: »

but buyers are these days making 'cheeky' offers 10% or more below the asking price.

10% below is NOT cheeky! Thats about average at the moment.

Id say 20%+ is just about cheeky at the mo

lostinrates

nedding a kitchen might be a down point to you, but it is an oppertunity for a new owner to put their stamp on a property. an awkward shape garden is a quirk oppertunity to create rooms to a gardener.

I'm not trying to be awkward I'm just pointing out that what you see as down points are not necessarily down points to buyers. Price per square foot and location are more important to very many than your kitchen and bathroom (which frankly they can replicate in any new house they like!).

geoffky

truefully i would in this market offer 130k on a 155k house because i and most other are not prepared to go into negative equity in the first couple of years..so that's why people are waiting until sellers have to lower their prices to a level were i would not be in n.e just because i did not wait until next year..

amcluesent

>Does that sound reasonable? <

If that is about the price you'd have got in 2004, then it's reasonable for the current market.

Bf109

Dont worry, your house is special and house prices in your area wont go down anyway.

Incisor

I would say £168,000. Buyer turns up and offers -10%, offer is £151,200, you negotiate them up to the desired £155,000. Actually as you want to appear better value than the one at £170,000, I would say go for £166,500.

There is no point in paring the asking price close to the required min selling price, everyone comes along with -10% in mind and prepared to walk away. But if you can drop your required selling price on the basis that you will get the next house for less than you thought, then you have something to play with.

jenny74

lostinrates wrote: »

nedding a kitchen might be a down point to you, but it is an oppertunity for a new owner to put their stamp on a property. an awkward shape garden is a quirk oppertunity to create rooms to a gardener.

I'm not trying to be awkward I'm just pointing out that what you see as down points are not necessarily down points to buyers. Price per square foot and location are more important to very many than your kitchen and bathroom (which frankly they can replicate in any new house they like!).

I appreciate your comments, however it was the EA that said these things were a down point, as they had put serveral potential buyers off.

Here is our house:
http://www.rightmove.co.uk/viewdetails-19310794.rsp?pa_n=2&tr_t=buy&mam_disp=true

And some others for sale:
http://www.rightmove.co.uk/viewdetails-19425701.rsp?pa_n=1&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-21297614.rsp?pa_n=2&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-7122438.rsp?pa_n=1&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-17714470.rsp?pa_n=1&tr_t=buy&mam_disp=true

And yet more SSTC:
http://www.rightmove.co.uk/viewdetails-19425629.rsp?pa_n=1&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-17346275.rsp?pa_n=3&tr_t=buy&mam_disp=true

This last one is the one that took about 2 years to sell (stc).

Anyway, I hope we haven't put ours on too low. (I keep seeing people being told to lower their price!!!) We don't want to put people off by being at the top end of the prices.

All the EA that valued our property said that quite a few of the others on the estate are not selling because vendors won't drop their prices. All also agreed the asking price range (£155k-£165).

BTW I miscalculated, we need MINIMUM £150k for ours, to afford the next one, not £155k. (Though it'd be nice, lol!)

Thanks again for the (mostly) helpful advice. :cheesy:

PasturesNew

Looking through RM your area is swamped with great looking houses at many price bands. Even a new one at £155k http://www.rightmove.co.uk/viewdetails-6706795.rsp?pa_n=1&tr_t=buy&mam_disp=true

Any buyers are spoilt for choice.

£154k would take it back to Nov 2003 prices for a detached in your road http://www.houseprices.co.uk/e.php?f=pd&q=Walk+Mill+Drive+Hucknall&n=100

So, it's a case of oversupply in the first instance. In the case of oversupply your house has to stand out as thebest value to be had.

The first thing people see when they're skimming through all the houses for sale is the picture of the front of your house, which isn't inspiring. I'd have kept on looking scrolling.