what price are people looking at?

mayzie

[quote=confused31;15580485]i personally dont think you will sell at that price, if you trust you estage agent so much why dont you phone him up and say look i want to sell now, what should i price the house at to sell???

Theres only one house down your road sold for over 500,000 pound and that was in 2006

confused[/quote]

But I am not asking anybody what price should I sell my property for?

Lets forget my property.

I want to sell a property (any old prop.) that is different from others.(so people can not look at comparable ones)

I can afford my next property (already taking into account what would be a a similar % reduction) if I get x amount. Do I put it on at x? Or x plus 4%?Or x plus 10%? Or x plus 15%

This I feel depends on whether the vast majority of people look in a bracket on rightmove up to what they can afford or do they look at what is on the market way above (+15%) thinking that they will get this knocked off the price?

I am inclined to go with the responses that suggested to go close but allow a little margin. So in this case it would be x plus 4%

mayzie

Milly1974 wrote: »

I think I would be tempted to market at £510,000.

If I was looking to buy, I wouldn't expect to be able to knock a house priced at £550,000 down to the lower stamp duty bracket, as I would think that something priced at £550,000 would be intended to go for over £500,000.

However, if I see a property not much over a particular bracket, I figure that the seller intends the house to be negotiated down below that benchmark. For example, I have been eyeing up (wishfully) a house in my area at £199,950, thinking that if I were in the position, I would offer £174,950 and no more.

Just a thought, and good luck!

That is the sort of opinion I was looking for. Nothing to do with the actual price but what people would be looking to knock off.Thanks:D

confused31_2

Like said before go with what pirce your happy with, if someones happy to offer that money and your happy to accept then great, and if they offer not enough just say no.

Like you say your property is like no other, i wouldnt worry about whos going to see it as people will search from say 300,000 to 600,000 and see what there, if its in the area they are looking and they like the look of the house they will come and have a look.

I have just thought maybe why your house isnt getting as much interest and that might be when people do a search on right move they put what the minimium amount of bedrooms they want.

Now i think most people who are searching for 500,000 pound properties will expect more than 3 bed rooms and thats what they are putting in the search criteria.

Just a thought do what your estate agent said, people will know your house is up for sale, and i reckon someone is just waiting for you to lower the price for them to come in.

confused

Conrad

Maze

I'm an investor and I simply look for value regardless of the actual price a property is marketed for.
If your property is the right price it WILL sell straight away in ANY market.

The 'right' price is that which the market is prepared to give, and no amount of tinkering with your price makes any difference unlee the price is correct for the market.

You said you might have to wait if your price is not achievable, but of course if yours goes back up through market momentum, then of course that will also apply to the one you wish to buy.

TBH it seems a high price for the area to me, but I'm obviously no expert - just a gut feel I have.

I think we need to forget about all these comparisons to other stuff for sale. tHERE IS SHED LOADS FOR SALE, BUT NOT OF IT WILL SELL UNLESS ITS PRICED CORRECTLY FOR THIS MARKET WHERE LENDING IS 95% DOWN.

GDB2222

Hence the marketing problem.
If I put it on at £500000 or £4999950 can I be sure that those who have £480000 will look at it ,as it will only be reduced 4%?

Quick question - are there hundreds of houses around that are comparable to yours? I think the answer is no, so buyers will look at yours provided you don't price yourself out of the market.

Surely, anyone buying at this time will be doing their homework properly, so they will look at anything remotely within their price bracket? That's on the basis that there aren't lots of houses to look at.

I have sympathy with your position, by the way. Unless you have something specific in mind to move to, it's hard to get excited about selling your existing house.

mayzie

confused31 wrote: »

Like said before go with what pirce your happy with, if someones happy to offer that money and your happy to accept then great, and if they offer not enough just say no.

Like you say your property is like no other, i wouldnt worry about whos going to see it as people will search from say 300,000 to 600,000 and see what there, if its in the area they are looking and they like the look of the house they will come and have a look.

I have just thought maybe why your house isnt getting as much interest and that might be when people do a search on right move they put what the minimium amount of bedrooms they want.

Now i think most people who are searching for 500,000 pound properties will expect more than 3 bed rooms and thats what they are putting in the search criteria.

Just a thought do what your estate agent said, people will know your house is up for sale, and i reckon someone is just waiting for you to lower the price for them to come in.

confused

More than 3 bed detached in my immediate area is 700k+
But off the question again:D

nickswift

I used to live at the top of Whaley Lane (house called Inglewood) just down the road from you. :hello:

mayzie

nickswift wrote: »

I used to live at the top of Whaley Lane (house called Inglewood) just down the road from you. :hello:

:hello:I'll say hi for you as I pass:hello:

lynzpower

I know the area too. Im from the environs of stockport ( but not high peak - I agree with others it is a beautiful part of the world, really)

Your house is lovely
the area is lovely.
the photos are great

Put it this way- there was a house on my parents road on for 425 -sold. Another neighbour went up at 419 didnt sell. They recently got 221 for it.

That is how much the value is tanking in that area. Im sorry to tell you but thats just how it is. You might think your house is special ( I agree it is lovely) but agree with others you wil be lucky to get 400-425 for it, that really is just my opinon.

You do wonder who is buying in that area. Anecdotals from freinds & family say everyone is trying to sell isnt selling. If it is not FTBs ( and your place really isnt FTB) then you wonder why would anyone move at the moment?

moggylover

mayzie wrote: »

You don't like fixed prices.
You have dropped 17%.

How much of a margin have you left between what you are asking and what you would accept?

In other words what % have you left for the buyer to knock off if any?

I am not really interested in what people think it is worth at the moment.To me it is worth £480000.Because at the moment (taking into account the market )I would not be able to buy the prop. I want if I got less.

This is a 15% drop from the begining of the year.
It is a drop of 13% on the current price

1.Would you market mine at the current price leaving the 13% offers invited?
and still let it go at £480000 (at this price it it in 2 brackets on right move)

2. with a smaller margin say 4% on at £500000 offers invited and still be prepared to drop to £480000? (at this price it is in 2 brackets on right move)

3. As 2. but £499950 disadvantage of only being in one bracket.

4. Put it on at £480000 without stating fixed price (as you have already said you don't like them)and just wait until somebody offers this?

I am prepared to watch the market and if I believe I can get the one I want for even less then I am prepared to adjust the figure.Not until, as there is no use me selling and not being able to afford the one I want.If this one goes I am back to square one as I am reflecting the deal I think I should be able to get.

This is why I like the idea of
http://www.completingchains.com/ were you get the interest throughout the chain and the discuss price

I don't think that Confused means to insult you (as Pickled Pink seems intent on insisting) and I am certain that I do not.

What we are both trying to point out is that in the current market the reply to your question is as difficult as "how long is a piece of string". This is because of the fact that there are very few people looking to buy - and most of those that are are aware of the predicted 40% or more drops we can expect - and they are unwilling to buy until they see greater drops or the market stabilising.

I don't personally think most people with the wherewithall to move at the moment are going to be interested in getting a 4% cut on asking price - but I could be wrong, and it is a very lovely house - so maybe putting it on a little higher, and being willing to make a bigger price reduction at offer is your way to go. I doubt there is anyone out there who could give you a definitive answer:o .

I think you SHOULD, however, allow it to be known that you have reduced the price - buyers ARE looking for realistic sellers so will need to know that you are aware of market conditions at the moment and that you may need to negotiate. Other than that "offers in the region of" and a guide price are better than fixed asking prices as they also indicate some flexibility. I would suggest around the £500K mark - and hope that someone thinks that getting 20K off in this market is enough - but I do understand from Estate Agents in this area that offers as low as 25% below asking are being made, and in some cases accepted - and that gazundering is rife once the exchange date approaches.

I personally do not have to sell either house (neither has a mortgage) but would very much like to in order to move on after the death of my mother, and to have the one very much larger property that we would like. To this end, I am willing to whittle my own prices down - and then bargain hard on the next property. Apparently cash buyers are VERY desirable, so maybe I shall sell my own for whatever I can get and rent for a little while and then see - not sure.

Whichever way you decide to go - good luck.