Seller increases price!

mjmal51

Have had a local property on my Rightmove Watch List since April when it went on sale at a price I thought was a little high, £325k. However, it was sold stc within 2 weeks but do not know what the offer was. Seems the sale has fallen through this weekend and it is back on the market at £355k, a £30k increase!
Is the seller trying out a new kind of psychology to sell or does he know something about the market that the rest of us don't?

cattie

Perhaps he has hiked the price in the hope that offers will come in at around the £325-£330 mark, thus making buyers think they have got a good discount.

Or it could just be that the ea is living in a dream & thinks property is still increasing at the rate it was this in 2007. I've noticed one agent in my area still pricing property at overly ambitious prices & sadly, some vendors seem to think if an ea says it's worth a higher price than a competitor, then they will achieve a sale at an over inflated price.

ShelleyC_2

I've seen this with a few properties I think some sellers are hoping this will get round people taking 10% off asking price. Luckily Property Bee helps me spot the changes :j

Zelie

As the peeps above said. I've seen it a few times. A property lingers on the market for ages then the price goes up by a certain amount. I've no idea if it works or not as the ones I've seen continue to linger.

LittleMissInDebt

Maybe the ex-buyer had a survey done and it showed up something needing serious work so seller is putting the price up to cover for that when the next buyer has their survey done... although possibly they're just optimistic

ciano125

Just say to them/the estate agent "I notice that you had it priced at £X three weeks ago, and now you've got it at £Y, could you tell me why that is please?" and then watch them squirm. Whatever they say, take it with a pinch of salt, do your research and offer what you think its worth.

poppysarah

We had one near us back in 2004 that consistently put the price up and we couldn't get a viewing. It never sold. Insane.

QTPie

A house around here (large house, currently run as a B&B) has been on the market for £580k about a year or so (think it was originally on at £615k/£630k) with no offers accepted on it. This past week it was taken off the market with the original agent and put back on the market with another agent at £620k

QT

loulou41

I saw a house when I phoned. I was told it was under offer. A month later, the house is back on the market but 25k, I asked EA and he told me the market is picking up, that was last month. I actually viewed the house and asked the sellers and he told me he removed the house from the market for personal reasons. I asked why it is now 25k more, he said the house was snapped very quick the first time, it was at 300k and EA did not want to put it higher. Now EA thinks it is worth higher than 300k, funny enough the house has been reduced by 10k and is still on the market.