Selling your house cheaper than others on the street

chickaroonee

There are currently three houses for sale on our street, one 4 bed at £160k, one 3 bed semi £145k, one 3 bed terrace £140k. I personally think they are being optimistic, the 4 bed in particular has been on the market for months, and is a very odd layout, dining room on the first floor and bathroom on the ground.

We want to put ours on the market in the new year, and hoping for a fairly quick sale (isn't everyone!). I want to price ours realistically, and certainly less than those (we have a 3 bed semi). I was thinking possibly about £130-135k, but will see what the estate agents say.

Does pricing your house a bit less than identical ones on the street make buyers wonder if something is wrong with your house? Or am I being paranoid! I'm hoping it will encourage them, but I wouldn't want to put any off!!

jassco

chickaroonee wrote: »

There are currently three houses for sale on our street, one 4 bed at £160k, one 3 bed semi £145k, one 3 bed terrace £140k. I personally think they are being optimistic, the 4 bed in particular has been on the market for months, and is a very odd layout, dining room on the first floor and bathroom on the ground.

We want to put ours on the market in the new year, and hoping for a fairly quick sale (isn't everyone!). I want to price ours realistically, and certainly less than those (we have a 3 bed semi). I was thinking possibly about £130-135k, but will see what the estate agents say.

Does pricing your house a bit less than identical ones on the street make buyers wonder if something is wrong with your house? Or am I being paranoid! I'm hoping it will encourage them, but I wouldn't want to put any off!!

If there was a house priced noticeably cheaper, I'd ask the EA why. If they told me its priced competitively for a quick sale and nothing is wrong, it would be a big bonus

chickaroonee

Thanks, I think everyone on our street is being very optimistic about what they will get. I wonder if it's best to say in the advert, priced competitively for a quick sale?

SouthCoast

priced competitively for a quick sale?

Why not?
Buyers are looking for deals.
The days of easy money have gone.

Sellers locally have to compete with repos and fire damaged properties!

chickaroonee

I just wonder if it is the sellers or estate agents round here who are getting it wrong - I would be really surprised if they get £145k for that property (actually I think the advert might even say offers over £145 which is even stranger)

michaels

A property on our street came on at a well over price but this was ideal as ours is considerably improved in comparison so we were able to come on at the same price and look like a bargain and sell within 10 days - the other property is still for sale - How about pricing the same as the terrace, less than the other semi and looking good value rather than startign to cheap and looking like there is something wrong with yours?

chickaroonee

I suppose we could price the same as the terrace, but I really think it is overpriced - it was on at 145k a while ago and didn't sell, and is back on now, only 5k cheaper and too much if you ask me. They're pricing at 2007 levels which is just not realistic.

DVardysShadow

What michaels says. If you try undercutting the terrace with a 3 bed semi, people will ask what is wrong with it - better just to come in slightly over - unless that puts you high for 3 bed semis in the wider area.

Plus, think hard about what you will accept and price in order to get that much.

chickaroonee

DVardysShadow wrote: »

What michaels says. If you try undercutting the terrace with a 3 bed semi, people will ask what is wrong with it - better just to come in slightly over - unless that puts you high for 3 bed semis in the wider area.

Plus, think hard about what you will accept and price in order to get that much.

Does that stand even though it has been on the market for probably a year in total and no sale? I really think it is overpriced! Maybe we're odd sellers but we were shocked to see houses on the street so high, it's not a particularly good area. A friend has recently bought a repo, identical house to ours, about 1 mile from here for £135k BUT it is walking distance to nice shops/restaurants etc, whereas ours isn't.

I think we would be looking for £125-135k for ours.

Pont

Why not ORO (offers in the region of) £139,000? This then suggests to buyers that you are willing to negotiate, and keeping it under £140,000 may get potential purchasers interested.

chickaroonee

That's an idea. I just wish everyone was more realistic! I know people like to negotiate but to my mind I just want a fair price and to advertise it as such...will try and get the estate agents to give a realistic valuation rather than what they think I want to hear.