Selling your house cheaper than others on the street

DVardysShadow

chickaroonee wrote: »

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.

If the terrace sticks out as overpriced, then stand back a bit and try and work out firstly how much it would go for in an unpressured sale and secondly, how much you would ask for in order to get that. Don't undercut that asking price with yours.

I don't find a range so very helpful for an expectation. If we translate your £125 - £135 to:

• I won't accept a penny less than £132.5 in the first 6 weeks on the market

• I will never surrender for less than £127.5

this suggests to me an asking price of perhaps £137.5 - £140. I might try £143 for a few weeks and see what interest there is, before taking it to £138 and expecting £130

chickaroonee

The reason I have put a range is because my gut feeling (before looking at other house prices in the area) was £125k, but as they're so much more than that, I wonder if ours might be worth up to £135k. We would definitely consider an offer at the lower end if the buyer was in a position to move quickly and if we can find a house in the area we want (not that many on the market just now). In all honesty we'd rather move fairly quickly (due to personal circumstances not financial) than hold out for a higher offer that might not materialize.

At the peak, a couple of houses nearby sold at £145k but I think prices have fallen at least 10% since then, hence my valuation. Ours was valued at £130-140k at the peak, but we have done quite a bit of work on it since then.

Not sure what the terrace is worth, maybe £120k.

DVardysShadow

chickaroonee wrote: »

The reason I have put a range is because my gut feeling (before looking at other house prices in the area) was £125k, but as they're so much more than that, I wonder if ours might be worth up to £135k.

You need your bottom line, which I assume is £125 - but if you feel it could get £135, then have it on the market priced accordingly, but don't be afraid to drop if you get no viewers.

vegasvisitor

One thing to watch for though....you think you are pricing realistically, but then the buyers might try to cut it down even further. Make sure you still allow room for someone offering significantly below price.

I'm not sure if it would totally put someone off. If you saw a bargain and you were interested in the street etc, surely you would at least go and see what was wrong? Could you maybe ask the estate agent to word things as 'competitively priced' or similar. It's just difficult to find a balance. You know how much you want to sell for, but you don't want to appear desparate!

puddy

i think that no one is going to think theres anything wrong with yours if its a lower price.
buyers are now realising that sellers havent got a clue and it makes the whole process much smoother if the seller has actually priced realistically and is willing to move quickly.
we got let down an awful lot when we were offering in january. places had been on for many months and we interpreted that as that they would be desperate to sell by now. but no, and what i learned on here is that if someones house has been on the market for many months, it indicates that they are ambivilant about selling, if they wanted to sell it, they would have accepted an offer by now or lowered the price. we saw another house we would have offered on, if the sellers had had any idea about what they were doing. house on at 174 (over priced), needed a huge amount of cosmetic work, but also becuse it hadnt been touched for so long, how did i know what else needed doing underneath??
EA made it clear there was no room for negotiation. couple didnt know where they wanted to move to.

still on the market, same price, now with an alfa romeo car included in the price!!??

so, after having 2 offers rejected and we werent willing to go any higher, we started looking at lower priced properties. this house came up (this is feb by now). it was on at 140k. i knew that other houses in the vicinity were on for about 150-160. we had even viewed one round the corner from here for 159, smaller than this, busier road, smaller garden.

we negotiated 136 for this, bought it. they wanted to sell (2 female cousins moving in with respective boyfriends).

yes, on moving in, theres more to be done than we initiallly thought, but its stuff we can do in our own time and a lot of it is choice. yes the utility room area needed an overhaul to make it functional and weather proof, cost us 6.5k with new roof, 3 doors, kitchen units, floor, new consumer unit, ring main.
but again thats sort of my choice, the utility isnt necessary for living as such.

the house we viewed for 159k? still on the market, same price. unbelievable.

so price it around 138 or 139, make sure it says in the blurb, priced competitively for quick sale and then wait for offers before deciding whether you take a lot less than this price or not. its not unreasonable to offer around 130 for a price of 138, and you could then say, deal done at 132 or whatever

good luck