offer? - Confused - waste of time

Henry_P_Chester

daisbuys wrote: »

Right, I had my house on for £99,950 and only got 2 viewings and no offers in 5 weeks. The house we were after dropped 10k so we thought we could also drop 10k.

So our house is now on at offers over £89,950 as this is the least I can take for the property and wanted to try and get a quick sale to try and get our dream home.
Well dream home has now sold and I still have my house on at "offers over" with no viewings since, so can anyone advise me what to do next as I will be changing agents soon and can't exactly up the price again now can I....Or can I?? Or should I keep it at the same price and OIRO??

Thanks

If it's still getting no viewers you can't increase the price again. In fact the lack of interest would suggest that your still asking too much.

DVardysShadow

mrsbounce wrote: »

... we are on for offers in excess of 219950.

At 5pm I called agent to see if any further news and he said they had offered 200, I thought the minimum that could be offered would be the 219950??

Just to pull 2 strands together, both of which I go along with.

Firstly, it has already been made clear that anyone can offer what they like. You cannot dictate what anyone offers. You look foolish even to suggest that people are 'not allowed' to offer less than 219950.

Secondly, others have suggested that they would go out of their way not to look at your house, because they really detest this style of asking price.

I too would avoid looking at your house, because I would fear that you would think I was not 'allowed' to offer less than 219950. In short, adopting this style of pricing makes you look like someone who does not understand the normal processes of negotiation and you would be really difficult to deal with - which is why I would go out of my way not to see your house.

Having no doubt riled you up, I do understand that it is your Agent who has put you up to this - which is another reason I would avoid your property - and indeed the Agent - because the combination of an unrealistic Agent and an apparently arrogant seller is obviously poison. But mostly, it is actually the Agent pulling the wool over the sellers eyes, by tickling their egos over the potential selling price in order to get the Agency and then putting up a lower 'offers over' price, knowing full well that offers will usually come in under this. As buyer, I can see that it is you as seller who are being deceived, but to me it still counts against the agent.

I would go so far as to say that you are likely to get more viewers and a higher price by going with another agent who does not do this 'offers above' nonsense and pitching an 'ordinary' price above what you would realistically hope for.

mrsbounce

Thanks for all your replies having only sold once before within 3 days this is all new to me. I was guided by the estate agent and maybe was silly to take their advice. Its very interesting the amount of people that wouldnt look at a property that was offers over.

I will call the new agent and see if that phrase can be taken off when they market it and see if it makes any difference in the coming weeks

DVardysShadow

mrsbounce wrote: »

Thanks for all your replies having only sold once before within 3 days this is all new to me. I was guided by the estate agent and maybe was silly to take their advice. Its very interesting the amount of people that wouldnt look at a property that was offers over.

I will call the new agent and see if that phrase can be taken off when they market it and see if it makes any difference in the coming weeks

Yes, a different market. In a market where you can sell in 3 days, 'offers over' is more likely to work, [but still a negative]. In the current market, despite things apparently moving, the tactic does not come across well.

You now have a small problem over the new agent - in that your house should go up in price if your expectation is still over 219950 and it could appear that you are asking more to any hawks eying your property. You have a bigger problem if you have both Agents on the job - you can expect a majority of your viewers to be fully aware that your house is on with both agents.

dubsey

I'm afraid in our office we do the guide price thing and sometimes the offers in excess of and I hate it with a passion. I have been looking at our files recently and very few have met the middle price, so on a guide of £180-£200 the vendor obviously wants £190, but the offers will be anything between £165 and £185 if they're lucky, I can't remember the last sale that went in excess of the asking price. Irrelevant on how huge the property or unusual, they are rarely acheiving the lowest range or even the price excluding in excess of at the moment.

I would lose the in excess of, but, as others have said if you haven't had more viewings the price is the problem and I don't think simply losing that IEO won't help.

DVardysShadow

dubsey wrote: »

I'm afraid in our office we do the guide price thing and sometimes the offers in excess of and I hate it with a passion. I have been looking at our files recently and very few have met the middle price, so on a guide of £180-£200 the vendor obviously wants £190, but the offers will be anything between £165 and £185 if they're lucky, I can't remember the last sale that went in excess of the asking price. Irrelevant on how huge the property or unusual, they are rarely acheiving the lowest range or even the price excluding in excess of at the moment.

I would lose the in excess of, but, as others have said if you haven't had more viewings the price is the problem and I don't think simply losing that IEO won't help.

Hmm. This forum is not totally representative, but I have been surprised that some of the vehemence against OIEO has matched my own. I do think OIEO is itself as much of a deterrent as the price.

I do think some of the market lack any of the vehemence, but look at 'OIEO' and think that they would not offer that much and rule the property out of further consideration, because they believe that a lower offer is a waste of time [essentially this is precisely the core message of 'OIEO'] - whereas they would happily look at a higher priced property if it were just a straight asking price

daisbuys

Henry_P_Chester wrote: »

If it's still getting no viewers you can't increase the price again. In fact the lack of interest would suggest that your still asking too much.

Was asking to much when it went on at 99,950, 95,000 would have been the right price as 90,000 what the bank surveyour recently valued it at.

So the price is bang on the money with comparisons in my area. I would be more inclined to say that the FTB market is quiet......

Here is my property:

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=6208858

And others in my area to compare it to:

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=6531986

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=5901764

Henry_P_Chester

daisbuys wrote: »

Was asking to much when it went on at 99,950, 95,000 would have been the right price as 90,000 what the bank surveyour recently valued it at.

So the price is bang on the money with comparisons in my area. I would be more inclined to say that the FTB market is quiet......

Here is my property:

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=6208858

And others in my area to compare it to:

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=6531986

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=5901764

the FTB Market is very quiet. It's very hard for FTBs to afford a house at the moment. There's no reason to suggest it will get any better any time soon.

It maybe of a similar asking price to others in the area but if no one is showing an interest then is doesn't matter. If you want your house to attract the few buyers that there are in preference to the others then it has to be either better condition than others at the same price or a lower price than those.

A house is only worth what someone is willing to pay and it appears no one is willing to pay what your asking.

daisbuys

Well it's def better condition than those I compared to and much cheaper than a lot out there.

Thanks for your input anyway......

daisbuys

So what do people think of OIRO? I imagine most FTB's wouldn't know what we would mean when we put that abreviation in?

Or just leave it at 89,950 although really can't go under that by much!

PS sorry for the total hijack but I would imagine that it is still based on the offers over topic?