Priced to sell

Henry_Hoover_2

I'm looking for some advice on how much to market my property for..

It has been valued at £174,950. I want to put it on the market for £179,950, with the view to consider lower offers.

The EA is OK with this, but is very insistant that I should put it on for £174,950, and not consider lower offers?

What would you do?

As a buyer, I would see the price, and go in lower, to be honest I would want to pay the full price, I suppose psychologically, if a lower offer is accepted, I feel as though I got a bargain!

AAS

I'm a buyer and I agree with you - people don't expect to have to pay 100% of the asking price at the moment. I would offer up to £175k if it is really worth that in the first place.

CloudCuckooLand

Recent stats show average selling price is approx 9% below asking price.

Don't add the 9% to your asking though, as you could cross a threshold that stops people picking it up in their searches.

The EA is being silly. Of course you might have to consider lower offers.

It just sets your expectations higher than they should be, and then it will be harder to talk you into dropping the price in 3 months if it hasn't sold.

Henry_Hoover_2

Thanks. I think i'll keep put it on at £179,950 and consider dropping it in a few months if need be. I'd like to sell quickly, but I'm not desperate to sell, so will bide my time!

stokesley

Have you only had one valuation? If so, I'd get another couple.

evansmummy

I agree with you. I wouldn't, personally, expect to pay the asking price and would always go in lower. Like you say you would feel as though you're getting a bargain as such.
Just make sure the price is realistic as I've seen properties on the market with '15000 reduction since first day of marketing' and it makes me feel as though the vendor is desperate to sell and will accept something even lower again.

Jenniefour

Hard one - and do get more than one valuation. Friend recently sold - didn't go with the agent who valued it higher, got more than one offer within two weeks so it went for over asking price anyway. She was told that if she went with the higher valuation as an asking price it should be dropped after four weeks if not offers. And that marketing property at higher price would exclude some potential buyers who would be searching within particular price bands. In London.

And, since you don't have to move it's worth a try anyway.

rilou81

As much as people seem to dislike the 'offers over' on here, a lot of EA's are doing that in my area and its working great!

The Ea said to us that to advertise a house at (eg) £105'000 in hope to get £100'000 puts people off but to advertise it for 'offers over £99'950 or even £95'000 gets them through the door and you only need 1 person to fall in love ...............

Henry_Hoover_2

stokesley wrote: »

Have you only had one valuation? If so, I'd get another couple.

I had 3, one was for £170k-£175k, another was for £174,950 and the other said £175k.

I think it's quite easy for them to value really, becuase it's an apartment, and they are all a similar size. I've recently redecorated mine, and others in the block still have the same carpets etc from when it was originally developed 7 years ago.

One the same size as mine but upstairs sold for 180k recently, and one with an extra bedroom sold for 190k... i'd be happy with £170k.

As someone said to me, you can reduce the price, but it's harder to increase it!

Ihatecameron

First rule of selling, always add a bit extra to allow for bartering on the price.

julie2710

Have just had a similar issue to consider although my house has been on the market for 3 - 4 weeks. Had 2 valuations both identical. Put it on the market at £5K less than the Valuation but not one viewing! Doesn't matter what offer I'm prepared to take if no one comes through the door no one is going to make an offer.

I know pretty much how little I would be prepared to take but if people have a budget of X they may not even consider anything priced at Y. It's a bit of a baancing act!

Good luck