How do you know what to market a property at?

zacattack_2

We got two valuations on our place last week - both advised we should advertise for 140k to achieve 135k.

Personally I feel that is a little low. The area we live in is an OK area but quite close to a not so OK area - not many houses have sold in the last 2 years so it is hard to gauge local values. There are two houses of the same style on the market in the area at the moment for 130 (been on a few months) and 150 (been on forever!) though we have an additional double bedroom and also a large landscaped south facing garden which none of them have plus a few other bits which I think make it more saleable.

I am reading online that the average price currently paid is ~92% of asking meaning the sale price would be ~129 which we cannot accept so is it wiser to raise the price to 147, for example, to achieve 135 or leave it at 140 and just hold out and hope for 135?

Ta
J

Nikel

zacattack wrote: »

...which we cannot accept so is it wiser to raise the price to 147, for example, to achieve 135...

I guess this is the kind of thinking that led to rightmove asking prices rising recently...

googler

zacattack wrote: »

We got two valuations on our place last week - both advised we should advertise for 140k to achieve 135k.

Personally I feel that is a little low. .....

I am reading online that the average price currently paid is ~92% of asking meaning the sale price would be ~129 which we cannot accept so is it wiser to raise the price to 147, for example, to achieve 135 or leave it at 140 and just hold out and hope for 135?

If you put it on at £147k, anyone who can afford to buy at £135 won't even look at it.

Just because the average number of sellers has overpriced their properties and accepted 92% of their asking price, doesn't mean you should follow them to over-price your house..... you have to LEARN from that figure, not blindly follow it.

£137,500 or £139,995 and 'reluctantly accept' £135,000 is nearer the mark -assuming that £135k-£140k is the right ballpark for your home - which we can't tell without more detail

chalkie99

zacattack wrote: »

I am reading online that the average price currently paid is ~92% of asking meaning the sale price would be ~129 which we cannot accept so is it wiser to raise the price to 147, for example, to achieve 135 or leave it at 140 and just hold out and hope for 135?

With that line of thinking you might as well raise the asking price to a million and walk away with a nice little pension pot.

shortchanged_2

zacattack wrote: »

We got two valuations on our place last week - both advised we should advertise for 140k to achieve 135k.

Personally I feel that is a little low. The area we live in is an OK area but quite close to a not so OK area - not many houses have sold in the last 2 years so it is hard to gauge local values. There are two houses of the same style on the market in the area at the moment for 130 (been on a few months) and 150 (been on forever!) though we have an additional double bedroom and also a large landscaped south facing garden which none of them have plus a few other bits which I think make it more saleable.

I am reading online that the average price currently paid is ~92% of asking meaning the sale price would be ~129 which we cannot accept so is it wiser to raise the price to 147, for example, to achieve 135 or leave it at 140 and just hold out and hope for 135?

Ta
J

You can put it on for whatever you like but ultimately it depends on what someone is willing to pay for it combined with what you are willing to sell for. It the the two don't match, wait for it......................NO SALE.

tyllwyd

The answer to your original question - how do you know what price to market a property at - is that all you can do is make your own best guess! The housing market is very slow at the moment, so as you said it can be very difficult to look around and see what similar houses have sold at. You are waiting for one buyer to come through the door, and it might be someone looking for a bargain or it might be someone who loves your house and is willing to go a bit higher to buy it.

So you need to balance up what the EA is telling you, how keen you are to move - is speed of move more important than price? You might want to test the water by going in at a high price and see what happens. Or if you want to sell quickly, start off with a lower price to get more interest.

One thing I would say is that if you ask the question on this board, the mood of the replies you get is unremittingly gloomy. You have to make your own mind up whether you agree.

poppysarah

zacattack wrote: »

meaning the sale price would be ~129 which we cannot accept

Why can you not accept that?

geoffky

This is one of those delusional sellers who end up chasing the market down, and down. Houses near me have been on the market for four years and i suspect they where thinking like you,,good luck...