House not selling

Guitar

"Offers around" is enticing because it advertises the vendor is open to negotiation. In this market buyers expect to get something knocked off so it leaves room for that, leaving the buyer feeling they haven't been taken completely for a ride and it gives them something to boast about at dinner parties:

"Well they wanted £150k for it but we got them down to £140k".

More importantly for the vendor, it opens the door to a wider banding of buyers.

"Offers over" puts people off immediately. It advertises that the vendor is inflexible and possibly deluded. It's a weak ploy by estate agents to try and convince buyers that the house is worth at least what they say it is rather than leaving it to any rational thought on the buyers side.

Nobody boasts "Well, he wanted £150k for it so we offered £160k."

Not that it won't work but the "Offers over" strategy is based on finding a price blind idiot.

shortchanged_2

The only way 'offers over' actually works is if the house has had it's price drastically reduced such as previously on for offers in the region of £150,000, down to offers over £100,000.

martindow

Jugers wrote: »

As a seller, sit tight and try not to panic if you aren't in a rush to sell, to get a good price you could be waiting many months, or maybe years

And if prices continue to fall, decades. If you want to sell it has to be priced realistically.

MarshallMellow

House next door was marketed at 130k sale agreed at 125k, however it doesnt have a garage. Same EA as ours. Person who bought was doing a drive around the area and said he didn't need a garage. 130k is definitely too low for the area. I know we could sell it for 130k, but I think that would be giving it away. It just looks like the Repossessions are suffocating the area!

shortchanged_2

MarshallMellow wrote: »

House next door was marketed at 130k sale agreed at 125k, however it doesnt have a garage. Same EA as ours. Person who bought was doing a drive around the area and said he didn't need a garage. 130k is definitely too low for the area. I know we could sell it for 130k, but I think that would be giving it away. It just looks like the Repossessions are suffocating the area!

Well according to many property experts on here repossessions are not a problem, so I don't know how they could be suffocating the market.

As many will tell you on here a house is not worth what you think it is worth. It is worth what price a buyer and seller can agree on. Otherwise it can only be described as overpriced in the current climate.

MarshallMellow

shortchanged wrote: »

Well according to many property experts on here repossessions are not a problem, so I don't know how they could be suffocating the market.

As many will tell you on here a house is not worth what you think it is worth. It is worth what price a buyer and seller can agree on. Otherwise it can only be described as overpriced in the current climate.

I am only restating what a few EAs have told me in relation to Repos.
I am fully aware that anything's value is only what a buyer is prepared to pay.
Would you agree that a garage adds value to a property? How much, I'm not sure. I've been told around 12-15k. If next door are able to sell within a couple of weeks, as they were in a hurry to sell. And their property's value is less due to tangible benefits our has over theirs, is it sound advice to price it the same? Would I not be under vlaueing my property?

shortchanged_2

MarshallMellow wrote: »

I am only restating what a few EAs have told me in relation to Repos.

Next piece of advice. Take estate agents advice with a pinch of salt.

Estate agent and truth aren't words that sit easily together.

MarshallMellow

shortchanged wrote: »

Next piece of advice. Take estate agents advice with a pinch of salt.

Estate and truth aren't words that sit easily together.

So far your lessons have included : 1) A property's value is worth the price agreed between buyer and vendor;
and
2)Don't listen to EAs as they lie.

Hardly ground breaking nor beneficial, as believe it or not, the majority of people are well aware of these facts.

The truth is that there are quite a few repos in the area, however, what I'm not convinced about is whether or not that impacts on the sale of our property, as they aren't usually the same type of property.

shortchanged_2

MarshallMellow wrote: »

Hardly ground breaking nor beneficial, as believe it or not, the majority of people are well aware of these facts.

The truth is that there are quite a few repos in the area, however, what I'm not convinced about is whether or not that impacts on the sale of our property, as they aren't usually the same type of property.

Well there you are. Listen to your own advice then.

Spring_Time

Jugers wrote: »

Well if you wouldn't look at a house because the price said "offers over", then you're not a serious buyer. The most important thing that people look at when buying a house is the house itself. Then they look at the price and see if they can afford it. Ie people wouldn't buy a house they didn't like just because they could afford it.

To deliberately not look at a house because of the wording on the price is simply unrealistic. This pricing method gets people in your door, and if you can't get people through your door, you aren't going to sell your property, FACT!

LOL!!

We are keeping an eye on properties with a view to buying at our pace, when we are ready, very busy sorting savings right now :money: but we like to keep an eye on what's out there and I can tell you now any time I see an AD saying "Offers Over..." I do not even bother looking at other details of the house. Its off putting. I like to know what price the sellers are looking for, what I would be happy to offer etc..I do NOT want to get into what may end up a competition, Nah thats not for me! I know that can happen with usual priced properties but I at least know what the vendors are looking for. "Offers over" is to open ended. For all I know, I may have offered OVER what the vendor was willing to take and whilst as long as I was happy to pay that price that should be fine but I am human and would feel a bit cheesed off that I could of got it cheaper. I'm a buyer looking for the most for my money I have got no time to deal with a vendor who has not even set a price as such!

It also screams to me that the property is HARD to sell, it would cross my mind heavily that I would be stuck with it if I ever wanted to move again! Again, not for me


Just to add, I am new to all this property stuff so I may have my reasons wrong BUT thats what "offers over" means to me. A FTB.