House not selling

Egg_custard_2

I don't think it's as simple as saying the OP's house is worth £125k + [extra for garage] just because next door recently sold for £125k. I agree that most buyers nowadays would consider recently sold house prices when they're looking at whether an asking price is reasonable / realistic.

However, surely you would look further afield than just next door? I'd be looking more at average sale prices within a couple of miles for similar sized houses. I'd also be comparing what else is available in the vicinity for around the same asking price.

Drawing a comparison with next door alone could easily give a skewed result. We sold our house last year and accepted an early but low offer just because we wanted a quick sale. That fell through (luckily) and within a week we received another offer which was £5,500 more than the original price we'd agreed. Both of those offers were quick and I'm sure we could've achieved a higher price if we hadn't been in a hurry to sell. If I was considering a house priced at £150k and saw next door had sold for £130k, I'd just assume next door was a renovation project.

I agree about 'offers over' - very off putting.

ChrisEvanson

Interesting about the 'offers over' because my partner did just that and sold very quickly! The four estate agents who valued it all said £150k ish with a likely £140-145k selling price. She had a few viewers, the EA claimed they all said the price was fair but it wasn't for them as there was 'too much work to do'. As it was a clean house with modern kitchen and recently decorated, wiring all modern and safety checked, modern boiler etc, we were puzzled, but they couldn't elaborate.

We studied houses in the same village and it appeared to be overpriced compared with other similar property. As we were quite keen to get rid, as the property was about to become empty and £400 a month mortgage still to pay, we decided to slash it to offers over £130k. We sold two weeks later for £134k, which was 'cheap' for the area but we were happy.

I am quite frankly amazed at those who have such an inflexible attitude that they will refuse to view an 'offers over' property. Mine has just sold stc, we got a bit more than we hoped for (we achieved £5k under asking price circa £170k) but had to offer just 5k under AP to secure the property we wanted. So if I had put it for 'overs over £150k' they wouldn't look, but if it was on for 170k they might well offer £160k?! That is just stupid.

We found the house we wanted by searching the area, setting a bit over our max. If we had seen one that we liked, under our max budget, for 'offers over', we would have compared that to others, and viewed, and if we liked it, offered what we felt was fair. What I am saying is, the one we bought was around £180k, and we ended up paying around £175k. If it had been on for 'offers over' £170k that wouldn't have put us off!! Why on earth should it?!

Becs1104

I've been looking at houses online for sometime now as we are hoping to move within the next year. When houses are marketed as "offers over" it does put me off a little, unless its way under my budget as it gives the impression the seller will take the higest bidder, rather than accept a decent offer. Also if the house comes up in a search at the top of someone's budget ie. your £150,000 then they may think they can't afford even to look as its the top of their budget, so you may lose buyers who can afford up to but not over this price.

ChrisEvanson

Becs1104 wrote: »

I've been looking at houses online for sometime now as we are hoping to move within the next year. When houses are marketed as "offers over" it does put me off a little, unless its way under my budget as it gives the impression the seller will take the higest bidder, rather than accept a decent offer. Also if the house comes up in a search at the top of someone's budget ie. your £150,000 then they may think they can't afford even to look as its the top of their budget, so you may lose buyers who can afford up to but not over this price.

Yes. But if it would otherwise be priced at £160k with a view to get £150k then the same applies? It wouldn't even show in the search.

Most people assume buyers willl come down so search at a bit higher price than they can afford.

David1200

Buyin Houses’ for FTB

It is simple, the economy took a downturn because our banks began to lend too much money to people who couldnt afford to pay it back, so people began to default on their repayments which in turn forced our government to bail out the likes of northen rock etc etc... so now because banks are needing to hold on to their money incase the same problems occur they are now asking for a much larger deposit for example before the ressesion in some cases you could get 100% morgage and even 110% from some banks, this means with 110% you could borrow the fuul price of the house plus 10% for decoration etc. The most common was you needed 10% deposit ie of the value of the house but now you need at least 25%-30% to secure a loan.

ukcarper

Orpheo wrote: »

You are talking rubbish. That you used to be an EA makes you an expert in what? Sweet FA. You may think that you have some insight into buyer psychology, but you clearly don't. All you have is the same tired old BS.

I am a capable buyer with a liquid deposit of more than 50% in the price range in which I intend to buy. I don't look at anything marked, offers over, fixed price or priced with a faux auction style "guide price" range. Haart do this guide price nonsense, so I never view properties through them. As a serious buyer, I decide on my parameters for spending my money and your unqualified opinion is nothing more than bleating.

So you if the same house was up for £250k but not offers instead of offers over £150k you might consider it.

hcb42

Becs1104 wrote: »

I've been looking at houses online for sometime now as we are hoping to move within the next year. When houses are marketed as "offers over" it does put me off a little, unless its way under my budget as it gives the impression the seller will take the higest bidder, rather than accept a decent offer. Also if the house comes up in a search at the top of someone's budget ie. your £150,000 then they may think they can't afford even to look as its the top of their budget, so you may lose buyers who can afford up to but not over this price.

Well of course the seller will take the highest bidder, in a competitive market...

we are not in one at moment, so even when a house says offers over...you can usually establish if anyone is in the running by speaking to vendor and EA unless they are completely naive.

I dont understand the "dont view" attitude at all. I speak as one who was told at the age of 24 you couldnt offer 'under' the Offers over price in Scotland...well I did, and I got the house! (I have benefited the other way in a rising market when selling too...and indeed have offered "over" my third house in Scotland to secure a sale)

I bought my last house in England in 2006, marketed offers over....the people whose sale eventually fell through for whatever reason bid £30K more than they did. It is a unique house in a small very sought after village so if I had a blanket ban on viewing houses with "offers over" I would not be living here. Incidentally we were within 2% of the price.

Additionally, although we are semi detached, their price is not relevant as it is heavily extended so much bigger, but has not sold for 20 years or so, and we are literally 2 of a kind in the village.

DannyboyMidlands

Oh please. Surely the title should be "house not selling - because i'm asking for silly money".

Your neighbour sold for £125k, you've been on a year and are clearly deluded. What kind of buyer wants to get involved with a vendor who thinks their garage is worth £25k?! Even if you lived in Knightsbridge I'd say you were taking the p1ss.

You need to get real and put it on for a proper price or stop wasting everybodys time with this "maybe I should go offers over......my agent said such and such..............maybe I should paint the front door............what if I get some twigs and stick them in a vase?........................"

Orpheo

ChrisEvanson wrote: »

I am quite frankly amazed at those who have such an inflexible attitude that they will refuse to view an 'offers over' property. Mine has just sold stc, we got a bit more than we hoped for (we achieved £5k under asking price circa £170k) but had to offer just 5k under AP to secure the property we wanted. So if I had put it for 'overs over £150k' they wouldn't look, but if it was on for 170k they might well offer £160k?! That is just stupid.

That's my inflexible attitude you're talking about there, sweet cheeks. It goes side by side with my money and my future.

Offers over, fixed price, $crew them. A straight forward asking price is an honest baseline from which to decide what to offer, everything else is just playing games. I'm not playing games, as 2 vendors have found out when I pulled out of the purchases because they thought they could. My money. Do you get that? My money.

Orpheo

DannyboyMidlands wrote: »

Oh please. Surely the title should be "house not selling - because i'm asking for silly money".

Your neighbour sold for £125k, you've been on a year and are clearly deluded. What kind of buyer wants to get involved with a vendor who thinks their garage is worth £25k?! Even if you lived in Knightsbridge I'd say you were taking the p1ss.

You need to get real and put it on for a proper price or stop wasting everybodys time with this "maybe I should go offers over......my agent said such and such..............maybe I should paint the front door............what if I get some twigs and stick them in a vase?........................"