Selling first home, valuation for speedy sale

York1

My partner and I are in the process of putting our house on the market. It's a three beedroom terrace and we're going back and forth on the valuation to list the house at.

We're hoping to get a speedy sale and have therefore aimed for what we think the house is actually worth rather than estate agent valuations. We've gone with an online estate agent which has saved us a considerable amount, albeit it does mean they don't value the house themselves.

Other similar properties in the area (essentially identical save for better/worse fixtures/fittings) are currently listed for 130-135, we're listing ours at 120 but have been dithering over whether to actually list at 125 to allow buyers to bargain down to the 120 area.

I'm just looking for some other opinions on whether it's worth listing for above what we're happy to accept for the property in order to get what we want, as opposed to buyers needing to feel they've gotten a bargain by coming in lower than the list price.

GAH

I would put it on at £125k, and give it a week or two. If you then dont get any interest, you can then reduce. Its easy to reduce price rather than under sell yourself.

Even if price comptetively people are still going to make an offer, so thats where i'd pitch it.

ognum

Maybe £122K, be ready for a 10% below asking offer though!

York1

ognum wrote: »

Maybe £122K, be ready for a 10% below asking offer though!

I'm expecting someone to come in with that, but we'll be rejecting anything that far under. Houses in the area are selling for 123-130 for similar properties so it's not as if we're deliberately overvaluing. I can see the 130-135s maybe being in that situation in order to discount down but we'd much rather end up with a quicker sale (as we definitely feel 135 is overvalued for suchproperty in the area), albeit without selling for less than we're prepared to.

Thanks

hazyjo

£125k is still under what you're saying they go for, so try that first. Most people will expect some sort of reduction, and, from what I've read on here, the vast majority hate 'fixed price' (or anything like 'offers over').

Good luck.

Jx

erdd2

On a property where similar were selling for 120, I stated first offer of !00 secures sale.....sold within a week and whole process completed fairly fast. Not identical scenario...just offering food for thought.....good luck!

GDB2222

The advantage of going in at £120k is that you should generate some competition for the house, with several people after it. That means that you can then stick to your asking price. Buyers aren't fools, and they won't walk away from a good buy just because they are not getting a reduction. That's on the view that you want to sell it for sure and that's worth a lot more to you than a possible £2-3k extra.

You could offer at say £121,500, to leave a little bit of wiggle room for people to beat you down but still stand out as very good value.

halfone

York1 wrote: »

...we're listing ours at 120 but have been dithering over whether to actually list at 125 to allow buyers to bargain down to the 120 area.

I'd say either stick with the 120 if that's what you're happy with, or go a bit above 125, given that £125k is the stamp duty threshold. If you listed it for, say £127 or £128k you might also draw in people who are looking to buy just under £125k to avoid paying the duty. Yours will probably look more attractive and attainable than the £130 - £135k ones to them...