Difference between marketed price and actual price

slapmatt

I appreciate this is entirely hypothetical, but I would appreciate people's opinions on the difference between the price a house is marketed at (on Rightmove for example) and the actual sale price.

For example, a very desirable (IMHO) house was advertised for £250,000 late last year, but according to NetHousePrices the sale price was £227,500. Is this a larger an average difference?

The other factor that affects prices around this mark is the stamp duty threshold.

With that in mind, if a house was on the market for £274,995, would the vendor be looking for as little as £250,000?

G_M

Impossible to say. There are no rules. A property is 'worth' what someone will pay.

sirmosh

You can never really tell, unless the estate agent gives you some extra info you just need to make an offer based on what you're willing to pay. Some people will put their house up at the price they want for it and won't budge, some will put it up for a bit more than they're looking for to give some room for negotiation and so on.

Of course situation counts for a lot, if they property has been on the market for a while they may be getting desperate or if they run the risk of running into negative equity they may be simply unable to adjust their price.

Caveat_Mortgagor

House near me has been on at £150k for ages. Before that it was on at £160k. New instruction for a different agent today - have a guess before you click the link

http://www.rightmove.co.uk/property-for-sale/property-32821264.html

Although it hasnt sold yet, this just goes to prove that there is no relationship between initial asking price and selling price. It ultimately boils down to how much the vendor wants (needs) to sell.

slapmatt

Caveat_Mortgagor wrote: »

House near me has been on at £150k for ages. Before that it was on at £160k. New instruction for a different agent today - have a guess before you click the link

http://www.rightmove.co.uk/property-for-sale/property-32821264.html

Although it hasnt sold yet, this just goes to prove that there is no relationship between initial asking price and selling price. It ultimately boils down to how much the vendor wants (needs) to sell.

Nice example. Thanks.

Is there any way to find out how long a property has been on the market, other than hoping for an honest answer from the agent?

jimpix12

1. Get PropertyBee for Firefox
2. Look at sold prices from the Land Registry on Zoopla

Those are the 2 easiest ways to find out drops/sold prices that are accurate!

I've seen houses sell for asking price within a few days of being listed, some sell for 40% less than the original asking price a year later! Only way to ascertain what it could sell for is to look at recent similar sold prices in the area.

sveedy

Get the propertybee add on to the firefox browser, it will tell you how long a property has been listed on certain websites (e.g. rightmove) and shows you the price history

ader42

Current average asking price (rightmove) is 10% to 20% higher than what houses that sell are selling for.
So if a house is advertised at £275k only a fool will pay more than £249,999.

slapmatt

Property Bee is amazing.

I have just discovered that the house on for £274,995 was originally on for £294,995.

LandyAndy

My cousin orginally marketed at £290k early last year. They eventually sold for £250k. I did tell her £250k was a sensible price early on but....

thor

The gap between advertised house prices and prices houses are sold for will never have been bigger than they are now. There are far more chancers about trying to flog at unrealistic prices these days.