Advice on marketing a property, oieo or ono?

johnnyredgate

Interested in peeps opinions when looking for a quick sale for a property of whether to market with a lower price stating offers in excess of to attract viewers and hopefully get offered 10k or so over the oieo price or ask a higher price and expect to accept lower offers? The rural location of the property means that there will be a limited number of potential buyers interested, although it is in a lovely spot and a nice house.
cheers

cattie

I'm never very keen on OIEO. I always think it's much better to price reasonably to start with, but to be aware that people will want to offer less. So think in your mind what the lowest price you'd be happy to accept is and add on a few £k to allow people to feel they can barter to get a lower offer accepted by you and with luck, you'll be getting roughly what you'd like for the house. Good luck!

vectistim

(Assuming you're not in Scotland)
The only time I might expect to pay more than the asking price is if it is an auction property that has been given a low guide price to attract attention, otherwise I just ignore OIEO

Mr_Moo_2

Agreed, the advertised price is the starting point for negotiations, and from a buyer's perspective that negotiation is only in one direction. Completely igonre OIEO and things like price "ranges" as used by some Agents...

johnnyredgate

Thanks for replies and views. Only really considered this after contacting expressestateagency about the property and they said that this was the way to get people out viewing the property and that people did then offer over the price. With a one off type property it is very difficult to get a valuation, as it is not in a row of similar houses and guess it is important to get people out to appreciate the area. EEA would market the property at a price 30k lower than the local agents and expect to achieve at least as good a price just in a much shorter time, well that is the sales patter anyway..

joess

Hiya - I think it doesn't make any difference which way you advertise. Buyers don't pay any attention of it.

We have just recently sold our house that was OIRO £335,000 we had loads of silly offers - the lowest being £285,000 (how is that OIRO!).

johnnyredgate

thanks joess, interesting to have a different opinion!

Wow good that you got loads of offers for your house in the current climat, even if some a bit silly, how long did you take to sell, did you use a traditional estate agent?

Mrs_Imp

Nothing silly about offering 50k below asking price on a house on at that much, it's only 15% under asking price. We did, and the sellers were very interested. In the end they went with a couple who offered 2k more than us, but still 48K off.

As a buyer I hate OIEO. It always sounds like they've been given a value, but are being a bit greedy for more.

joess

johnnyredgate wrote: »

thanks joess, interesting to have a different opinion!

Wow good that you got loads of offers for your house in the current climat, even if some a bit silly, how long did you take to sell, did you use a traditional estate agent?

House been on since January 2012. With traditional estate agent who we feel has been very proactive.

Sold Feb but fell through. Had about 30 viewing in total and about 15 offers (some silly some ok but we are not in hurry to sell so decided to hang on as long as possible).

We are now going through a sale again (fingers crossed chain is ok this time) ended up in a bidding war between 3 couples and we agreed to sell for £342,000.

joess

Mrs_Imp wrote: »

Nothing silly about offering 50k below asking price on a house on at that much, it's only 15% under asking price.

It was silly, house prices round here haven't dropped and the market is still strong.

sims01

joess wrote: »

It was silly, house prices round here haven't dropped and the market is still strong.

Nothing to do with location. I've seen quite a few properties in prime London locations actually sell for 10-15% below asking recently. Some agents just like to advertise significantly above market value, although maybe yours wasn't one of those.