Increasing the asking price of your property

PeteHi

Is there any law that suggests you can't increase the price of your property whilst its on the market?

I've recently been laid off and require more money from the sale of my flat if Im to move.

The alternative is to pay a fee to the agent to take it off the market, but ideally I don't want to do this as I do want to sell, Im just in no rush.

The agent is refusing point blank to increase and just wants their fee.

Ive checked the contract and theres nothing to say I cant increase it?

Anyone?

abaxas

Nothing to stop you increasing it.

Where you are in the country will be a huge factor in this. Maybe the EA is basically telling you that your price is already wrong and and increase is suicide.

agrinnall

I'd be amazed if the law has anything to say about it. It's possible that it could be included as a clause in the contract with the EA, but as you have checked that then I can't see anything to prevent you setting whatever price you want. If the EA doesn't like that price then they can decline to act for you, but as they'd be withdrawing from the contract I can't see any reason for charging you beyond expenses incurred to date.

System

If it is not selling at the current price then I don't see how raising the price because you ned more money will help.

Moomum

!!!!!! wrote: »

If it is not selling at the current price then I don't see how raising the price because you ned more money will help.

I think he is raising the price to stop it selling as it will cost him money to take it off the market and he can o longer afford to move. May be wrong though

PeteHi

agrinnall wrote: »

I'd be amazed if the law has anything to say about it. It's possible that it could be included as a clause in the contract with the EA, but as you have checked that then I can't see anything to prevent you setting whatever price you want. If the EA doesn't like that price then they can decline to act for you, but as they'd be withdrawing from the contract I can't see any reason for charging you beyond expenses incurred to date.

Thats what I was hoping. Thanks.

Theres nothing in the contract to cover it, yet the EA is going down the 'unreasonable' route. Not quite sure how that will stand up in court?

PeteHi

!!!!!! wrote: »

If it is not selling at the current price then I don't see how raising the price because you ned more money will help.

Thats not what I was asking, but thanks anyway.

If it sells for more then I''ll have more equity to put towards a new place.

Moomum wrote: »

I think he is raising the price to stop it selling as it will cost him money to take it off the market and he can o longer afford to move. May be wrong though

I am in no rush to move, put it that way. But Im happy for it to be on the books at an increased price to see what happens.

If the agent doesnt want to do this and takes it off, then its their choice surely and I shouldnt be held responsible?

jjlandlord

PeteHi wrote: »

If it sells for more then I''ll have more equity to put towards a new place.

Which would then beg the question of the low initial asking price.

How did you decide on the new price? Just a number based on what you need?
To me this is a recipe for disappointment. Your agent's reluctance should indicate that he expect the increasing pricing to considerably reduce the interest in the property.

Of course, as others have pointed out, nothing prevents you from giving it a try. You might get lucky!

Littleweedj

If you look on Zoopla or Right Move with Property Bee, you can see date property first marketed and at what price, plus every dated change. However, the majority of sellers, as you know, are now decreasing the asking price

Personally when I look at any showing an increase I disregard them, as don't understand why something not sold at a lower price would be more appealing at a higher price.

However, you are free to state any price you like, and I hope you get what you want but it may take a long time.

I recently dropped my asking price by 10% and within days it has sold.

GDB2222

I don't think the OP really cares whether it sells. He just wants to see if he can wriggle out of paying a fee.

googler

So you merely want to put the price up so that you can keep it 'on the market' with your agent in order to avoid their termination/withdrawal from contract fee?

Without seeing the whole of your contract, it's hard to be definitive.... but later you ask "Not quite sure how that will stand up in court?" - if you're unwilling to pay their withdrawal fee, do you really want to pay court costs?

Is there a withdrawal fee payable if the EA terminates the contract, rather than you?