Offers over or higher asking price to be knocked down.

Mrsstevo

Hi,

I was just wondering if there is an opinion with regarding the best way to market your property. I have noticed that a few of the houses locally have sold have been marketed at offers over. Is this a better tacktick (sp) than putting it up for a higher price to be knocked down?

Many thanks,

Cara79

Mrsstevo wrote: »

Hi,

I was just wondering if there is an opinion with regarding the best way to market your property. I have noticed that a few of the houses locally have sold have been marketed at offers over. Is this a better tacktick (sp) than putting it up for a higher price to be knocked down?

Many thanks,

In my opinion, it's up to you. But we've recently sold and bought a property and looked at offers over. We still decided what the house was worth to us compared to other sold prices etc and if necessary, still offered below the 'offers over'.

Personally, I don't think it makes any difference!
x

trishx

It depends on how unique the property is. How fast the market is moving in your area. Your situation (how quickly do you want a sale, what do you need to make on the sale etc).

Where I live the market has never crashed (the prices are higher now than they were in 2007) but it is almost completely stagnant. The only sales I see happening are really cheeky offers (e.g. listed at £259k but accepted £215k). The problem with this policy is that you don't get enough the viewers through the door in the first place (if they'd listed it at £249k they may have got a viewer who had £230k).

A house came on the market here on Friday, it's part of a deceased estate, needs quite a lot of work doing to it (no central heating) and they wanted a quick sale, so they listed it at about 85% of the value (in my opinion). It was, however, in a fantastic location, with a great view and tons of potential.

I viewed it on Saturday and made an offer very close to the asking price (I'm a FTB so I thought that would be a bonus). The agent called me today - they have had three cash offers for above the asking price! In this market that is unheard of.

I think you need to price it to get enough people through the door who have nearly enough money to buy it, once someone is emotionally attached you'd be amazed how their budget suddenly increases (trust me, mine has somehow increased by 48k in the last 5 days - mainly thanks to my Dad but also due to really scrutinising my accounts) but if don't price it so it appears on their radar in the first place, you'll get nowhere.

What I would do, in my area in the present climate would be (obviously it depends on your situation): Come up with the minimum price you would accept (e.g. what would be your "offers above" price), add £5k to it as a cushion and list it at that price. This will get viewings from people who believe they have a lower budget (but may just magic up the money if it came to the crunch). Just don't accept anything less than your minimum (the £5k allows for a buyer to believe they got a discount).

Good luck anyway! I'm off to sulk about that house

Yorkie1

Who are your target buyers?

As a FTB, if I saw offers in excess of / offers over, I'd have walked away because to me it indicated a seller who wouldn't be prepared to negotiate, and I didn't have the experience or nous to offer below the figure anyway.

With more experience and time on here under my belt, I might just view such a property, but not liking confrontation I might not put an offer in still.

It partly depends on what the marketed price is, and how it compares to what you'd expect the sale price to be.

fairytinkerbell

i agree with what trishx says, i viewed my house that was marketed as guide price of 90k-100k, i fell in love with the house before i even viewed it and went straight in at 100k as i didn't want to lose out as it was a group viewing and the others was very interested, it was a extremely unique property so new it wasn't going to go for below asking price. when i was househunting and see "offers over" i ignored them as i see it as the seller would not budge from the price

J_i_m

Yeah.. The prefix "offers in excess of" puts me off straight away. It's possibly reducing the amount of the market a vendor is open to, but I imagine these people have their reasons to.

But I am not going to recklessly risk myself financially to satisfy someone else's possibly unrealistic expectations.

The price has to be right for both parties.

googler

Are you selling in Scotland, or E&W?

hazyjo

'Offers over' puts many off in England. I would price realistically, but expect to be knocked down (the offer, not me!).

Jx

nollag2006

Offers over always puts me off.

Years ago, I had a flat on at £150 ish looking to achieve £140, and got no bites.

As soon as I cut it to £135, there was a rush of bidders and it sold for well above £140 in the end.

Moral of the story: price on the low side to engender a bidding war