Is my asking price too low?

Octonaut

Hi all,

We put our house on the market last week - it appeared on the estate agents website and right move on Thursday, and have had so much interest that I'm worried it is underpriced. I've said that I can only manage viewings on Saturday afternoons, as I have 3 young children & need to get them out of the house for it to be in a fit state for anyone to see!

This Saturday I had 9 viewings, 3 of whom have asked to come back for a second look & the EA. says they think that they will all make offers. I also have another 11 booked in for next weekend. All of the viewers are either cash buyers, or have already accepted offers.

It is quite an unusual property, but the 4 estate agents we had value it all gave valuations between £375,000 and £400,000. We decided to set an asking price of £ 395,000 as we're not in a particular hurry to sell, and haven't found anything we want to buy yet.

The housing market here is quite slow, and we were expecting that it would take quite a long time for us to sell. I'm now worried that we are underselling ourselves & could have achieved a lot more! All the estate agent says is that it's getting a lot of interest because it is such a lovely property.

Any thoughts as to what, if anything, we should do? Obviously we want to get as much as we can for the house, as it will have a big impact on what we can buy next.

I'd love to hear your thoughts...

wymondham

Got any links to it - I'd love to see it!

Octonaut

Not sure i want to give away where / what it is exactly. When I say it's quite unusual, I just mean that there's nothing directly comparable to it really. It's a barn conversion & so not one of a row of houses all the same that I can compare prices with. We've done quite a lot to it since we bought it 8 years ago.

grifferz

What's the problem?

The EA will be better at bidding these three up against each other than you will, and as you say you're not in a rush you can spare plenty of time to leave them agonising after each round of "well the others offeredd £XXXk, do you want to increase your offer?"

I've never sold a property but have seen plenty of people on here say that reasonably-priced properties see a lot of interest and then sell higher.

As long as you don't accept the first offer from the first people..

florence4

Remember you don't have to accept any offer, even one at or above the asking price. And you don't need to accept quickly, or accept the first offer that comes along, either...

If your house really is under-priced, then you will get a couple of offers quite quickly, and you are free to instruct the EA to tell bidders you have had a lot of interest, and more viewings booked, and you wish to wait a week or two to see what happens.

If your EAs are any good, they'll probably be able to use any offers that do come in to encourage higher bids...

Octonaut

Fingers crossed then - we'll wait to see what offers come in after the weekend.

You're right - I suppose that if it is underpriced then I may go for more. I think I'm just a bit surprised at the amount of interest it has had.

kiddy_guy

You could always see what comes in terms of offers, and then put it to sealed bids?

I_have_spoken

Is it in Yorkshire?

curedham

Is it in London?

Tancred

Octonaut wrote: »

Hi all,

We put our house on the market last week - it appeared on the estate agents website and right move on Thursday, and have had so much interest that I'm worried it is underpriced. I've said that I can only manage viewings on Saturday afternoons, as I have 3 young children & need to get them out of the house for it to be in a fit state for anyone to see!

This Saturday I had 9 viewings, 3 of whom have asked to come back for a second look & the EA. says they think that they will all make offers. I also have another 11 booked in for next weekend. All of the viewers are either cash buyers, or have already accepted offers.

It is quite an unusual property, but the 4 estate agents we had value it all gave valuations between £375,000 and £400,000. We decided to set an asking price of £ 395,000 as we're not in a particular hurry to sell, and haven't found anything we want to buy yet.

The housing market here is quite slow, and we were expecting that it would take quite a long time for us to sell. I'm now worried that we are underselling ourselves & could have achieved a lot more! All the estate agent says is that it's getting a lot of interest because it is such a lovely property.

Any thoughts as to what, if anything, we should do? Obviously we want to get as much as we can for the house, as it will have a big impact on what we can buy next.

I'd love to hear your thoughts...

Your asking price is probably correct. The reason for the rush of interest is probably to do with the fact that we are now entering prime house hunting season. Many people want to buy before the summer school holidays.

Octonaut

Not in Yorkshire, or London!