Do housese find their price...

tigsly

If I put my house on the markets at 15k below what its worth (according to what has sold in my area at a similar size) will I just loose money -

or do houses really find their price?

I'm tempted to drastically drop my price in the hope people offer more than i list it at...(a drop by 15 or 20k)

Is this just a mad idea?

Ivana_Tinkle

So if someone offers the asking price are you going to turn them down? How do you imagine they'll feel about that?!

tigsly

I didn't say i would refuse asking price.. I'm just wondering if it would generate more interest.. and therefore offers above...

kloana

tigsly wrote: »

I didn't say i would refuse asking price.. I'm just wondering if it would generate more interest.. and therefore offers above...

What if higher offer(s) came after you'd already accepted asking price? You're effectively hoping for a bidding war, and would be inviting gazumping, which is an unpleasant enough risk/headache for buyers anyway.

tigsly

Once i'd accepted an offer that would be it..

I'm not the type to go for gazumping..

I guess the general sense is a NO then..

DRP

tigsly wrote: »

Once i'd accepted an offer that would be it..

I'm not the type to go for gazumping..

I guess the general sense is a NO then..

i think this is generally true in a fairly good market.

If you put the house for sale at under market price it will generate enough interest to get several people wanting to make offers. This has just happened to me.

IF the price is too high then you'll be forced to drop it.

The proviso is that this won't work when there's no one around looking to buy.

go_cat

Whatever price you put it at people will mostly offer under anyway

paddedjohn

Put it on for 'offers over' and see what happens or try sealed bids.

Richard_Watters

If you put it in for less than it's value/what you expect to achieve you need to make it clear that you're inviting bids. Otherwise you'll just get people offering at or close to the asking price and being unhappy if their offer is rejected. Either ask for sealed bids or market as offers over, perhaps with a deadline.

Generally this strategy can work in a rising/hot market and where the property isn't easy to value.

It will probably be better just to make sure the property is well priced compared to any similar properties so that anyone in the market will at least want to view yours.

witchy1066

I would never bid higher than asking price , who would?

houses with "offers over" I ignore

and I would never get in a bidding war ,its demoralizing and cruel ,

if someone offers more than me , I am happy to let them have it

a house is simply that , its a house , it does not become a home until you have bought it ,

as a buyer I am finding it really hard to understand what sellers want ,

do they want the asking price ?
are they willing to take lower offer ?
is the house really worth anywhere near the asking price ?
were did they get that price from , pick a number and double it ?
how much, seriously ?
do they really want to sell or are they "testing" the market

when we sell our home , we know exactly what want for it , the first person to offer that amount and are in a position to buy , its theirs

why play games with other peoples lives

OP you must know what you will be happy to get for your house

DRP

witchy1066 wrote: »

I would never bid higher than asking price , who would?

houses with "offers over" I ignore

and I would never get in a bidding war ,its demoralizing and cruel ,

if someone offers more than me , I am happy to let them have it

a house is simply that , its a house , it does not become a home until you have bought it ,

as a buyer I am finding it really hard to understand what sellers want ,

do they want the asking price ?
are they willing to take lower offer ?
is the house really worth anywhere near the asking price ?
were did they get that price from , pick a number and double it ?
how much, seriously ?
do they really want to sell or are they "testing" the market

when we sell our home , we know exactly what want for it , the first person to offer that amount and are in a position to buy , its theirs

why play games with other peoples lives

OP you must know what you will be happy to get for your house

all very well in theory, but when money is tight every extra £ means you pay less for your mortgage and/or you have more optiosn when choosing your next home.

We don't have the spare cash for high-minded idealism - we recently had 4 couples put in offers for our house and we accepted the highest suitable one (3 of them were above our asking price). To do otherwise would have been crazy in our situation. :money: