How to price our house to sell

mrsraggle

We put our house on the market a few weeks ago for OIEO £100k at the recommendation of the estate agent. We've only had one viewing since going up and I'm concerned at lack of interest (we're really hoping to sell this year after being unsuccessful in 2012 and redecorating practically the whole place!).

I've read this forum and see that a pricing strategy of OIEO puts people off. The reality is that we cannot sell for less than £100,000 (we bought for £106k). It is a realistic price (a similar property sold on the cul de sac for £100k a month or so ago).

Do I price at OIRO £105k, perhaps encouraging some more viewings and offers around 95k which we may be able to negotiate up?


Any other suggestions?


I'm aware that we're still new to the market but I don't want the house to go stale.

Many thanks!

PasturesNew

£105k sounds better than OIRO £100k.
Just drop the OIRO bit .... nobody likes that.
In facrt, you'd probably get more viewings at £110k than OIRO £100k just because OIRO stops people even reading/bothering to pick up the phone and book a viewing.

mrsraggle

Thanks for the reply. So just a flat price? £105k. It seems to me every house on rightmove has OIRO or OIEO.

pmd123

I'd suggest £105k, open to offers. People develop more of an interest when they think there is the chance of a good deal.

mrsraggle

Thank you. Think I might call the EA tomorrow and see what they say.

Annie1960

PasturesNew wrote: »

£105k sounds better than OIRO £100k.
Just drop the OIRO bit .... nobody likes that.
In facrt, you'd probably get more viewings at £110k than OIRO £100k just because OIRO stops people even reading/bothering to pick up the phone and book a viewing.

I agree.

I hate all that OIEO, OIRO, Guide Price, and all that other nonsense EAs come up with.

Just put the price. People know they should try to negotiate downwards on the price (unless you are in the South East at the moment, and from your price I assume you are not).

Have you also made sure the EA has taken some nice photos (a professional photographer, not the EA), and a floor plan? I'm looking for a property at the moment, and get very annoyed when there is no floor plan.

EDIT: I assume you are in England/Wales, as I think they do things differently in Scotland.

mrsraggle

We're north Birmingham/south Staffordshire.

The photos aren't amazing. I can almost certainly take better ones myself and there is no floorplan although it's only a small two bed mid terrace so there's not much of a plan to honest!

Annie1960

mrsraggle wrote: »

We're north Birmingham/south Staffordshire.

The photos aren't amazing. I can almost certainly take better ones myself and there is no floorplan although it's only a small two bed mid terrace so there's not much of a plan to honest!

Why are you letting your EA get away with this shoddy service?

Did a professional photographer come to your home to take pictures, or did the EA do this?

You need to demand they do a floor plan. All properties should have one of these as people like to see the layout and total square footage before making an appointment to view.

How long is the contract you signed with the EA, and when does it expire?

mrsraggle

I'll call them today and share those concerns. The estate agent took the photos.

The contract is 8 weeks so we're almost half way through.

pinkteapot

The most important question is simply: Is it worth £100k?

I know you don't want to sell for less than that, but is it a realistic price? Have similar properties sold for that much recently?

If not, it doesn't make a blind bit of difference what your asking price is.

If £100k is realistic, then I agree with the others - price at £110k or £105k. People will want to knock you down a bit. No OIRO or OIEO. All that says to me as a buyer is that you've had offers below asking price and rejected them, and you don't want people like that coming round.

OIEO is the worst. Makes me want to offer you 1p over the amount stated. OIEO only works in crazy markets like London where there's bidding wars and everything is selling for more than asking price.

ladyabouttown

OIEO = sounds like bidding war and you allow people to be gazumped.