Deliberately pricing yourself out of the market?

Bossypants

Okay, bear with me, this is the first time I have sold in order to buy and I am not the sharpest at the best of times.

Basically, I have flat which, due to location, will go immediately once the price is right (I regularly get offers through the letterbox from private people looking to buy). I want to sell to move elsewhere, but what I am looking for could take some time to find, and I am prepared to wait for it. The problem is that (understandably) most estate agents won't take me seriously as a potential buyer while my place is not on the market.

I could just market it and let potential buyers know up front that I am being picky and that it could take me a long time (as in, months) to find something, thereby letting them continue to look as well. Looking at threads on here, though, it seems like buyers get (again, understandably) impatient after a few weeks, even if they have been warned, and knowing how stressful the process can be, I don't want people to feel led on.

I had also thought of putting it on the market for an unrealistic price, and then dropping it to realistic levels and having an open house once I do find something?

It is also possible that I am overthinking this...

glasgowdan

Tell the agents your house is just going on the market and you'll price it to sell right away

foxy-stoat

Bossypants wrote: »

The problem is that (understandably) most estate agents won't take me seriously as a potential buyer while my place is not on the market.

Have you been told by the Estate Agent that they will not let you view a property that you are interested in without your property been marketed?

If they have then look elsewhere.

HappyMJ

Bossypants wrote: »

Okay, bear with me, this is the first time I have sold in order to buy and I am not the sharpest at the best of times.

Basically, I have flat which, due to location, will go immediately once the price is right (I regularly get offers through the letterbox from private people looking to buy). I want to sell to move elsewhere, but what I am looking for could take some time to find, and I am prepared to wait for it. The problem is that (understandably) most estate agents won't take me seriously as a potential buyer while my place is not on the market.

I could just market it and let potential buyers know up front that I am being picky and that it could take me a long time (as in, months) to find something, thereby letting them continue to look as well. Looking at threads on here, though, it seems like buyers get (again, understandably) impatient after a few weeks, even if they have been warned, and knowing how stressful the process can be, I don't want people to feel led on.

I had also thought of putting it on the market for an unrealistic price, and then dropping it to realistic levels and having an open house once I do find something?

It is also possible that I am overthinking this...

If buyers won't take you seriously because the property you have is not on the market then I would do as you suggest and put it on at plus 20% or more than the valuations you get which shouldn't elicit any offers...and if it does I'd take it and rent somewhere for a year or two.

Guest101

You have multiple offers through the letter box, why not just contact them with your desired price? - Save a few thousand on estate agents

Bossypants

Thanks guys!

@Guest101, I will definitely reach out when I get to that stage, but as I said I am not ready to actually sell yet. Although I suppose it wouldn't hurt to put people on notice...

cashbackproblems

There is no guarantee the market will stay how it is and you get the price you currently get, I would sell get the cash in the bank and that puts you in a very strong position when buying. FTB/Cash buyers/chain free are all viewed favourably, simply having your property on sale shouldnt majorly impress any seller as it still signals potential delays due to your potential buyers.

Ithaca

foxy-stoat wrote: »

Have you been told by the Estate Agent that they will not let you view a property that you are interested in without your property been marketed?

If they have then look elsewhere.

When we were looking this time last year the local EAs would be reluctant to arrange viewings unless our house was under firm offer, not just on the market!

As soon as we showed the offer they were falling over themselves to get us through the door, but before that there was a very cool reception when we tried to book viewings.

jbainbridge

Ithaca wrote: »

When we were looking this time last year the local EAs would be reluctant to arrange viewings unless our house was under firm offer, not just on the market!

As soon as we showed the offer they were falling over themselves to get us through the door, but before that there was a very cool reception when we tried to book viewings.

Very much depends on how fast the market is where you are. When we sold last time we pretty much reached the point that I would have happily refused viewing to those without an offer - some were so obviously on a day out, many without even having their house on the market.

anna_1977

My house has sold within 24 hours and I have no where to buy as there is absolutely nothing on the market where I live. I just told the agents it's dependent on me finding somewhere to buy which in turn they have told my buyer

Saying that I am starting to panic - I'm not being picky, there is literally nothing on the market!

NicNicP

We had thought about moving but would only move for the right house. When we saw one we thought looked ideal we went to view it, even though ours wasn't on the market. We made arrangements to put ours up for sale and made an appointment for a second viewing which was 2 days before our house went on Rightmove. Our house sold within 24 hours (we thought it would sell quick but didn't expect that quick!) and we're now happily settled in our new house.