Asking price - OIRO, bottom of acceptable range, or top?

cats_ahoy

We are putting our 2 bed semi on market soon, and trying to work out what number to put for the listing. The house is in a "popular location", has a driveway with room for 3-4 cars, garage and garden, nice kitchen, newly decorated, seconds from a bus stop, shops nearby, schools really close including secondary school. Fairly ok area (in Nottingham, no where is actually that nice), it's a great FTB house.

Next door neighbour just sold theirs for 119 (they mentioned they were in a rush and could have got a little more), down the road 121 in December. I would like 120-122, what are people's opinions on what to put for list price? OIRO 120, or 120, or 125. Purple bricks say 120, but I would like some other opinions.

Thanks in advance.

divadee

None of the above. Put it on for an asking price. I hate OIRO or OIEO and I know it puts off a lot of buyers.

cats_ahoy

divadee wrote: »

None of the above. Put it on for an asking price. I hate OIRO or OIEO and I know it puts off a lot of buyers.

The options were OIRO 120, or just 120, or just 125, maybe I could have written this a bit clearer. Offers over isn't an option, unless someone has a really good argument for it.

Alter_ego

You can always drop, raising price is difficult though.

Cakeguts

Try 120 asking price. People are only going to offer what it is worth to them whatever you put about offers.

glasgowdan

Cakeguts wrote: »

Try 120 asking price. People are only going to offer what it is worth to them whatever you put about offers.

That's not the smartest if they want 120-122. I would list at 125 which gives you the standard bit of negotiation room.

Cakeguts

glasgowdan wrote: »

That's not the smartest if they want 120-122. I would list at 125 which gives you the standard bit of negotiation room.

If you make it too high people won't offer. It is a balance.

Beardmidget

Absolutely asking of £125k because it’s the rightmove bracket (£120k being the next one down).

Agree with the above that-
A) OIEO is a joke. I’d never even consider going a penny over, and I view it as a challenge
if you want £122k you can let people bid you down but they’re unlikely to bid you up.

AnotherJoe

OIRO is an invite to bid lower so why mention it ? Its like saying "I know I'm asking (say) 122 but i dont expect to get that" so bidders will come in lower expecting to be bid up.

Just put a price a few £k above what you think is reasonable to get in the current market.

cats_ahoy

Thanks for the replies, been very useful to see some other opinions. Definitely no OIRO or OIEO then ! I also dislike those a lot.

dunroving

OIEO seems to continue working perfectly fine in areas of Scotland, but below Hadrian's Wall it's rarely seen and not well received.