Sale Price - wiggle room?

katie4

Hi
Our property is on the market we'd ideally like £85k for it, estate agent valued at 90 recommends putting it up for 86950 as we are looking for a quick sale but i am wondering if that is enough room for negotiation or whether we'd be better putting it up for 87950?

AnotherJoe

People always want money off so give them the impression they are getting more off by going with the higher price.

SmashedAvacado

It will make absolutely zero difference

The only time this could possibly make a difference at this level, would be where you are choosing between 2 righmove price values (so would appear in more / fewer searches / different searches) but otherwise it matters not. People will offer what they offer.

sgun

I think both those prices are odd and look like you are expecting to be knocked down. It also depends on your area. Where I am in the north east the "offers over" approach is common and works well so you could have offers over 85k and probably get 85-87k. I know in other areas this approach doesn't work at all so have a look at your local market and see what is happening. Don't expect your estate agent to give you accurate advice - look for yourself.

Ultimately it may come down to the lenders valuation and the survey anyway. Even if it is priced to take into account any repairs or renovations, a bad survey will always bring the offer down. If any houses have also been "priced to sell" recently and have sold for a lowish price this will also bring your value down. What have properties like yours within half a mile in the last 6 months sold for?

AnotherJoe

SmashedAvacado wrote: »

It will make absolutely zero difference

The only time this could possibly make a difference at this level, would be where you are choosing between 2 righmove price values (so would appear in more / fewer searches / different searches) but otherwise it matters not. People will offer what they offer.

I disagree. Peoples offers in general will be affected by the starting price. Some people might be able to take a dispassionate view but the generality is so well known a phenomenon it has a name, anchoring.

Alter_ego

We left 10% "Wiggle room" on our asking price. Buyer offered full asking price. Sale went through at that. Were we underpriced? Who cares? We got more than expected.

katie4

sgun wrote: »

I think both those prices are odd and look like you are expecting to be knocked down. It also depends on your area. Where I am in the north east the "offers over" approach is common and works well so you could have offers over 85k and probably get 85-87k. I know in other areas this approach doesn't work at all so have a look at your local market and see what is happening. Don't expect your estate agent to give you accurate advice - look for yourself.

Ultimately it may come down to the lenders valuation and the survey anyway. Even if it is priced to take into account any repairs or renovations, a bad survey will always bring the offer down. If any houses have also been "priced to sell" recently and have sold for a lowish price this will also bring your value down. What have properties like yours within half a mile in the last 6 months sold for?

Thanks i honestly can't compare it to others in our street as they vary so much, for example we have a 3 storey 4 bed high spec house end of our terrace row which sold for £200k, new build end of terrace on opposite side sold for £100k, two others in our row of terraces have sold for £75k (no garden) and £85k


the houses although all terraced (10 on either side) are all completely different

NaughtiusMaximus

This thread could almost have been written by me 2 years ago.

We wanted a quick sale and after our own research and a number of quotes from EAs we settled on 85k as the figure we hoped to achieve. We decided to list the house for 90k, within a week we first rejected a lowball offer of 70k and the following day received a second offer of 80k, which we haggled up to 85k.

In short, go for a 90k asking price.

katie4

NaughtiusMaximus wrote: »

This thread could almost have been written by me 2 years ago.

We wanted a quick sale and after our own research and a number of quotes from EAs we settled on 85k as the figure we hoped to achieve. We decided to list the house for 90k, within a week we first rejected a lowball offer of 70k and the following day received a second offer of 80k, which we haggled up to 85k.

In short, go for a 90k asking price.

thank you!