Best way to achieve 340,000

Wkmg

We’re planning to sell a 3 bed semi in a suburb of Oxford. There are lots on the market around us sitting at 375 for months that don’t sell and end up dropping to about 360. Our house whilst nice, hasn’t been extended as much as them, is a little smaller, doesn’t have a modern open plan kitchen and has a shared drive. Realistically having done our research before speaking to any agents we think our house is worth around 340. We’d be ecstatic if we got 350 and a little disappointed with 330 (though not a deal breaker). Our plan was to put on for offers in the region of 350 and accept 5 percent less if we have to. We want a fairly quick sale as we know where we want to move to and want to be proceedable before we offer.

The estate agent we’re thinking of signing with is very confident he can get 340 and thinks the best way to do it is to put it on for offers over 325. He says he would tell people who ring to enquire what realistic price we’re looking for. Just to mention, we did have 2 other estate agents and one said oiro 375 expecting 360 and the other said oiro 350 but expect 335.

I know this is all to get into the best Rightmove bracket but we are slightly uncomfortable going for offers over as have little experience of this and know things are slow at the moment and worry we would just get offers just over 325.

Anyone have any advice?

Crashy_Time

Use PropertyLog to see how much others are discounting their price.

Crashy_Time

Looking at some houses for sale in Oxford it is obvious that prices have become very silly, this for example...

https://www.rightmove.co.uk/property-for-sale/property-69527446.html

In a downturn due to Brexit/Global credit/Recession whatever places like Oxford are sure to take a house price hit IMO. I would get it on the market at a sensible price quickly and not be too squeamish about sensible offers, and not get too involved in forum chatter about light and curtains and standard of photos etc. etc. if people like the price they will drive round to see it and decide from there.

MovingForwards

If I was buying in England I wouldn't even look at one advertised as offers over, I know other members have also said the same.

Your agent works for you, if you want it listed for £350k then that's what you tell them.

G_M

Forget 'offers over', and don't put a figure lower than you want or expect. Putting '325' will make people think of ..... £325!


Put a figure marginally higher than you expect to give yourself negotiating room.


And don't choose an agent just on on the price they recommend. Negotiate
* the commision (make sure it's sole agent, not 'sole selling rights')
* the minimum contract period (ask for 5 weeks, go for 6, definately nomore than 8)
* the notice period - 2 weeks max

Ziggywhisk

I recently sold my house and it was put on at offers over. I wasnt keen to begin with but it got a few people interested and we did have a bit of a bidding war. It was also placed in the bracket under what we wanted to gain more looks online, hence more interest. After all, you dont have to accept, if they want it they'll make a higher offer!

Brynsam

'Offers over' is a daft strategy unless you live in a part of the country where that is the norm for house sales - which isn't the case in Oxford. People will only offer what they think a property is worth to them, so why not list the property at a bit over the price you are willing to accept? Anyone using Zoopla or Rightmove will look at least one price range above their purchase price.

diggingdude

Offers over 325000 means 325001 to me as an example. Most people don't really like negotiating so why not just state the figure you want, plus a little bit for negotiation. Offers over is just wasting a lot of peoples time

System

Isn't the best advice in a poor market to price low and try to create a bit of bidding war?

babyblade41

where about are you in Oxford... unless you know the area well there are some extortionate prices and bargain areas

It makes a big difference in this county.

350k isn't a very big budget here

steampowered

Estate agents generally want a quick sale. It makes very little difference to them whether a house sells at £325k or £340k.

If you want to achieve £340k I would put the house on with an asking price of £350k.

If you want to achieve a quick sale you might want to put an asking price of £340k.

Most people just ignore notations like "offers over" or "offers in excess off".