Pricing house - what to do

peterhjohnson

Zerforax said:

What is your time scale? Do you need a relatively quick sale or are you happy to potentially wait 2-6 months to sell?

I don't think that trying for a bit more money in 2-6 months is a good strategy.
The advantage of pricing "sensibly" is that it gets you to SSTC within a couple of weeks. If you list for a bit more, the uncertainty increases massively. You may even end up accepting less than the "sensible" price several months later. 

If you actually want a delay so that (EG) you get to SSTC in 3 months time, don't sell now, put it on the market in 2.5 months time at what then looks like a sensible price

GDB2222

user1977 said:

Slinky said:

babyblade41 said:

look at comparable properties & what they have actually sold for not what they are selling .

This should give you an indication of a ball park figure 

There's 2 houses completed in our street, one in September, the other the week before Christmas. Neither is showing up on Land Registry data yet. There was a private sale last June which took about 8 months to appear.

Maybe not in the free data, as there's a lag with that, but if the info for a particular property is worth three quid to you, you can download it as soon as the purchase is registered.

There are big delays with the LR registering transfers. I suspect that the free data gets updated shortly after registrations take place.

Slinky

user1977 said:

Slinky said:

babyblade41 said:

look at comparable properties & what they have actually sold for not what they are selling .

This should give you an indication of a ball park figure 

There's 2 houses completed in our street, one in September, the other the week before Christmas. Neither is showing up on Land Registry data yet. There was a private sale last June which took about 8 months to appear.

Maybe not in the free data, as there's a lag with that, but if the info for a particular property is worth three quid to you, you can download it as soon as the purchase is registered.

But how can you tell when the property has been registered? Does it give a date of latest transfer before you part with your money?

I'm only looking at our neighbours' purchases out of idle curiosity

user1977

Slinky said:

user1977 said:

Slinky said:

babyblade41 said:

look at comparable properties & what they have actually sold for not what they are selling .

This should give you an indication of a ball park figure 

There's 2 houses completed in our street, one in September, the other the week before Christmas. Neither is showing up on Land Registry data yet. There was a private sale last June which took about 8 months to appear.

Maybe not in the free data, as there's a lag with that, but if the info for a particular property is worth three quid to you, you can download it as soon as the purchase is registered.

But how can you tell when the property has been registered? Does it give a date of latest transfer before you part with your money?

Look up the properties you're talking about at https://www.gov.uk/search-property-information-land-registry and see what they say? I don't know of any examples of recently-sold ones to play with.

Slinky

user1977 said:

Slinky said:

user1977 said:

Slinky said:

babyblade41 said:

look at comparable properties & what they have actually sold for not what they are selling .

This should give you an indication of a ball park figure 

There's 2 houses completed in our street, one in September, the other the week before Christmas. Neither is showing up on Land Registry data yet. There was a private sale last June which took about 8 months to appear.

Maybe not in the free data, as there's a lag with that, but if the info for a particular property is worth three quid to you, you can download it as soon as the purchase is registered.

But how can you tell when the property has been registered? Does it give a date of latest transfer before you part with your money?

Look up the properties you're talking about at https://www.gov.uk/search-property-information-land-registry and see what they say? I don't know of any examples of recently-sold ones to play with.

OMG I've just found out our next door but one neighbour paid over 50% more for their near identical house 4 years after we bought ours. Their's had been updated and extended, but no way would we have paid that. The vendors saw them coming - they were renting in the street and had lost out on another a few weeks earlier, and it was well known they wanted to buy a house in this street.

We pushed the ceiling price in the street up when we bought ours, but it's been shoved up by 3 others since.

movilogo

OMG I've just found out our next door but one neighbour paid over 50% more for their near identical house 4 years after we bought ours. 

In many places, price has nearly doubled in 4 years time! That's how house price became crazy. Even 5-10% may bring some sanity in the market. 

Slinky

Just goes to show that the people who sold a smaller house further down the road on a private sale to save a few quid on estate agents' fees lost out on nearly £100K.

markin

Slinky said:

Just goes to show that the people who sold a smaller house further down the road on a private sale to save a few quid on estate agents' fees lost out on nearly £100K.

But what would the cost today be to do the extension and updating on a house that's still smaller? 

donutandbeer

Modernisation wouldn’t cost that much but extension could well be. I would gladly pay more (more than the cost of the actual work) for properly done extension if that means I don’t have to endure the whole process. I know people who ended up paying double what they thought they’d have to pay for their extension because upon digging they found out the foundation was worse than they thought (victorian terraced). 

Slinky

markin said:

Slinky said:

Just goes to show that the people who sold a smaller house further down the road on a private sale to save a few quid on estate agents' fees lost out on nearly £100K.

But what would the cost today be to do the extension and updating on a house that's still smaller? 

That house is being ripped apart and changed, they still haven't moved in after nearly a year. It's comparable, which sold a few months later, went for nearly £100K more. They are 3 bedders.

Ours and our expensive neighbours were always larger when built with 4 beds, both ours and theirs have been extended, although our previous extension is smaller than our near neighbours more recent one.

The larger one a couple of doors from us which went for 50%+ more than ours, are spending yet more money on making some major changes to the one they bought. We're in the middle of extending ours and I know it won't cost the difference between ours and theirs, even with some overspend with problems getting out of the ground. At least with the changes we are making, we're getting what we want, not what the previous owner wanted.