Offers over versus Guide price

Millsandovis

I would definitely recommend them. 14 offers all over asking with the highest being 10% over. 2 Cash offers at 8% over asking too. 

AskAsk

Millsandovis said:

I would definitely recommend them. 14 offers all over asking with the highest being 10% over. 2 Cash offers at 8% over asking too. 

that is good to hear!  I have instructed the estate agent with a change in pricing of "offers over" to "guide" at a higher price as I am concerned with the £500k being a figure that people will have in their head and attract viewers hoping to get it for less.  i know i don't have to accept the offers less than £500k but i don't want them in my house, full stop.

if there is enough interest, the bidding war will start on its own without daft offers over.

good to hear that you have had such a good result.  let's hope I get the same for my house.  thanks for update!

Millsandovis

Sounds like a good strategy! For what it’s worth only one out of the 14 offers was actually under the asking price (I’d missed it earlier) so at lease you have some anecdotal evidence of a strategy like that working in north east London. 

Scotbot

One of the EAs here (West Midlands)  pushes the offers over strategy. Two properties listed  before Xmas, 1 on at 525 sold for 525. The other on at 500 sold at 510 according to the agent. A 3rd listed after Xmas hasn't sold.

Bigphil1474

I think someone mentioned earlier about Rightmove. I think most would include a band above what they are wanting to pay, so someone who could afford £500k is always going to look at houses up to £550k as that includes houses at £510, £520 etc. 

If I saw a house at offers over £500k, I'd be looking at making an offer at maybe £475-£500k unless I really wanted it and might offer £500k. If I saw a house at £525k, I'd definitely be starting around £500k unless I thought it needed loads of work. That's just how my brain works..

AskAsk

Bigphil1474 said:

I think someone mentioned earlier about Rightmove. I think most would include a band above what they are wanting to pay, so someone who could afford £500k is always going to look at houses up to £550k as that includes houses at £510, £520 etc. 

If I saw a house at offers over £500k, I'd be looking at making an offer at maybe £475-£500k unless I really wanted it and might offer £500k. If I saw a house at £525k, I'd definitely be starting around £500k unless I thought it needed loads of work. That's just how my brain works..

Yeah, anyone who is looking to buy anything below £550k, will put this as a search on Rightmove.  People ain't that stupid!  

I don't want interest from anyone looking below £500k and thinking that you can make them increase their budget is just wishful thinking, although the agent thinks he can do it.

Bigphil1474

AskAsk said:

Bigphil1474 said:

I think someone mentioned earlier about Rightmove. I think most would include a band above what they are wanting to pay, so someone who could afford £500k is always going to look at houses up to £550k as that includes houses at £510, £520 etc. 

If I saw a house at offers over £500k, I'd be looking at making an offer at maybe £475-£500k unless I really wanted it and might offer £500k. If I saw a house at £525k, I'd definitely be starting around £500k unless I thought it needed loads of work. That's just how my brain works..

Yeah, anyone who is looking to buy anything below £550k, will put this as a search on Rightmove.  People ain't that stupid!  

I don't want interest from anyone looking below £500k and thinking that you can make them increase their budget is just wishful thinking, although the agent thinks he can do it.

Yeah, I think you missed my point completely. No need to be rude though. What I said was, anyone looking to buy up to £500k would likely search at houses up to £550k as their potential purchases would fall between the 2 if they got one below asking price. It would be stupid to say different.

Most EA's are clear that the price they set is the marketed price, it's not necessarily what the house is worth. In todays current market, houses are moving slower as it's pretty much a buyers market (in many areas, though not all), so whilst you might want to sell it for £525k and the EA has said market it at that price, it doesn't mean you'll sell it for that. Obviously, it could. 

You'll be surprised on what people can do with their budget. We'd been looking in two price brackets as we could buy a newer house with no mortgage or get a mortgage and buy something worth more. Depends how we feel about the property when we visit it. We could also buy a fixer up at a lower price if it was a better option than a fixed up house at a higher price. You want to be marketing your house to the widest potential buyer cross section if you want to sell it, but if you are absolute firm on not selling below £500k then you can stipulate that with the EA.  

AskAsk

Bigphil1474 said:

AskAsk said:

Bigphil1474 said:

I think someone mentioned earlier about Rightmove. I think most would include a band above what they are wanting to pay, so someone who could afford £500k is always going to look at houses up to £550k as that includes houses at £510, £520 etc. 

If I saw a house at offers over £500k, I'd be looking at making an offer at maybe £475-£500k unless I really wanted it and might offer £500k. If I saw a house at £525k, I'd definitely be starting around £500k unless I thought it needed loads of work. That's just how my brain works..

Yeah, anyone who is looking to buy anything below £550k, will put this as a search on Rightmove.  People ain't that stupid!  

I don't want interest from anyone looking below £500k and thinking that you can make them increase their budget is just wishful thinking, although the agent thinks he can do it.

Yeah, I think you missed my point completely. No need to be rude though. What I said was, anyone looking to buy up to £500k would likely search at houses up to £550k as their potential purchases would fall between the 2 if they got one below asking price. It would be stupid to say different.

Most EA's are clear that the price they set is the marketed price, it's not necessarily what the house is worth. In todays current market, houses are moving slower as it's pretty much a buyers market (in many areas, though not all), so whilst you might want to sell it for £525k and the EA has said market it at that price, it doesn't mean you'll sell it for that. Obviously, it could. 

You'll be surprised on what people can do with their budget. We'd been looking in two price brackets as we could buy a newer house with no mortgage or get a mortgage and buy something worth more. Depends how we feel about the property when we visit it. We could also buy a fixer up at a lower price if it was a better option than a fixed up house at a higher price. You want to be marketing your house to the widest potential buyer cross section if you want to sell it, but if you are absolute firm on not selling below £500k then you can stipulate that with the EA.  

i was agreeing with you! lol

i have put guide price but at an attractive price to get a good amount of interest so although it will exclude anyone looking up to £500k, it will be attractive to anyone looking above £500k.  if there is enough interest, the price will increase, which a property will do, irrespective of "over", "guide" or "exact".  i just want to make sure anyone looking below £500k won't see it when they search Rightmove as I can't rely on the agent vetting them properly before showing them the property.