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Comments
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need_an_answer wrote: »
I don't like offers over simply because if a vendor wanted a higher price they should just list it at the higher price,having offers over just tries to manipulate everyone into a bidding war.
Here's another POV on a vendors position (using some numbers to make it clearer)
The vendor wants at least £250k.
They want to make that clear.
They dont want get into games of putting it up at £270k expecting to be knocked down to £250k, because some one will come along and offer £240 and also because if they put it up at £270k some people with a top limit of £250k wont look at it.
And they dont want to put it up at £250k because people will think they've added on 10% more (for "negotiation") and will really settle for £225k.
No idea why you think they want to "start a bidding war" and i dont see how it does anyway, you only get a bidding war when there are two at least interested which is out of their control.
Unfortunately people bring their own preconceptions and make up their own narrative what the bidder wants (such as, "starting a bidding war"), or that they have accepted teh EAs price "people have come to expect what their property has been valued at by an estate agent" - without knowing if the EA sugegsted £265 and they put it up at offers over 250 because they want to sell quickly) and so someone who is being very straightforward "the minimum i want is £250k" has all sorts of motives attached to their behaviour by buyers who even get annoyed with them even though its probably entirely the bidders misconception.0 -
NaughtiusMaximus wrote: »Even if the asking price for the property is very reasonable or even slightly undervalued?
Every house I see for sale I think of the 'real' price as 10% less than the asking price. I don't think of it in any other way (not saying I am right to do this and it might just be habit) but I never think of the value as the asking price. I have always sold with the same in mind as well. I thought lots of people think this way?0 -
lookstraightahead wrote: »Every house I see for sale I think of the 'real' price as 10% less than the asking price. I don't think of it in any other way (not saying I am right to do this and it might just be habit) but I never think of the value as the asking price. I have always sold with the same in mind as well. I thought lots of people think this way?
When I was house hunting last year I saw quite a few houses which were listed at what I thought was a very fair selling price, they tended to be sold within a couple of weeks of listing, for the few where I could be bothered to check Zoopla a few months down the line, they all went for very close to the asking price, including one which went for 7k above.
Any offer of 10% below for these would likely have been rejected out of hand, as would an offer of 10% below on our old property we sold in June last year.
Of course a lot of houses are overpriced to start with so 10% below on these isn't unreasonable but imo it's a little short sighted to adopt that as a blanket rule.0 -
NaughtiusMaximus wrote: »When I was house hunting last year I saw quite a few houses which were listed at what I thought was a very fair selling price, they tended to be sold within a couple of weeks of listing, for the few where I could be bothered to check Zoopla a few months down the line, they all went for very close to the asking price, including one which went for 7k above.
Any offer of 10% below for these would likely have been rejected out of hand, as would an offer of 10% below our old property we sold in June last year.
Absolutely.
10% below offer on my flat in London would have led me to believe that the prospective buyer was not serious - or taking the p**s.0 -
That's your prerogative, like it is mine. Taking the p@@@ can work both ways, I'm just highlighting the fact that possibly many potential buyers see room for negotiation. I would expect to get a 'discount' on my car insurance, get 'cash back' when booking hotels, and get a well known high street store voucher if switching energy suppliers. All of which are incentives to get me to buy products.
I do agree though that it has been a sellers market for a while which distorts the fact that the buyer is the customer.0 -
NaughtiusMaximus wrote: »When I was house hunting last year I saw quite a few houses which were listed at what I thought was a very fair selling price, they tended to be sold within a couple of weeks of listing, for the few where I could be bothered to check Zoopla a few months down the line, they all went for very close to the asking price, including one which went for 7k above.
Any offer of 10% below for these would likely have been rejected out of hand, as would an offer of 10% below on our old property we sold in June last year.
Of course a lot of houses are overpriced to start with so 10% below on these isn't unreasonable but imo it's a little short sighted to adopt that as a blanket rule.
See I have seen the opposite in my area. I live in the home counties and houses are sitting on the market for yonks. Eventually prices come down at least 10% often more, then the selling price on zoopla is even less. When they don't sell for £950000 they try renting them out for £4000 a month and eventually after about a year realise their mistake. In my opinion these prices are plucked out of thin air to win business. Usually a reasonable price is one that has been lowered already.0 -
lookstraightahead wrote: »That's your prerogative, like it is mine. Taking the p@@@ can work both ways, I'm just highlighting the fact that possibly many potential buyers see room for negotiation. I would expect to get a 'discount' on my car insurance, get 'cash back' when booking hotels, and get a well known high street store voucher if switching energy suppliers. All of which are incentives to get me to buy products.
I do agree though that it has been a sellers market for a while which distorts the fact that the buyer is the customer.
Of course.
But I've been responding to your assertion that no vendor should "expect" to get the asking price. Fundamentally, wrong.0 -
When I was house hunting I always took 10% off the asking prices when I was looking on RM and Zoopla etc. The house I've just had an offer of £120k accepted on was originally priced at £135k
From the other side of the coin - when we put our house on the market we had 3 EA's round for 'valuations'. They were £165k, £170k, £185k. I read all the house selling posts on here (I'm a complete newbie at this so I need all the help I can get!). I checked the sold prices for our road, did the 'more like this' test etc. We decided on £150k AP and expected to get it as it was reasonably priced. We even had "priced to sell" written into the description. We settled at £145k in the end.The second man to go over Niagara Falls in a barrel, Bobby Leach, survived the fall but later died as a result of slipping on a piece of orange peel.0 -
YoungBlueEyes wrote: »When I was house hunting I always took 10% off the asking prices when I was looking on RM and Zoopla etc. The house I've just had an offer of £120k accepted on was originally priced at £135k
From the other side of the coin - when we put our house on the market we had 3 EA's round for 'valuations'. They were £165k, £170k, £185k. I read all the house selling posts on here (I'm a complete newbie at this so I need all the help I can get!). I checked the sold prices for our road, did the 'more like this' test etc. We decided on £150k AP and expected to get it as it was reasonably priced. We even had "priced to sell" written into the description. We settled at £145k in the end.
Brave move, many sellers would have latched on to "185" and held that delusion for months, maybe even years, wasting everyone`s time in the process.0 -
YoungBlueEyes wrote: »When I was house hunting I always took 10% off the asking prices when I was looking on RM and Zoopla etc. The house I've just had an offer of £120k accepted on was originally priced at £135k
From the other side of the coin - when we put our house on the market we had 3 EA's round for 'valuations'. They were £165k, £170k, £185k. I read all the house selling posts on here (I'm a complete newbie at this so I need all the help I can get!). I checked the sold prices for our road, did the 'more like this' test etc. We decided on £150k AP and expected to get it as it was reasonably priced. We even had "priced to sell" written into the description. We settled at £145k in the end.
Which kind of proves my point. Look at the difference between the highest valuation and what you got. Most people would go for the high valuation which is why I always knock 10% off.
Congrats on your sale and purchase0
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