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KatieDee
Posts: 709 Forumite
Having never sold a house, I'm always unsure what the expectations of vendors actually are - so I'd like to pose this questions to you lovely forum goers 
How close to asking price were you honestly expecting when you sold your house?
I understand it depends on many factors. For example, some areas are more highly sought after than others and houses sell at asking price or above, almost immediately. Other sellers are hoping to move but are not in a rush, so can hold out for their asking price. Some estate agents massively overprice houses in the hope that it increases interest and the final sale price. And some people are all sold up and ready to go, so are happy to accept a lower price!
But what about your own personal experiences? Is it just common knowledge that you're probably going to get lower than your asking price, unless you live in a particularly high demand and desirable area?
It might be a difficult question to answer for those of you who have sold, but it would be great to hear some tales! We've finally found a property we can see ourselves purchasing and after a follow up visit, may be making an offer. I didn't want to make another "what shall we offer?" thread because I know a house is only worth what people are willing to pay. However, not being well versed in making offers I suppose I don't want to look like a fool or offend! :rotfl:
How close to asking price were you honestly expecting when you sold your house?
I understand it depends on many factors. For example, some areas are more highly sought after than others and houses sell at asking price or above, almost immediately. Other sellers are hoping to move but are not in a rush, so can hold out for their asking price. Some estate agents massively overprice houses in the hope that it increases interest and the final sale price. And some people are all sold up and ready to go, so are happy to accept a lower price!
But what about your own personal experiences? Is it just common knowledge that you're probably going to get lower than your asking price, unless you live in a particularly high demand and desirable area?
It might be a difficult question to answer for those of you who have sold, but it would be great to hear some tales! We've finally found a property we can see ourselves purchasing and after a follow up visit, may be making an offer. I didn't want to make another "what shall we offer?" thread because I know a house is only worth what people are willing to pay. However, not being well versed in making offers I suppose I don't want to look like a fool or offend! :rotfl:
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We have ours for sale at a fairly realistic price imo. The estate agent said we could market £5k higher, I said no. We would accept a minimum of 5% less than asking price.0
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It depends when you sell on how motivated you are to sell.0
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We were expecting within 5% of asking price, got offered full asking price, mortgage valuation then came in 4% lower so we ended up accepting a lower offer, so it all balanced out in the end (although still felt like we "lost" 4%!).0
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Last time, I knew what we needed to be able to cover our move and was happy to accept that.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Some estate agents massively overprice houses in the hope that it increases interest and the final sale price.
Estate agents only earn commision when a property is sold and reaches legal completion. Not really to their benefit to overprice massively. For vendors totally different matter.0 -
Sometimes they boost it and then want you to drop the price saying the market has dropped.0
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Thrugelmir wrote: »Estate agents only earn commision when a property is sold and reaches legal completion. Not really to their benefit to overprice massively. For vendors totally different matter.
They wont earn any commision if they havent won the instruction in the first place. If you have 3 agents round to value your house and two value ant £300k and one at £300k most will go with the £350k!
Then they just need to convimce the vendor to drop the price a month or so later.0 -
£209,324.38."Real knowledge is to know the extent of one's ignorance" - Confucius0
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We got the asking price, as it was only four years old we would have been happy with what we paid for the flat. We decided to put it up for the valuation price and drop within four weeks if there wasn!!!8217;t a great deal of interest.
After accepting an offer someone offered us £10k above the asking price, we said no thank you as we felt bad about backing out of a deal.0 -
It depends on how motivated the seller is; everyone is different.
We set our price to allow for negotiation.
A few days after marketing, we got a full price offer from an unproceedable buyer, but soon after that got another offer from first time buyers, at 1.5% under asking, which we accepted. If their mortgage valuation comes in at under their offer (we are waiting to hear) we are prepared to reduce further (within reason) so as not to lose our onward purchase.
The offer was on condition that we took the house off the market immediately, which we were happy to do; and we insisted likewise for our purchase.
Had another buyer come along later and offered us more, we would not have accepted as we don't like games.0
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