To ‘over price‘ our house?

[DisneyMadeMeDoIt]

DH and I are moving. We live in a desirable area where houses sell FAST!
5 valuations agree this is probably worth £300k but the market is so empty/competitive we ‘could easily get more’.
We are expecting a baby and family homes in our area are both rare and VERY expensive (can’t relocate) so we do need to make as much as possible!

We have the following options;

A- Put it on with a reasonable guide price of £300k and hopefully ignite a bidding war 🙈
B- Put it on for offers over £300k and hope people don’t just offer £300k.
C- Put it on for £325k ish, knowing we’ve over priced it a bit but see what offers we get.

£300k is a reasonable price for it so I think WABU to overprice but we are in a chain - houses we are viewing expect ‘over asking’ offers too so if we don’t take advantage of the demand - we will lose out!

DH and I are debating options and have had conflicting advice from agents! Over pricing may put off buyers but putting it on at £300k may just lead to lots of ‘asking price’ offers we’ll find it hard to turn down!

Nothing to lose, have a go at £325 if there’s more demand than availability

It’s worth what someone is willing to pay for it.

If ultimately you believe £300K is fair and you would sell for that, and local markets are ‘offers over’, then I’d do that, personally.

I would put it on for the higher price. People may well offer below this anyway and it gives you room to manoeuvre if you have no interest.

I’d put it on for 325k.

I would put on at the higher price and see if you get any interest. If overpriced, that will be reflected in feedback viewers give. You can always reduce the price if not getting interest. The worst feeling is when you put on the market and the house is snapped up leaving you wondering whether you could have got more. People will pay what they think it’s worth. Also depends on whether you need a quick sale though too.

I would probably do B and ensure the agent tells people who enquire about the property that you are looking for offers over 300.

What have you estate agents valued it at?
If it’s really worth £300k then put it on at 325

But if they have over valued it to get your business which I have found to happen each time and your really looking at getting 280 then put it on for 300k

If you end up having to reduce the pork e after a few weeks, I think people end up holding out on making an offer Incase it ends up reduced again

The £300k did take area demand into account until recently, but this summer has been particularly slow (assume ahead of Brexit) ...that’s why it’s difficult to gauge!

I would put it on at £300. That way you get more interest, and if people really want it they will offer above asking.

Price not pork 😏

I’d put it on for £325 if you don’t get any viewings drop to £300. If someone offers £300 then they feel they’ve got a good deal and your happy so win win

I would probably put it on at the higher price. That said a few years ago I sold my house with “offers over” and got a staggering £30k more than I expected (and that wasn’t the highest offer either!)

If you think people will be willing to offer 300, I don't think 325 is too much to ask. They'll probably initially offer 10% below asking price anyway.

When we sold a flat on a rising market, we went with the EA who valued it higher. Much higher than any other. And we sold it for asking price.

The thing is, it is worth whatever people are willing to pay. It isn't about the value of the bricks and mortar. So if people would willing to pay more than 300 because of the area/ schools etc then it is worth more than 300. Don't feel bad about it!

Where I live 2 bed terraces go for 500k. Crazy, but that's what they're worth because that's what people are consistently willing to pay!

I have experience of this. I lived in a village in Somerset in a semi detached cottage.

The neighbours and ourselves were selling at the same time. Theirs was a 3 bed (with the 3rd bedroom being very small, it'd either be used as a babies room or maybe a small study), and ours was a 2 double bed.

Anyway, long story short they wildly over priced theirs, to the point that nobody came to view it and those that did ended up not putting in an offer.

We priced ours at a realistic price; an offer had been agreed within 3 weeks and we completed 2 months later. This was maybe 2 years ago so perhaps a different selling climate.

I think putting it slightly over is a good plan, but always be a bit realistic with what you're likely to get.

I’d put it on at least £325

I’d rather wait than not get what I could for it. BUT don’t be too honest with the agent or they’ll be telling buyers they know youlll accept £300

I’d probably put it in for £330 & tell the Agent you might accept £325 fir the right buyer...

It’s all a stupid game - you need to play it

We are In a good primary area but TERRIBLE secondary 😂 it doesn’t matter though as this isn’t a family house (2 bed terrace) and would be aimed 💯 at first time buyers/professionals (fab commute area/ walking distance)

Thanks for the opinions btw, it’s certainly helping! I think B or C will be our choice just deciding which!

I think it depends more on how much you need to sell. If you are with not getting it sold do B orC but if you have to get it sold I would opt for A what with brexit and all.

Definitely go for wiggle room and £325k as you can then drop to £300k.

It’s worth what someone is willing to pay for it.

This is often quoted, but in a lot of cases what it's worth is what the bank lending the money to buy it says it's worth. First time buyers in particular may not be able to pay over and above the bank valuation.

I’d do c, telling the EA that you are open to offers if people are interested but don’t want to pay full whack.

I would do an open house weekend with overs over 300k, if it’s desirable but really only worth 300, then people might be a might 🙄 at 325k.

I would prefer it went to a bidding war, that way you get the best possible price that someone is prepared to pay, the least likely potential mortgage problems down the line and the pick of the best person in the best position as a buyer.

325k

I’d put it in for 325k be prepared to take 300k for a quick sale.

Stick it on at £325, that gives you flexibility to drop the price if you get a cheeky offer.