To share the price I want with viewers?

[Hana89]

I am selling my house and have already found a property that I love and had an offer accepted. Initially I accepted an offer from a cash buyer that was quite a bit over my asking price of £220k. For personal reasons the cash buyer pulled out and my house is back on the market. I don't want to be greedy, but I do need my asking price which is a little below market average for a speedy sale.
At two viewings today with first time buyers who really loved the house, I told each of them outright that I want to get £220k and when they asked if there was room for negotiation, I said that honestly there really isn't because I can't afford to drop below my asking price and also with all the work I've done here, selling for less isn't really worth my while.
The estate agent seemed really annoyed with me about being so open about the price I want/need.
Was I being unreasonable? I didn't see the point in letting people try to make a low offer I know I won't accept and I don't need anyone to offer too much and stretch themselves too thin. It seems to me that if house sales were more transparent everyone could have a less stressful time but I've never sold a house before so I might be being naive or have made a blunder.

My sister bought a house that was over priced but in immaculate condition inside and out. They did ask for a reduction but the owners refused and said they would hold out on the price for as long as it took to sell.

I just think you’re naive. People want to feel like they’re getting a good deal. Your agent should have either set the asking price at £230k or marketed it as offers over.

Properties are selling for under asking nowadays. An agent today told me that 15% under asking is average. You need to price higher than what you want. In the end though, people are only willing to pay what a property is worth, and don't care about your personal circumstances.

Your job is to present the house in the best possible way. The EA’s job is to get the best price.
If you have told the potential buyer the lowest price you will accept, tbst is what they are going to offer.

If you’re directly asked by viewers I think it’s fine to say something on the lines of ‘I’m looking for the asking price, as I previously had an offer on the property at this’. I’ve done my own viewings after a sale had fallen through, a lot of people asked why it was back on the market and what price I had agreed. Otherwise I would leave the negotiating up to the agent, but obviously let them know you want the £220k

I think you should have set it at whatever the over offer was at, and been prepare to drop to the £220.

As others have said.

Plus it's the spin isn't it. I was taking 228 but if you offer today 220 will get it off the market.

I think you have an agent issu

You are not unreasonable as long as you are comfortable that you may not sell it. You are entitled to ask for 220k and over however you need to let go of the previous offer, whether they offered over asking or not it didnt complete so its neither here nor there.
Interesting tho that the estate agent works for you and you should have had this conversation so that they were clear that it is offers over 220k. So poor on them not to have done so.
Good luck.

Honestly, I bought recently, and if I went to a viewing with the agent and the vendor was there and said what you said - I’d be totally put off the property. I’m surprised the agent allows you to be there. It’s up to the agent to handle negotiations.

Some really interesting differences of opinion on this topic!

It seems like it absolutely depends on the buyer as some people clearly value this approach and others think I'm naive at best, outright bonkers at worst! Haha!

For what it's worth I don't think selling a house should have to be a series of psychological tricks or a mine field of asking for more to settle for less, and I still think bidding wars are horrible.
After reading all the replies I don't think I did anything wrong at all, especially as I was asked a direct question so gave an honest answer, but I appreciate it perhaps isn't the norm and might have been a bit strange for the EA.

Thanks to everyone who took the time to respond thoughtfully and fairly.

OP, I chose an estate agent who recommends your approach. It feels more honest to me, and she was easy to work with. It was successful with our house sale. Slightly different circumstances: we don't need to sell right now, and there is no practical minimum we can accept. But we put the house on for what we expected to get, and asked the EA to tell buyers we wouldn't accept much less. We were pretty sure the survey wasn't going to identify any real problems. We accepted an offer of 3% under asking price.

I really did not like the game playing advocated by the other two estate agents I interviewed. FGS, they wouldn't even tell me upfront what commission they charged! Both were also very pushy and were not good listeners.

Properties are selling for under asking nowadays. An agent today told me that 15% under asking is average. You need to price higher than what you want

This is often what leads to houses being stuck for months.

Not everywhere they aren’t, and OP hasn’t mentioned the area she’s in. The housing market is not created equal.

As for her showing people around, again, this is not something done everywhere. I’ve sold three houses and the area where they were, houses are marketed and logistics dealt with by the agent, but viewings almost always done by the homeowner. Only one viewing was done for me by an agent and only because I was away at the time.

FWIW OP I admire your honesty. DD has just purchased a house in one of those weird little pockets where the market is different. She had one agent send her to view a couple of houses out of budget and telling her and her DH there was room for negotiation, when all of them actually went under offer at above asking and were never achievable. It’s just stress and disappointment that could be avoided.

Houses are stuck for months nowadays as vendors want more than they are worth, and are not willing to accept lower offers.

For anyone who was interested, I ended up with both buyers offering asking price, it then went to best and final bids, and I've settled very happily on £224k.
As some people said, it might have gone for more if I hadn't been so forthright, but I'm really pleased with the result and I hope the buyer I settled on feels the same!

Best of luck to us all on all future moves everyone! X

@Hana89 the estate agent probably though that if someone offered a bit less, they could convince you to accept it. That saves them more viewings/organisation etc and increases their revenue more quickly. You’ve done nothing wrong with telling viewers this. However, I’d only offer that information if you’re asked if there is room for negotiation. I say this because people who really like a house (like your cash buyer) may go in higher to secure it, so you could be doing yourself out of a higher offer.

Alternatively I wouldn’t market it at the price you want, especially if it’s worth more on a marker analysis?! Why not put it on a little above market rate and then you’re likely to get what you need?

15% feels huge?!

If advertised at £500k then 15% would be £75k? Do you think people advertising for £500k are accepting offers of £425k? That really surprises me.

When Im looking on rightmove with a budget of £450k I'm only looking at houses up to £475k thinking they'd maybe accept £25k under at the v most!