Skip to main content
Skip to main navigation
Skip to talk navigation

Active discussions

Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Unflip thread

Hide thread

My feed

Saved Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Unflip

Join our Property forum for renovation, DIY, and house selling advice.

1 2

Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

OIEO - query

35 replies

SarfEast1cated · 05/04/2016 18:38

Hi all, hope you can help! We are putting our place on the market. We need to get £465k for it, but the EA are adamant that we put it on for OIEO £450k. I don't see the point really. If i went to look at a house for OIEO£450k, i would probably offer £455k. If the EA managed to talk me up to offering £465k I would expect the place to be really amazing.
So we have had loads of viewings and only one offer. They talked him up by £10k and now he has pulled out. I don't know why they don't just put it on for £465k?
I'm a bit bemused by it all really.

OP posts:

Report

Bohemond · 06/04/2016 18:48

Arf Sarf. Fortunately there are few hipsters where I now live but plenty of home made cider.
We moved from East Dulwich in 2007 - even ED was beyond the pale when we first moved in !
And good lord re Catford.

SarfEast1cated · 06/04/2016 12:41

We've got hipsters, micro breweries and the Overground Bohemond. What more could one possibly want!

Did you know that houses on the Corbett Estate in Catford go for half a million now?

OP posts:

Bohemond · 06/04/2016 12:37

Peckham is fabulous...
Brockley in demand...
I've obviously been out of London for a long time!

wowfudge · 06/04/2016 12:22

OP - it'll all work out. We've just sold our place and are moving next week. It's very stressful. Everything about it is stressful, but it will be worth it in the end. We're in a very different market, but our chain has three properties where the sellers all accepted less than the asking prices. Luckily we were each able to pass that on and still get a deal.

kirinm · 06/04/2016 12:20

Thanks. We've taken a break, have missed out on so many places it was getting too stressful. DP needs to get his most recent tax return done so it gives us a few weeks off.

Peckham is fabulous but nobody seems to want to sell!

Good luck with your sale. I thought Brockley was in demand so it could just be a case of waiting for the right person to come along.

SarfEast1cated · 06/04/2016 12:15

kirin we are right by the station and an Ofsted outstanding school, so I thought we'd be ok.

Good luck with your purchase by the way - Peckham's great isn't it.

OP posts:

kirinm · 06/04/2016 12:13

Also (sorry - frustrated FTB here) it obviously depends on area. I currently rent in Peckham and a 2 bed flat will go for £600k or more but on the other side of Peckham, you'd get a 2 bed for £450-£475k.

It is a crazy market and not much makes sense but lease length / location / distance from transport etc all make a difference - the extent of that difference depends on how hard it is to secure a place in that area.

SarfEast1cated · 06/04/2016 12:10

Wow It's all so reliant on perceptions isn't it. I might just go and live in a yurt in a Wales. We have builders in at the moment touching up some stuff and I always find that stressful too.

Thanks so much for all of your replies everyone - I shall carry on and let you know how it goes!

OP posts:

kirinm · 06/04/2016 12:08

Oh and as an FYI - I hate the ES and the areas they highlight have often 'up and gone' by the time they get around to talking about them. You need to understand that viewers will undoubtedly know the housing market in your area better than you. They'll often know if better than the EA as they are losing out on properties and working out how much they have to pay.

Sorry to be blunt!

kirinm · 06/04/2016 12:03

I've been looking in London at around that price and my experience is that OIEO means different things in different areas. In East London, I'd expect to pay up to £30k over the price but in SE London where the market is (slightly) slower I'd offer under.

EA's in E London suggest a lower figure to bring more viewers in whereas I've so far found SE EA to be more realistic.

There are huge differences in price for the same type of two beds in the same areas. In Nunhead for example you can buy a 2-bed for £450k or £490k. Your lease will make a difference / share of freehold etc.

bearbehind · 06/04/2016 12:02

Maybe we should just dig out our cellar and build an extension...

God no- did you see that house that subsided when they tried to do that and took out the neighbours as well!

It is a horrible process but you have to accept that they aren't 'rejecting' your home, they just don't want to pay that amount based on other properties around.

likewise, when you move, you might find the price drop doesn't hugely change what you could purchase even if you have to compromise on some things.

wowfudge · 06/04/2016 12:01

Back to what I stated in the first reply! I remember reading that most estate agents won't tell a client they are wrong when they think their property is worth more than it is actually is. They also compound things by overvaluing to get your business, which just confuses things.

Quite often we only hear the top figure - 'it's worth X' rather than, 'it's possibly worth up to X if someone really falls in love with it/with a fair wind behind it.

SarfEast1cated · 06/04/2016 11:56

Ha ha ha! That's the first time I've laughed for a while!

It's all been very emotional . I know you're meant to treat this all as a business transaction, but having lots of people coming to my beloved home and rejecting it has been rather hurtful!

Maybe we should just dig out our cellar and build an extension...

OP posts:

bearbehind · 06/04/2016 11:51

You missed the word 'not' from the last paragraph which rather changed what you were trying to say

SarfEast1cated · 06/04/2016 11:47

What typo bear?

OP posts:

bearbehind · 06/04/2016 11:40

Lol at the typo!

I'm not saying you've been a brat but I'm saying it sounds like you've based too much on achieving the price the EA dangled in front of you and now need to listen to what the market is telling you.

The fact that no one is making serious offers even at £450k suggests you might need to be thinking it could go for less than that even. IMO noone really takes any notice of OIRO/OIEO - if anyone was interested in paying within that ball park I'm are they'd offer £450k despite the OIEOif that's what they thought it was worth.

That first flat has a cellar which is a huge plus in terms of storage so could easily command quite a premium. I'd prefer a bigger bedroom to a bigger bathroom and it doesn't look like it needs a lot a work either.

SarfEast1cated · 06/04/2016 11:33

Bear when they valued us at £465 we started looking for house that we could afford using that as a starting point. That house was also being marketed by our agent which is why we ended up with them in the first place. I am very happy to adjust my expectations and look for a cheaper place.

To be clear, I have been a petulant brat about all of this, and stamped my feet and demanded a certain amount. I have asked the EA's advice every step of the way.

OP posts:

bearbehind · 06/04/2016 11:31

But that second one was on for £485k, quite possible sold for less, and has a new kitchen and bathroom.

It does seem logical on that basis that yours isn't worth £465k.

SoupDragon · 06/04/2016 11:30

You're right - I don't think there is any logic to house prices :)

SarfEast1cated · 06/04/2016 11:27

Ah just found this is very similar to ours, and close to our area. Our rooms are organised in the same way, but our bathroom is bigger and the 2nd bedroom smaller.
This one has the same kitchen as us and bathroom, and is essentially the same as our flat but the rooms are configured differently.

There seems to be very little logic to it all!

OP posts:

bearbehind · 06/04/2016 11:21

But surely if you are on at OEIO £450k then you are showing up in that bracket already

15 viewings in 2 weeks also doesn't suggest an EA issue either so I wouldn't look at changing agents yet. Most people find properties on websites so the location of the agent is not massively relevant.

It sounds like the key to this is you need £465k for it. Unfortunately what you need and what you might get don't always agree.

SarfEast1cated · 06/04/2016 11:16

Yes Louis and Kanga I think it is something to do with search criteria.

It's actually quite difficult to know what difference a garden makes to prices on our road.

I will speak to some other EA and see what they say. the EA we have at the mo is sited in a nearer posher area, so I wonder if their client base are after slightly more. A local EA might be better.

Thanks for your help everyone!

OP posts:

Don’t want to miss threads like this?

Weekly

Sign up to our weekly round up and get all the best threads sent straight to your inbox!

Email address

Log in to update your newsletter preferences.

You've subscribed!

RTKangaMummy · 06/04/2016 11:01

How much does a garden change value in your area?

LouisTheBear · 06/04/2016 11:01

Is it more to do with search brackets on right move? Eg if on for 450 you'll come up in the up to 450 bracket and if on for 465 you wouldn't

SoupDragon · 06/04/2016 11:00

Given the suggested asking price, I think they are telling you it's not worth £465k.

The age old saying that something is only worth what someone else is willing to pay for it is very true. With respect to the new builds, maybe the fact that there will be no mess and disruption is worth the extra money.

Unflip

1 2

Please create an account

To comment on this thread you need to create a Mumsnet account.