Guide Prices and Vendors Expectations

[coolpatterngirl]

A question aimed mostly at the sellers please.

When calculating your sale price did you factor in a buffer for buyers that may start low, or figuring buyers will go in 10% under asking and negotiate up.

Yes, we did factor this in. But we also decided what our lowest price would be for a buyer who had nothing to sell and therefor would be a straightforward sale.

No, we didn't. I think it very much depends on the market locally. I don't really see the point, unless it's to allow a buyer to feel that psychologically they have got a good deal.

Thanks. I seem to be old school with the 10% assumption. I'm currently up to 7% below asking but the vendor isn't budging. I'm not sure it's worth any more as it needs so much work.

No every time we've sold, we've put it on for what we think its worth (realistically) - not into game playing and we've been straight with the EA from the start. Gave them carte blanche to tell potential buyers that, and to reject any offers immediately that weren't within a few thousand pounds of the asking price - and we've sold within a matter of weeks at the asking price each time. We did sell one house (at the start of 2008 when prices were starting to drop) at 4% below asking price, but that because we wanted a very quick sale, and they could complete within a month.

Thanks, the EA says it's negotiable but won't say how negotiable.