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Original poster

Help me pick a price!

24 replies

Level75 · 27/03/2019 11:59

OK, so I've had 3 valuations done on my house. They are £1mil, £950k and £880k. Quite a range, but it is unique so hard to price.

The lowest is from the agent who is selling the property we want to buy. I think we need to move fast to secure the property we want but don't want to give it away.

WWYD? I'm thinking it makes sense to pitch it at the mid price.

OP posts:
SinkyMalinks · 27/03/2019 12:09

We had a range of valuations on ours. We actually went for the highest because we weren’t in a rush and got a quick offer very near that price. The agencies that valued lower did feed back that they would advertise at the higher price if we went with them (we didn’t).

Don’t underestimate the benefit of selling through the same agent that you are buying from - they have an interest in you selling.

How about speaking to that agent. Ask to go on the market at the mid valuation price and set yourself a time limit - if no interest then you are priced too high (and the problem with a unique property is that if the right buyer isn’t looking now, you won’t get your best price for it. But for the perfect house... might have to accept less!)

Original poster
Level75 · 27/03/2019 12:13

I think there's quite a benefit in going through the same agent too. It's a different branch of the same company so not precisely the same people. I possibly preferred the other agents from a personal perspective but I don't know how much difference that would make.

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starbrightnight · 27/03/2019 12:14

You've nothing to lose by pitching it at 975k to start with as it shows you are trying to be realistic by not going with the very highest quote. And the fact the estimates are so different illustrates it's just a matter of opinion; valuations aren't an expert science unless done by qualified chartered surveyors (as opposed to unqualified 'salesmen / women').

Also in that price range it's not at all unusual to receive offers 100k lower than the asking price which would end up below the lower estimate of the estate agent you want to buy through. If you don't get many viewers in the first 2 weeks you can drop the price.

It depends how much you want this particular house and if you're happy to sell quickly at a lower price in order to get the house you really want.

Also it depends how desirable the houses are. Will your house sell quickly? Is the house you want likely to be snapped up at the full price because it's so fabulous? How long has it been on the market? Lots of variables. Good luck!

TrixieFranklin · 27/03/2019 12:16

Offers in excess of £900k.
Stick on a price point and expose yourself to a wider potential pool of buyers but allow yourself the flexibility to achieve the best price.

Original poster
Level75 · 27/03/2019 12:48

The other house won't sell that fast as it needs a lot of work. Ours is in good condition. I've never had such a variation in pricing - it's making it difficult to know how to proceed.

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Alexalee · 27/03/2019 12:52

Offers over prices piss nearly everyone I have ever spoken to I real life and on mumsnet off... dont do it.
If it's not the same branch of agents then it has less meaning.
It's a tricky one with such a range, what did you think its value was before you asked the agents... everyone has a gut feeling
Dont let greed lose your next house... but dont price it low, everyone wants a deal and some money off, maybe the lowest value was the price they expected to achieve and the others were asking prices with views to taking lower offers
What are competition houses on for in the area?

Alexalee · 27/03/2019 12:53

What area of the country are you selling and buying in?

Original poster
Level75 · 27/03/2019 12:56

I'm in a big northern city. I had no idea how to value it either!

OP posts:
Alexalee · 27/03/2019 13:21

Why such secrecy on location?
What is the million pound market like up there?
I wouldn't think there are loads of people with that budget in many northern towns

meladeso · 27/03/2019 13:25

I think you need to familiarise yourself with modern, "northern towns" @Alexalee Grin

Singlenotsingle · 27/03/2019 13:25

That posh area outside Manchester? Alderley Edge?

Mildura · 27/03/2019 13:37

Why such secrecy on location?
+1

Alexalee · 27/03/2019 13:46

My apologies ... northern city not town

Godowneasy · 27/03/2019 13:47

I sold a property in 2015 and the valuations I got were 620k, 680k and 750k, so just as confusing as your valuations.
I went with the £750K as the asking price and sold it within about 7 weeks for £735K.
Some people that came to view it did think it was overpriced ( though still came for a second viewing).
I guess you'll have to compare prices with your local area and decide whether your house is more 'desirable' than those others, but if I were you, I'd try for the higher price.

Villanellesproudmum · 27/03/2019 13:48

Go with the lowest agent and ask them to put it in at a higher price.

Applescoop · 27/03/2019 13:54

I'd put it at the lowest agent (i.e. the one you're buying a house through) and set the figure at £950k or £975k. You can always gauge interest after 2-4 weeks and drop the price if necessary. I'd get it on the market ASAP as now is a busy time for selling/buying (Brexit uncertainty notwithstanding). just a thought: the lower agent has a vested interest to price it low (to make it sell quickly so they get two sets of commission).

userxx · 27/03/2019 17:03

@Alexalee I think she meant there are a lot of people with that kind budget. Think premier league footballers and the like.

Alexalee · 27/03/2019 17:25

I see... my point was and just looking at a few northern citys with £1m houses for sale

Greater Manchester 33
Birmingham 35
Liverpool 36
Sheffield 18
Newcastle 41

Where as London has 1000+

My point is that there arent huge amounts of 1m stock up north and probably not loads of money chasing them, they will be your competition

Original poster
Level75 · 27/03/2019 17:48

Thanks everyone. It feels like mid 900 is the place to be. It seems silly to put it under 900 if 2 agents are valuing it a lot higher. One of the agents said that it's unlikely to sell much faster at 880 than a higher price given that there are not loads of buyers at that level.

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Original poster
Level75 · 27/03/2019 18:36

My friends have just told me the agent that valued at 1mil is notorious for over valuing. Good to know!

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Alexalee · 27/03/2019 18:56

950 or 975 would seem sensible
Why the secrecy on the city you are in?

Absolutepowercorrupts · 27/03/2019 19:02

I'd go middle range, as a pp said 975
I've just found 1070 properties within a 40 mile radius of Greater Manchester.

Absolutepowercorrupts · 27/03/2019 19:03

Should have added minimum price of 1 million

Nurseornot · 27/03/2019 19:08

Go with the agent who has already sold properties the same size/location as yours. They may have a list of people who already saw that other property and can contact them to look at yours. They will also have the most realistic feedback. I would check Rightmove to see properties which are the most similar to yours.

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