"Offers in excess of"

[jamtart30]

Our agent has said there's no point marketing our house this way. Is that true? For us, we need a minimum figure at least of £800k. If we put it on at 800 we'd likely get offers of 750-780. Do people really ignore the oieo part?

@bilbodog we bought ours for 650 18months ago. We've done everything to this house from new kitchen and bathrooms to wiring, windows, boiler and everything in between. I genuinely believe it's worth the 800+.

Well, sadly the two don't always equate do they.

Well, the market will soon tell you whether it is or not. I’d be very wary of thinking that what you spent on the house increased it’s actual value, though.
Decor is a matter of taste. What you think of as a lovely new kitchen and bathroom (and I’m sure they are!) might be something a potential buyer would want to rip out and redo to their own taste.
Ditto windows and boilers. People expect a working boiler, they don’t pay extra just because you’ve recently replaced it.
There’s a real difference between maintenance (replacement windows) and actual value enhancing improvements.

Jam, i dont doubt your calculations but the property market has dropped and at best is stagnating. I wouldnt necessarily expect to get that amount of money back on a house within 18 months - 5 years later perhaps. I dont know where you are in the country but in the home counties properties over £600k are finding it difficult to sell. The lower end is moving more but where i live £800 and above are sticking for a long time, unless priced to sell. Unless you need to move it might be better to wait for the market to improve - if they ever sort brexit out and the property market doesnt crash.

OP, have you asked the agent at what price they'd phone you and say that an offer was one you really ought to consider accepting? Are the EAs valuations their idea of what they think someone will actually offer or what you should market the house at? If the latter, unfortunately I doubt you'll get £800 regardless.

Well we'll hold fire at £825k for our twelve weeks we've signed with the agent before knocking down. We're in the Home Counties where prices are frankly astronomical - 550+ for a two bed flat for example.

I was once persuaded by an agent to market at OIEO and they acted all surprised when I refused a lower offer. I think it's a nonsensical way to go.

The problem with marketing at 825 you wont be seen by those looking up to £800 max. If your house has been renovated fully you would be better going on at 800 , getting lots of interest and then, hopefully, getting some offers over, or at least close, to secure the deal.

Why not bilbodog ?

If I had £800K to spend I wish then I would look at houses from about £600K to £900K. Surely everyone expects to be able to put in a bid lower than the advertised price, particularly if you are ready to go and no in a chain?

To answer your question.

Yes they do ignore.

I had my house on OIEO because it was hard to price and I had an open house. Worked for me but I had loads of stupid low offers. Even when it was STC I still had people putting in offers below my STC price.

In your situation and price i’d just stick to 825k. People with that money to spend aren’t going to not view or make an offer over 25k.

It’s like putting a studio flat on at 60k or 62k it’s not gonna make much odds.

In my area the higher price properties are selling but are lingering for awhile due to Brexit uncertainty. Starter and mid range are still flying out and increasing in value.

But I would say not all improvements add value. I’ve spent 20k getting my house upto par. Sanding all floors, changing all the heating, sound proofing all the floors, refurbing all the sashes, secondary glazing.
I don’t expect any return on any of these investments but I’m happy!

Hang in there.

Look at the search criteria on rightmove. There are a lot of people on here who say that if their top price was 800 then they wouldnt search above that. I agree with you in that i would because i know there are properties out there that are over priced - for all sorts of reasons. But not everyone does that. Sounds like you have decided to stick with 825 so i hope it works for you.

Have you spent £150k doing it up? The other problem you'll face is people can see what you bought it for and will be thinking whether it's really worth the increase you're looking for.

With that quite narrow spread It's highly likely that even the lowest valuation of £795k will be somewhat optimistic and the agent will be banking on you to accept something less.

Also as others have said... all money spent and improvements made don't automatically equate to ''added value''