If you saw OIEO 210k what would you offer?

[Housenotselling]

We want at least 215k for our house and EA has suggested we reduce from 220 to OIEO £210k but we are worried in case we just get people thinking we will take 212 213 etc. They are becoming we put that price to get more people through the door as once in people appreciate the size and value of house. Any ideas? If you saw this price what would you think? Thanks

Another who'd offer below. Not much below, but below all the same! Certainly not 5k over. Are you sure you can afford to move? It sounds like your current house might not be worth as much as you need to move up the ladder? Why is your EA keen to reduce?

I’d make a lower offer than the OIEO figure if that’s what I thought it was worth to me. To be honest I’d ignore the OIEO element and just offer as usual.
It is a signal that the seller wants to send that they won’t accept far below, but the reality is that people often will when it comes to it....they might need to if they are keen to sell.

In the end, if you aren’t getting viewings or offers, price is probably too high. You can lower the price and accept you will get a lower price than you like or choose not to sell. It’s always the way. It doesn’t hurt if people offer below...you can always say no or use it as a basis to negotiate up from.

If you’ve been over priced so far and need to reduce, you need to come to terms with that and that you will get a lower price than you hoped or accept you probably won’t sell.

I would also offer £210k, maybe £211k. I see OIEO as the price but trying to drive up interest and bidding wars so I wouldn’t go higher from the outset. If there was another interested party and I loved the house I might bid again for more. But I’d be much more likely to offer you £215k if you just marketed it at £215k!

There’s no straightforward answer to this as it depends entirely on the house and the buyers. OIEO works if you have a few offers to choose from but I would assume that OIEO 210 would mean anything even slightly over 210 would be acceptable. If it has already been on at 220 I would also expect you to be willing to accept less, so I think if 215 is the minimum you need to have OIEO 215. If I loved a house that was OIEO 210 I would probably offer 211.5

I used OIEO and it made it so much harder to get people through the door. I wish I'd have used a guide price instead. It seems to put people off. I got very cheeky offers too, which the EA was trying to avoid.

Just had an offer accepted on an offers over 240k. I offered 240k and it was accepted and it had only been on the market a week. I think you would need to go 215k plus. People like to think they are getting a bargain so OIEO doesnt usually work if you want a lot more

I don't like OIEO but it would make me think you're less likely to take less than advertised, so if I wanted it I'd likely offer £210k.
Agent may be suggesting this reduction due to Rightmove search value bands data in your area; £210k bringing it into view of a different subset of buyers. But if you definitely need more than that, then advertising for less is just a road to misery & disappointment for all.

I think quite a few would offer below and I certainly would assume you would take £210k in the absence of several bidders. I would also have thought if people were interested at £215k or £210k they would have offered that when up at £220k assuming its been on a couple of months.

I def see Offers in region of as the buyer being willing to accept less than the stated amount. I think you’d need to go offers over £210 personally.

I'd probably offer below £210k too. I might not even view because I don't like OIEO at all. I think it only works for really individual houses that are difficult to put a value on and in demand so there are multiple buyers bidding against each other.

Not guide price. I bought one with guide price £375-425 and it turned out the vendor was never going to accept any lower than £400!

Pointless and a blatant lie.

If you’ve had it on the market at £220k already (you mention reducing so presuming this is the case) and nobody has offered £215k, you’re unlikely to be offered £215k with an OIEO.

This. OIEO will make no difference. Anyone who would offer 213 is likely to negotiate up to 215 any would have offered on a house at 220.

I’d look at what other similar properties had recently sold for and offer you that, regardless of the OIEO.

Here I differ. I'd do the same and offer 20% below. Stamp duty is ending and we are plummeting into the worst depression in nearly a century.

£205k

I wouldn't offer or just offer 210, OIEO sounds to me like an unreasonable vendor trying to get every last pound our house that fell through from an OIEO vendor they wanted more money from the stamp duty holiday they loved telling us they got an extra 20k just made them sound like greedy arseholes.

I don't like paying more than asking price I would leave it on at offers in the region of 220

Our house was on at OIEO 300k. We offered 265 and had an offer of 270k accepted.

To me, the price the vendor “needs” or wants is immaterial, I’ll offer what the house is worth to me.

Like others, I’d say if you’re getting no traction at 220k then offers over 210 isn’t going to help.

I think prices and sales are now sliding downwards and the slide will gather pace over the next few months. There is also a tendency for houses which are a little overpriced at the start and then reduced to miss out altogether and go for even less. Not pricing well at the start is a big mistake in this regard.

I would never pay attention to that narrative and offer what I deem being market price for this house (highly subjective I know). What it says though is that the seller is likely to be difficult when it comes to negotiation as OIEO really means, no way iam taking less than that but was unable to shift at the original higher mark hence the price drop.

@Housenotselling

We want at least 215k for our house and EA has suggested we reduce from 220 to OIEO £210k but we are worried in case we just get people thinking we will take 212 213 etc. They are becoming we put that price to get more people through the door as once in people appreciate the size and value of house. Any ideas? If you saw this price what would you think? Thanks

Have you had people interested at all? Because I tend to agree with another poster that if you’re on at £220K and you want £215K, it’s unlikely you wouldn’t have been offered that if you e had interested buyers and it’s priced correctly.

If it's not sold or had offers at £220 then I don't think you'll get £215 putting it on at OIEO £210. Reduce it to £215 and if it still doesn't sell accept that you're not going to get what you want for it. It's only worth what someone is willing to pay.

@Dongdingdong

I can’t believe people would actually offer the £210!

I’d go in at £205, possibly £207.

It’s OIEO, not OIRO. So it needs to be more.

The house we currently live in was on the market for OIEO. We offered the asking price which was rejected so offered £2.5k above and it was accepted.
Sorry but I don’t think people are going to go in with £215k

On a house that was OIEO 900k (which the estate agent was saying meant 950k) we offered 810k and paid 815k.

So expect offers 10% below OIEO!