Scottish offers over system. O/o too low?

[HouseHelp23]

Hi, I've just put my flat on the market. This is my first flat so I've never sold before. The agent have put it on at offers over 15% below home report value. This seems very low to me, I do understand their logic of getting as much interest as possible, but I have concerns that it might give buyers unrealistic expectations for what I'll accept? Is anyone familiar with the Scottish system or has sold recently? Are buyers generally offering around home report value regardless?

I would not worry about this at ALL. It's totally normal practice for buyers in Scotland to be offering as much as 10-15% OVER the HR right now - everyone ignores the offers over price. It is basically just a number to fit it into the RightMove search results in a sensible bracket. Unless your property needs a serious amount of work nobody is going to even consider offering under the HR.

Agree with above poster, nothing to worry about and in my recent experience of selling property you may get well in excess of 20% above valuation. Good luck

It really depends what the rest of the market is doing. Ask your agent about other properties locally and what the average offers over is. They should be on top of all this.

I'm north east and when I bought my flat in 2007 it was very much marketed this way. O/o £79k to attract interest and I paid £100k at closing date a week later.

But it's been a very long time since market was like that here. Generally things are marketed at the home report value and pretty much go for that price.

That same flat has since sold three times, all at £110k and it was priced at that in the marketing.

Scotland isn't specific enough. It varies so much. There is hardly anything up around here and the decent stuff goes fast but I think I've seen about two properties go to a closing date in the last year so there's not the same competitive buying element.

People in other places will paint a very different picture.

If your agent is local I'd take them to know what they are doing. If it's an online one I might be more concerned

@Pumbles in my area loads of stuff goes under home report so that's not universal in Scotland.

The norm is bang on the home report for houses here. But lots of flats under. My sister is currently buying one for £165k when the home report value is £179k

But all local agents should have a handle on their individual regions

Fabulous, thank you for the reassurance.

@Calmdown14 Central Scotland, really good central location. Flat in move-in condition but may need new boiler and electrics in the near future as they haven't been replaced since it was built. Local agent and they've already got a few viewings lined up since it went online yesterday so I'm hopeful there will be some interest. The agent expect over home report, I do think they know what they're doing which is why I followed their advice. 15% just seemed a lot under HR to me. A friend sold recently and had same HR value but it was marketed at o/o 5% under HR. Different area though and that was a house not a flat.

Now I've thought about it, I bought 6 years ago from the same agent and the o/o was about 12% under HR. I still paid over HR.

If you are in a sought after area, you will definitely get above home report value.

Market is crazy where I am right now. Even when it wasn't though, we had to bid (well) above HR value to get our house.

They ALWAYS do this. It's fucking annoying when you're a buyer but most people know about it and do their searches on Rightmove etc taking it into account (e.g. there's no point including properties o/o £300,000 if you can only afford £300,000).

As pp have said, it's normal and you kind of just have to go along with it otherwise if you priced it more realistically people would assume you were looking for even more going by the (stupid) convention.