Anyone have recent or current experience of how agents are pricing properties

[Clemintina]

This is of interest to me as I'll be putting my house on the market soon.

In the early part of last year there was lots of 'offers over' stated on Rightmove and many seemed to sell instantly.

Now there seems none of that near me and properties are being allocated a 'price' and most are taking much longer to sell. Time of yearcprobably not helping.

Anyone have real world experience of the current market and whether the 'price' is generally achieved.

They have little idea so are hedging their bets. We are in the market at the moment and see far more "in excess of £££" and being told to submit our 'best offer' They are fishing for desperate buyers to offer over the odds. The entire market needs regulating.

Area dependent, some agents are still trying to market as offers in excess but then reducing the price still leaving offers in excess on. I've seen some stupid asking prices a small new build same style sold for 260k last year EA has marketed it for 390k thats been on for ages. Mid range- high range property is all sitting where I am. Supply is picking up , sensibly priced smaller houses are still going.

Nothing much selling here. First time buyers market stagnant. Waiting for mortgage rates to come down. Loads of buyers pulled out of looking when mortgage rates went up so much. So reductions of around 5% at the moment. Unique desirable houses less affected.

I'm noticing that the only things selling near me have something very special about them - serious wow factor or seeming like an amazing amount of house for the money.

We will be putting a house on the market this week. Both estate agents we have seen advised a "offers in excess of" approach.

It's a small terraced house in need of work, but liveable in, so I hope a realistic price will attract a first time buyer who is looking for something that they can do up over time.

Both agents were pretty confident that they could sell it (but obviously they would say that wouldn't they)!

Fingers crossed.

I stopped myself making an offer on my dream home last night. Ran a shadow checker on the 'new' garden and it showed 80% of the time it would be in shade, despite agents telling me otherwise. I was so incredulous I ran it against my current home, know the percentage of time (roughly) it is in the sun and it was totally accurate. Fuming with EA at the moment and with development owners for putting up expensive new builds and not taking sun into consideration. Back to the drawing board for me I am not living in north light and shadow

We're about to go to market and are nervous about how quiet it seems to be. But I do think it's area dependent, and also the type of property you have.

In my area, the smaller 2/3 bed houses seem to be shifting, especially the newer style. That's what I have so I'm keeping everything crossed for a speedy sale.

The more expensive and larger houses seem to be hanging around, plus the houses in the less desirable areas are also taking a lot longer than before.

I think in a falling market OIEO works well if the price is lower than you expect in the hope of drumming up enthusiasm amongst buyers. We’re thinking of marketing and have been for a while I think our house would have got 425k in the post covid boom. If I was listing now I’d go for OIEO 350k as we’re in a desirable location schools wise.

We put our house on the market on the day of the disastrous mini budget 🙄

We priced it reasonably in the first place (OIEO 5% under the valuation that 3 out of 4 agents gave us; valuations taking place before the mini budget, but even so, the market had slowed)

Had 2 offers in the first two weeks (despite the bottom falling out of the market). The first offer was higher but they pulled out a few days later due to a change in their personal circumstances.

We accepted an offer around 10% under what we would have had it on the market for 9 months ago, and completed last week - mildly annoyed that we missed the peak of the market, but pragmatically speaking, we realise things could have been a lot worse and we’re glad to have it done and dusted.

To give an indication.. the price we sold it for was ‘just’ 10% higher than what we had it on the market for 5 years ago (we pulled it off sale then), so it was pretty well priced this time round. Keeping an eye on Rightmove in our old area, it does seem stagnant for properties that are still coming on at, or near peak (unsurprisingly).

If yours is priced to sell, chances are, it will sell…

''@Fifthtimelucky · Yesterday 12:38
We will be putting a house on the market this week. Both estate agents we have seen advised a "offers in excess of" approach.''

As a buyer viewing houses in England at the moment I avoid anything that has ''in excess of' attached to it.

Instead I expect a clear asking price so I have a good idea of what the seller thinks they ideally want for the house, not some woolly statement. about ''in excess of''...

Then I assume that offering 5% (or 10% less is a lot of work is needed on house) is what a reasonable buyer would accept in this market from someone not in a chain, especially if the house has been on the market for a bit.

The majority of house where I am looking have asking prices, not ''in excess of'' prices.

Greenfairydust agree that woolly 'in excess of' pricing is off putting. Will resist that and aim to be straightforward with my sale. No game playing this time around.

Can you link to this checker, or tell me more about it please? Sounds interesting!

That's interesting! I just found some sun check on google and it appears we have sun 365 days from like 4 hours to 17!
Thanks. I never heard of that checkers

I have to agree with the OIEO comments, it really puts me off a house as IME it indicates a seller who’s convinced their property is worth way more than it is and is trying to drive a bidding war. Interestingly the OIEO properties I’ve had my eye on haven’t sold and some have even reduced in price.

It depends what it was really if it's a very low OIEO for the area it can drum up interest. If it's already taking the piss OIEO asking price I wouldn't even look it's saying deluded seller. OIEO on already expensive properties isn't working and they aren't shifting. Some agents market exclusively as OIEO and still haven't changed their strategy.

Thanks to those for their comments on the "offer in excess of" approach. It hadn't occurred to me that that would actively put buyers off so that is interesting.

Given that both agents recommended it, I hope its area dependant! House has gone on the market today, so we will see.

Out of interest did you manage to get an offer?