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Original poster

Property asking price

58 replies

Alexalee · 07/03/2023 07:54

About to put a house on the market. General consensus is sale price will be around 525k.

Would you list at 525k

550k to allow the buyer to make an offer and think they were getting a deal

Or offers over 500k to get the most amount of viewers

As a buyer what would you prefer

OP posts:
Chowtime · 07/03/2023 07:55

Depends. How much did you pay for it and when did you originally buy it?

JamBiscuitBun · 07/03/2023 07:57

If I was a buyer right now I'd be really fucking cheeky and cut my offer to the bone. For an asking price 550 I'd be thinking 495 - or less if I was in a really good position. There's a lot of supply near me and too few buyers.

OhhhhhhhhBiscuits · 07/03/2023 08:02

Chowtime · 07/03/2023 07:55

Depends. How much did you pay for it and when did you originally buy it?

That has nothing to do with it at all. The OP could have inherited the property 30 years ago so paid £0 for it. Doesn't mean it's worth less because of it.

Original poster
Alexalee · 07/03/2023 08:02

@JamBiscuitBun

Exactly my thoughts and why people don't price sensibly.
If anything round here asking prices are rising, I think for the exact reason you made there, they expect cheeky offers so start higher to get nearer what they want

OP posts:
Original poster
Alexalee · 07/03/2023 08:03

@OhhhhhhhhBiscuits

Was about to say the same, don't know why people fixate on what a house was previously bought for. They might have negotiated a fabulous deal or a terrible one. It's irrelevant to its price today

OP posts:
Karmatime · 07/03/2023 08:04

I wouldn’t list high, that’s just going to put buyers off in the current market. If £525k is a realistic rather than hopeful projection of what buyers will pay then offers in the region of £525k. Properties need to stand out as being good value in the listing just to get serious buyers through the door now.

mrsbyers · 07/03/2023 08:06

OIRO 525k

Chowtime · 07/03/2023 08:08

OhhhhhhhhBiscuits · 07/03/2023 08:02

That has nothing to do with it at all. The OP could have inherited the property 30 years ago so paid £0 for it. Doesn't mean it's worth less because of it.

Show quote history

Well, actually, it does mean it's worth less to me. Because if I think someone is trying it on or being greedy and has made plenty of money on their property then i'll make my offer accordingly. Not saying this applies to the OP though.

Why else do you think we have access to previously sold prices?

Greenfairydust · 07/03/2023 08:38

Don't play games.

Put it on at a reasonable asking price that matches recent prices in your area and make it clear to the agent/buyer that you expect offers at asking price or very close depending on the buyer situation.

If you price it too high, people will be reluctant to view it in the first place.

''Offers over'' are quite irritating as far as I am concerned and it is better to have a straightforward asking price.

CatOnTheChair · 07/03/2023 08:38

I hate offers over.
I think if 525 is realistic, I wouldn't put it up for 550, as you might get people not looking that high (is there a rightmove bracket at 525??)

TheTeenageYears · 07/03/2023 09:08

Offers over 520 maybe

CellophaneFlower · 07/03/2023 09:44

Alexalee · 07/03/2023 08:03

@OhhhhhhhhBiscuits

Was about to say the same, don't know why people fixate on what a house was previously bought for. They might have negotiated a fabulous deal or a terrible one. It's irrelevant to its price today

There's a particular poster that always pops up and posts this comment on threads like this. I call them out on it and they never reply, then post it on another thread. Drives me mad. It's as though they think you have to price your house at what you paid, plus add cost of improvements you've made, then deduct a bit for wear and tear, regardless of what the market has done during that time 🙄

I'd be tempted to list at 550, expecting everyone to not expect to pay the asking price at the moment. I definitely wouldn't start at 500.

Lavenderfowl · 07/03/2023 09:52

I’m looking for a house at the moment, if you listed yours at £550 I’d think I couldn’t afford it so wouldn’t view, offers over £500 I’d view and best if all would be OIRO £525 as I’d know what you were hoping for and whether I could afford it.

Londongent · 07/03/2023 10:11

I'd put it on at £525k

EstherHazy · 07/03/2023 10:20

What I'd say is at the moment, it's not sensible to go low at the start - there is not the buying frenzy there was to create a bidding war like there was so it's not the right tactic for the time as people are not expecting to have to go high.

I'd think maybe In Excess of 525 is your way to go if you want to receive 525 out of it. This is the fair valuation you've received too. If someone goes in at 525 they know you were hoping for more so it kind of feels to them like they're getting a reasonable deal too - which is maybe a good way to play it?

If no interest, 525 down to 500 is a big enough drop to rope in another class of viewers so that's your next step.

DazzlePaintedBattlePants · 07/03/2023 10:24

It does matter what you paid for it. If I bought a house 30 years ago and stood to make hundreds of thousands of pounds profit, I wouldn't cut my nose off to spite my face and would be prepared to advertise at a lower sale price.

If I bought it 3 years ago and now need to clear a big mortgage, of course I'm going to want full whack.

If you want £525K, then advertise at £525K. Your agent should be able to handle the communications with buyers.

CutesyUserName · 07/03/2023 10:29

I'm in the same boat with trying to price a (very unusual) property. There's nothing else locally that we can base a price on. If I were you, I'd probably go for something like OIRO £535,000. At that price, it won't put off those looking at around £525,000 but gives you a bit of wiggle room to negotiate not too low.

Treacletoots · 07/03/2023 10:37

If the house is in pristine condition in a desirable area then I'd list at offers over 525 in the hopes of getting more people through the door and hopefully a bidding war.

If its not then I'd seriously consider spending some money making sure it is, otherwise you're going to knocked down by every offer.

Treacletoots · 07/03/2023 10:38

Actually I think @CutesyUserName has it spot on.

WinterMusings · 07/03/2023 10:41

JamBiscuitBun · 07/03/2023 07:57

If I was a buyer right now I'd be really fucking cheeky and cut my offer to the bone. For an asking price 550 I'd be thinking 495 - or less if I was in a really good position. There's a lot of supply near me and too few buyers.

@JamBiscuitBun

where are you?

Im in North Hampshire & there's basically nothing on the market!! The very few that are, are massively over priced & have been on AGES!

GoodChat · 07/03/2023 10:42

At that price RightMove categorise max prices at 500 or 550 so I'd pick one of the two. I wouldn't go in the middle or you'll be missing out on people who are looking at houses for 500k but could stretch for the perfect property.

Are you buying as well or just selling?

WinterMusings · 07/03/2023 10:51

@Alexalee whatever you do will be right/wrong for some buyers!

my preference would be to have a listing of around £530 & 'negotiate' down to £525,

I think a lot depends on the actual house & the actual buyers, listed price etc.

id only consider houses sold as 'offers over' if I REALLY loved the house. To me offers over is just the owner saying this is our bottom line but want a bidding war.

I wish actually that the whole process of buying & selling changed and with that sellers listed the price they want to get. Then we'd all know where we stood!

sellers shouldn't be able to refuse to sell at the price they listed.

Tekkentime · 07/03/2023 11:05

I think you'll get more genuine interest if you list low. If it was listed high, you're target audience is likely to gloss over your listing, or even not see it at all.

bellac11 · 07/03/2023 11:13

Chowtime · 07/03/2023 07:55

Depends. How much did you pay for it and when did you originally buy it?

What has that got to do with anything?

OP,, dont chase the market down, I would be tempted to put it on for 510 say or even 500

Bluevelvetsofa · 07/03/2023 12:22

Depends too on how keen you are to sell and what your individual circumstances are. If you’re dependent on getting £550 so you can get your next purchase, then make sure it’s better than others at the same price. If you want to sell quickly, go lower.

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