Property asking price

[Alexalee]

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

I'd put it in for 525k, tbh. You don't have to accept offers you think are cheeky and if the house is worth 525k someone will pay it. You can tell the agent to let prospective viewers know that you're pretty much fixed on price.

When we were looking I didn't really bother with houses that seemed very overpriced compared to other similar properties, it just made me think the vendors had totally unrealistic expectations.

Our current house was offers over, with the actual desired price about 10% above what they listed it for. Personally, I think they'd have been better listing it at the price they wanted as the actual price they wanted to achieve put it into a different price bracket for most people so I gathered that a lot who viewed and liked it couldn't stretch to the desired price in reality.

I'd list at 525k

I wouldn't add offers over or offers in region of, keep it simple and list sensibly.

If it was me and the estate agent advised to advertise at £550k (I haven’t seen your property) so can’t advise then that’s what I would do.
OIEO £500k, you’re pricing yourself down and you aren’t going to get much higher than that at all.

Listing at 525... let's see what happens.
Property is in Surrey commuter Town for those who asked

Good luck @Alexalee

We listed with a guide price lower than we wanted and very surprisingly got multiple offers 10 % over that which was more than we had hoped for

Personally I don’t like OIEO as you have no idea what they’re looking for and the agent usually won’t indicate. It puts me off as it’s just a waste of time. In one case it turned out the vendor wouldn’t consider anything below 20% over the guide price.

We sold a relatives house recently in London and a really cheeky offer would have had us dismissing you as a time waster. London has very high prices so I wouldnt necessarily believe any one who said they had cash as the house being sold was very dated but would make a fab medium family house.

It wasn’t the sort of house that could be turned over quickly for a profit.

Not all areas are seeing house price reductions. It just might take a few more weeks to sell. We priced to sell btw. The market was on fire over a year ago and I wish we had sold then as relative is going into care but hey ho.

London has very high prices so I wouldnt necessarily believe any one who said they had cash as the house being sold was very dated but would make a fab medium family house.

You ask for proof of funds before accepting the offer. Usually they will show the agent a bank statement or other investment statement showing funds that are instantly liquidatable.

This is an interesting thread as we're pondering similar.

We're about to list a 2-bed but we are very keen to move quickly as we already have our next property and really do need to move now (long story lol!!). Zoopla is suggesting my house is worth around £195k which matches with local sales. In reality, I think it's less than that because the kitchen is a bit old and tired and it needs new carpets throughout the upstairs/stairs (was about to completely revamp the house/extend but decided to move instead!)

So I'm guessing it's probably worth more like £180k but I'd be happy to take £172-175k for a no-chain, quick sale. I imagine my house will mainly attract first time buyers so probably wouldn't be a chain anyway.

I was wondering about listing it at £180k which should still look like a bit of a bargain compared to other local houses but tell the estate agent that we're happy to take £175k and hope they'll ring round and tell their clients there's a possible bargain to be had??! I don't know if that's naive though. (We're in quite an unusual, very desirable part of our area where houses aren't up for sale very often so hoping it will be popular despite the slow-down....)

It’s hard to say without local knowledge, Zoopla valuations are not very reliable and it depends when the sales at £195k happened. I would get quotes from local agents and tell them you want it priced for a quick sale. If they say £180 then I think I’d go in the region of £175k as if you price it too high and end up having to reduce by a small increment it will only delay things.

I don't think pricing high makes people feel they're getting a bargain tbh, they'll just feel you've overpriced.

I'd say OIRO 525k and be realistic.

Think it depends where you live and how in demand your property is! I’m in London and family homes are in sky high demand still A nice house you know will sell easy with multiple offers here usually goes up for OIEO X as they then expect multiple offers and a small bidding war to start. I’ve seen such houses then sell for £100k-£200k over asking price many times. A less in demand house or flat here usually goes up for X price and sells for less/I see them getting reduced. I’m on Mat leave and spend a lot of time on rightmove im afraid to say. Not read all the comments so not sure where you are located but above is my experience here.

Just seen this! Surely a Surrey commuter town is still in high demand especially if near a station.

At 525 I’d offer 495 because of the stamp duty

I don't believe anyone with a max budget of 525 would not be looking up to 550.

I sold mine last summer so tail end of the good market, but expected a similar price. Put it on for 550 and sold for 540.

@TeapotCollection
I dont think stamp duty thresholds make a difference now. There is no steep increase at 500k like there used to be

Oh ok, that’s how much I know. Oops

Put it on at realistic. I think the "offers way over" has gone for now. It doesn't look great when sellers put it on at a high price and then drop it 2 weeks later.

This is precisely why I think it's best to market slightly over what you'd expect to get. Nobody seems to want to offer asking price at the moment, buyers seem to be encouraged to make an offer as the market is going down.

Interested to see how this goes. Currently interested in two properties on at 525k.

One has been on since January, it’s pretty and has character and is fully refurbished inside and you could move in tomorrow. It’s on a slightly less attractive, moderately busy street, has a single driveway and busy free on street parking as close to local shops. The loft has been done, there’s a little storage under the eaves and a big shed but no garage. There’s no downstairs loo but one could easily be put into the big space under the stairs.

Another has come on for the same price. It’s also got character and done to a nice standard. It’s got an extra bedroom, a utility, a garage, a downstairs loo and is on a quieter prettier street.

House A have rejected 488 - fair enough, expected this. They’ve indicated they might accept low 500s. I was thinking I might like it for 495-498.

House B had several viewings booked in already from the morning it went on. They only bought it in 2021, haven’t done any work really except remove a wall (which I actually would want to put back) and it’s on for 50k more. Not sure what it will go for, maybe it might achieve asking price. I’d quite like it for maybe 515 and no idea if this is realistic or optimistic!

I do think in current market probably go slightly above what you want, it’s not bidding war season anymore, people are reading about a potential crash, they want to feel they’ve got a deal. I would have said go on for £535 or 537500 or something.

3 viewings booked on day 1 so price must be realistic enough

Good luck @Alexalee :) Keep us posted!