New Build Drama: Offers in excess of, how much did you get?

[NewKidOnTheBlock99]

Hello,

We’ve just put our house on the market and initially put it on for £310k but the agent has advised us to drop it to offers in excess of £300k. We did this because we are in a new build development (worst mistake ever) and 3/4 other properties are also listed.

Just wondering if people can tell me of their experiences of going offers in excess of and what kind of offers came in?

We would take what we paid for it which will be £305k.

Can’t work out if this is a massive mistake as we have only had one weekend of viewings (6 viewings). Wondering if we are selling ourselves short as there is another house on for sale at the same price and they have one less bathroom then us and paid around £30k less then us at the time of purchase.

thanks!

It really depends on how active the market is in your area , in some the offers over and sealed bids routes are dead. It does sound as if you may be a little undervalued if someone classes 301 as an offer over.

When you put the property on the market for £310k how long after did you reduce it? And did you have viewings at that price?

I don't really understand why agents (I used to be one) advise to put 'in excess of', it's absolutely pointless. People will make offers on what they think it's worth, they won't see in excess of 300k and think oh I must offer higher! They'll offer what they like.