Property price

[hedgerqq]

If you are in no rush to move, would you list your property at a fair price or slightly inflate the price to test the market?

If I were in no rush to move I wouldn’t list my house at all. I don’t see the point of testing the market, as a bit of research will ascertain what the local market is like, and the digital footprint of an optimistic sale price can hang around for ages, raising questions when you do actually want to sell.

The price the EA suggests will already be optimistic so there’s no need to add another level of “unlikely but possible” to the price you list at.

I wouldn't 'test the market' at an inflated price when the market is clearly saying it wants lower prices. You'll put off the serious buyers.

If you want to sell now, then price it realistically. If you don't want to sell at current prices and aren't in a rush, then wait and list it in a year or two when hopefully things have improved.

Prices are up everywhere I look.

I would list at the top end of a fair price banding, but be prepared to receive offers under. I wouldn't chuck it on for 10k+ outside of what other similar properties are on for just to test the market.

The market is not active at all so not easy to find a comparable. Would you list at lowest end you can accept or slightly inflated level?

If you're on no rush to live, I wouldn't bother putting it on the market.
It's a faff.
And buyers can tell if you're just 'testing the water', even if they don't immediately twig on, it will be obvious if they make an offer etc.
Don't waste everyone's time.

I knew someone in London listed at an unrealistic level to test the market but sold within days to someone offering more than 50k over asking price. You never know the market before trying.

Really? When was this? Forgive my cynicism but it’s seldom that anyone spontaneously offers £50k over the asking price. Perhaps in a boiling hot market — but today’s market is largely lukewarm.

A relative of mine did this. House is worth about 700k. Relative thinks it's worth 800k so put it on market at 850k. Got no interest so dropped over 100k and still no interest as it's still overpriced and been on the market for months now.

A few weeks ago. In the very desirable area the competitions are pushing the price all the way up. I couldn't believe it.

I think the truest way to ‘test the market’ is to put it on pretty low with the result you get a lot of viewings and (assuming it’s actually a desirable house!) get a few people who love it in a bidding war.

Going in noticeably higher than similar properties on the market usually seems to result in no viewings and multiple drops in price before selling from what I’ve observed.

We listed at - in hindsight - slightly too high a price last autumn but we though people could make offers and were hoping to get 95% or more of asking. We got about a dozen viewings but mostly seemed to be tyre kickers, no second viewings, and I soon tired of getting the house ready for viewings. We weren’t in a rush to sell at that point and just couldn’t be bothered to keep it on. This autumn we have to sell as we’ve bought our next house and listed the house 5% lower than last autumn (which was slightly below what the estate agent suggested and was in line or slightly better than similar properties), and then sold within two weeks at practically asking price. Similar properties to ours are selling locally but often taking months and usually after a reduction. Sounds like your friend was lucky but I see very little appetite for buyers to pay anything they think could be seen as over-paying in the current market, which makes sense with stagnant house prices and the risk of ending up in negative equity or making a loss when you next sell.