What to sell for?

[User019744]

Hello, we have had four estate agents round to value our property. Three local estate agents and Purple Bricks. The valuations were as follows:

1. £560,000 - £565,000 (suggest to list OIEO £550,000)

1. OIRO £600,000

1. OIRO £575,000

1. Top price £600,000, bottom price £570,000 (suggest to list £590,000).

Can anyone advise what is the recommended strategy when receiving varying valuations? Don’t need to move urgently as moving in with parents but don’t want it to sit forever!

I’d probably advertise at £590k with the view to achieving £575k.

Controversially, I'd market at offers over £550k and hope to attract lots of interests and competing bids to drive the price up (rather than down!!!).

Do you see it as a home that is easy to love or difficult to sell? The former suggests try your luck higher. The latter suggests go low and attract the interest.

But, hey, I'm not an agent!

I'm just not sure this is a good strategy in this market. Maybe a few years ago during the boom. I think it's a house that will attract a lot of interest for the right price.

I would list it at 575k.

See if you get the high level of interest you are expecting at that price point. If you do then you will get more than one offer and the property could well exceed the asking price.

If you don’t it’s not too much of a drop to 550k if you need to reduce it after a few weeks ( hopefully not).

£560k. If enough people want it they'll offer more to get it rather than starting higher and have only a few people offering less,

Have a look on home owners alliance to get your head around strategy for pricing. There is some great advice there.

I sold a flat a couple of years ago. Valuations came in at 300, 325 and 340-50. Didn't really have direct comparisons as last flat to be sold in the block had been a couple of years earlier (pre COVID). I went for the middle valuation. One viewing in the first two weeks. EA suggested dropping price to OIEO 315. Which looked much the same as 325 to me. I dropped the price to 300. It sold 2 days later at 300 - but there was no other interest.

When we sell our house, we'll probably go for the lowest valuation.

Have you looked on Rightmove for the competition? I have always pursued a strategy of putting my property on at a competitive price to be attractive from the get go, get a firm offer quickly and discourage messing about by the buyer; in that if they drop out they won’t get such a good property at the same price. My previous neighbour put her house on at a wildly ambitious price and then had to keep dropping, she could easily have made more by pricing correctly at the beginning.

How much do you think the property is likely worth compared to others currently on the market? Are properties selling in your area or are lots just sitting or being reduced?
I think that pricing on the lower side of what is currently realistic is probably the best sales technique unless your local market is very buoyant currently. Also, don't use Purple Bricks! If you don't want to do this, price in the middle and be prepared to lower quickly if you don't get all that interest that you are anticipating.