House pricing

[InOut2023]

If you were selling a house and wanted 255k for it, would you price it at 260k, offers in region of 260k or offers over 250k?

Thank you all who have responded so far.

I really struggle with making decisions.

I am leaning towards 260k but then I feel like it would entertain silly low offers.

That then makes me think I should go for offers over 250k so I don’t get said silly offers, but I too get annoyed when I see “offers over”.

So then I think guide price 250k with the hope it gets a lot of viewings / bids and best and final leads to me getting what I hope for.

Just to clarify, although I'd 'guide" 250K I wouldn't put that in the RM ad - just price 250K (it doesn't have to say "guide price"). See RM for examples some with and some without.

Let the potential buyers value the property themselves and then if you get more than one offer get the EA to take it best and final.

Just put it on for a price that doesn’t say ‘guide or offers over’!!

What someone can/will pay for it, or their lender will let them borrow?

What the buyer thinks it’s worth, prepared to pay.

Same.

Whenever I see offers over, I offer just under. Twice I’ve been successful (out of 3)

People expect to pay asking price? That doesn't sound right in current market!

No, and even if someone with a mortgage makes an offer their lender is likely to lower the value in this market.

I would put it in for £260, if you get low offers you can tell your estate agent you won’t go under £255 so you don’t want to hear about them.

We went to market in Feb and were surprised to get two offers at asking and one 10k over.

You need to price it to get people through the door. Sensible and interested people, not any old bod the estate agent sends.
Then you need to factor in that the price is right to get one of them to make an offer.
Then you have to calculate in that it is a buyers market at the moment. Not a sellers one.

Like others have said I would avoid any of this modifying language like 'offers over' 'offers in excess of', 'guide price'. It's just offputting and suggests the seller is trying to overly control the process. Put it on for £260k but please accept that this will go the way it goes and you have limited control over the process. Presumably you have a competent estate agent who will be acting on your behalf.

It is nowhere near a true buyers market, buyers can"t get the finance for the silly prices now. Another point to be aware of is if you bought the house a lot cheaper when interest rates were low you won"t get any offers if the price has been "marked up", higher rates won"t sustain that, the house value is mainly decided by the cost of mortgage debt when you sell, not by how many years you have lived there.

I am going ahead with 260k, thank you all and fingers crossed I get interest and offers sooner than later. We have our dream home to secure! 🤞🏽🤞🏽

Good luck, it's a minefield isn't it? When we bought our house 12 years ago, it was usual to settle for around 90% of the listing price. The estate agent we had value our house last week said that isn't really a thing anymore and people offer much closer to asking price, but also said there weren't many FTB houses like ours coming onto the market, so we don't have too much local competition.

Go on for 250k, hope to attract competitive bidding. ideally settle at 260k.

Im going on for 260k, it allows me to lower my price after a few weeks if I need to.

Everybody hates 'offers over.'

Just price it at 260 and prepare to negotiate down.

2 viewings booked…hopefully this means I have priced it correctly 🤞🏽

Good luck.