Estate agents valued at 160-170k...what to list at?!

[Cavalierchaos]

I have had multiple valuations from estate agents between 160-170k. Most were for 165k, with some estate agents saying to put 'offers over'.

One estate agent said it would be better to list at 170k than 165k because of rightmove's sorting categories (170 would appear in searches for 160-170 and 170-180, whereas 165 would only appear in 160-170).

I personally think 170k is a bit much and I don't know whether to gamble! I would be happy with 165k.

What do you think i should list at?

Less, if you want to sell before things get worse

The Agent has advised, go with that

Offers in the Region of...............

Do you think things will get worse?
why?

This sounds ominous! How do you mean?!

Put it on at 170 - assume you hope to get 150?

Go offers over 160

Because borrowing costs are set to increase, add the extra expected inflation thats coming and affordability gets tougher.

Hardly anyone is going to be that specific on price range in RM and most people would just look up to a certain level - like 200K. They'd do this for a couple of reasons. Firstly to identify whether your property is priced "correctly" relative to near competitors. Secondly, because they'll be offering less than 200K!

In terms of pricing strategy I'd list at £160K - not OIEO or OO or "guide". Then attract lots of interest and have your EA take them to best and final offers - hopefully getting near or above £165K. You don't have to accept any offer you don't like.

A friend of mine has just used this strategy. The estate agent valuations came in at 475-525k. He put it up at 450. In the first week he had 22 people phone up to book viewings with the first person to view offering 475 straight away. It is going to best and final at the end of next week.

@Cavalierchaos How much do you need to sell it for?

I really don't like 'offers over' or OIRO - I'd pick a figure and expect offers to come in at slightly under that, plus some cheeky lowball offers that you can dismiss. Personally, I'd go in the middle: £165K.
Have a look on Rightmove, and see how similar properties are priced before you decide - you don't want yours too cheap, or too expensive in comparison.

Remember people will be v cautious until after the budget ( and possibly even more so then!)

Put it on for £170k and let the agent say to buyers you might accept an offer. People would rather feel they have a bargain by offering under.

Don't put OIEO - buyers hate that. Psychologically, you feel you are paying over the odds in a falling market.

I would put it on for 155 and hope that the low price gets lots of interest and you have people bidding against each other.

Sorry, had to laugh there, don"t think the "bidding wars" happen any more. I would go for 150k, before the budget causes another leg down.

They do! My friend is selling his house and they are going to best and final offers next week as it has had so much interest.

I don’t like “offers over” - put it on at £170k and if you get no interest, reduce to £165k.

I will have to take your word for that one, don"t think that really translates to the wider market now though?

"Take my word for it"? I'm not lying! Just because it doesn't fit with your narrative doesn't mean it's not true!😂

I'd put it on for £165k but probably be prepared to accept £160k.

I love the idea of a bidding war! Can you send 'em my way please 😆

Never do offers over just put what you are willing to accept.

My narrative is that it isn"t common now and not representative of the wider market now.

They do if you start low enough.

They definitely do happen now. I know several people who have lost out in a bidding war