what price to market at?? Help!

[norkmaiden]

Hello property-watchers! ADvice needed on an asking price, if anyone would like to hazard a guess:

3-bed modern semi, modern/clean throughout (new kitchen/bathrooms). Single garage and good parking, neat garden. Good area, where houses rarely come on the market - I think this is part of why it's a bit tricky to price.

2 EA say 190k, maybe up to 200k. We paid 180 in 2004, when the house was a state (ex-rental, v sad and tatty looking). Do you reckon the EA are right??

Well, the trick is to get a third opinion but if two of them are coming in at the same figure and that was roughly what you paid in 2004, that sounds about right. Iirc, the market was surging in 2004 so you were unlikely to get a bargain even on a property that needed work then.

Thanks lala, I think we'll get one or two more in, to see what they say (3rd one cancelled on us). House was definitely a bargain in 04, and looks about as good as it could now (I think, at least!). Most of all I want to shift it asap, so looking for the right balance of appealing price to buyer and good price for us...just can't decide what that is!

Look at what property like yours, ie finished sold for in 2007, march/april/may and then deduct 25% that's what I would be basing my offers on now and pricing my house at if going on the market.

We had our house valued recently and both EAs use their manager who values every house so that there is consistancy.

Like you we bought in 2004 and our house has been gutted from top to bottom, everything has been ripped out and replaced.

We haven't seen a huge "return" on what we paid and what it is valued at now but we didn't buy it as an investment, the changes we made were to make it into a home.

I think you believe your house is worth more than you are being told so you are now searching for someone to confirm your belief. I think you may be disappointed.

Try the nationwide calculator to give you a rough idea of property prices.

www.nationwide.co.uk/hpi/calculator.asp

If you over-price your house then it will possibly sit unsold.

Thanks you two. I've done a few online valuations, and they say about the same as the EA. Our improvements were also about making the place homey, but now we're relocating, so needs must! We're also looking to move up the ladder, so obv looking for every last £ out of this house as far as possible...
Slight sticking point is that DH (and his family, who know zero about the local market) are pushing for more. I just want to sell and get moved (without giving the place away)!!

Oh last one of these houses was 250 in summer 07 - so 25% off takes us back down to under 200

Another problem is that vendors in the area we're moving to look like they're not budging on their (often really out-of-date) valuations. So it all looks a bit sticky really.

If you are going up the ladder you'll win at the end of the day because the % they come down by will have to be the same as you do otherwise no deal.
If we are relocating I think I will make DH live in a B & B until ours is sold, never again would I leave a house empty for sale or rent it's a disaster IME

Oh that's interesting - why a disaster?? We're moving out soon, but leaving all our stuff in the house (minus clothes!). No choice as dh starts a new job next week, though we'll be living rent-free in the new place luckily. BUt i'm disturbed to think there's disaster lurking in this plan

As you are living rent free, that'd be a big weight off my mind, I just worried you might have to pay rent and mortgage for an indefinite period.
I'm sure you'll be fine at least there's never a reason to turn down a viewing and the house will always be tidy.

200

It's just occurred to me that if someone was posting that they had seen a house that was priced at £190,000 or £200,000, the consensus would be to offer no more than £175,000 to avoid stamp duty so you might want to talk to the estate agent you do choose about this - possibly discuss paying stamp duty to get you over the threshold?

Hi there, we have just sold ours (bought in 2006 for 215k) for 172,500. It was initially on for 219k but dropped it down to 180k to force a sale (on for 6mths, had to relocate due to DH getting a new job).

THis is a buyers market at the moment and all sellers have to eat masses of humble pie if they want to move!

You need to consider how people search on Rightmove too, I would (IMHO) go for 190k or 195 if your DH is twitchy.

Ours is valued just over 175k threshold but we KNOW everyone will want to knock us down to 175 even if we put it on at 185k.

Our figure for working out what we can afford to buy is based on selling at 175k. You could offer to pay stamp duty but then you would have to work out what the lowest price you would accept is when paying stamp duty.

As you are relocating (I am assuming you are living rent free as part of the relocation package although I could be wrong) I would just want shot of the house, unless you plan to go back to keep checking on it, mow the lawn, pick up the post/junk mail from behind your door etc.

Thanks to all! Lala, yes i can see the 175 figure hanging over us, and so we were already planning to offer stamp duty paid on our house - EA think it's definitely 'strong' enough to be over the 175 threshold. But how low would we go with this - difficult one.

In a slight twist our neighbour has just offered us 170k, cash (money is in the bank, we could be paid as and when, and he wouldn't rush us to move out). I am tempted, dh is not.

AM i right in thinking no HIP required on a private sale?? (have googled, but not don't trust the results 100%)

No HIP needed if house not marketed.

I would grab that offer with both hands

have you counter offered his 170k?

Ickle, he came round to look with his wife and offered 160 on the spot. We said absolutely no way, he immed upped it to 170, we still said no - he left the offer of 170 and said think it over. We've told him we're looking for 190 (but we'd accept 180 from him - we didn't say this though). Or i should say I'daccept 180, dh still (!) not keen.

It's a tough one as we haven't tried the open market at all, and the house looks really nice, so someone could come in and make a good offer. We just don't know!

I would grab that offer tbh.

Thanks twinset (and sorrento too). It's really tempting,but dh is digging heels in and really thinks we can get more. I'm more for clearing out of here with money in our pockets.

why does he want the house? to knock through? or rent out? if so then you can probably work out what he would pay at a max.

I think if you'd accept 180 from him then put on market for 200 and tell him you'll take it off for 180.

Ickle, he wants to live in it himself. They cureently live in 2-bed more or less opposite us - I don't know whether they;d sell the 2-bed, or maybe rent it out. but I still can't really guess what his max would be!

2004 prices or slightly less are pretty much what most properties are back to. 175k from a solid buyer, if you really WANT to move, would be a good deal I suspect.