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Original poster

Anyone with knowledge of property market know what we should put this on at?

26 replies

Looksabitbig · 14/05/2021 21:58

Selling a flat, Ayrshire. The surveyors have come in at 110,000. What should it go on the market at? Am very confused!
Obviously we would love to make more than the valuation.

OP posts:
Seeingadistance · 14/05/2021 22:49

It’ll depend on the property itself and the local market. The surveyor or local estate agents should be able to advise you. Have a look on Rightmove to get an idea of the local market.

Original poster
Looksabitbig · 14/05/2021 22:53

Thank you I will have a look Smile

OP posts:
WingingItEveryDay7 · 14/05/2021 22:57

Would you be happy to get £110,000? If so, I'd put it on the market for say, £120,000-£125,000 knowing that you will likely get lower offers. Hopefully an offer will be what you actually want. We sold our house last year for roughly what we wanted/needed. It went on the market £15k more than what we got. Buyers felt like they got a deal and we had plenty to buy our new house x

RJnomore1 · 14/05/2021 23:02

That’s not how the scottish system works.

Offers over £105k op.

Original poster
Looksabitbig · 14/05/2021 23:08

Thank you both. On rightmove I could only find a couple of properties locally that had home reports I could see, they were both on at ten under what the value came in as.
Would love to get over valuation, obviously, especially as people keep saying the market is high! But will be realistic too.

OP posts:
Grumpycatsmum · 14/05/2021 23:12

I agree with @RJnomore1. £105k.b I've looked at lots and lots of houses in Scotland recently and £5k under HR value would be about what I would expect as a buyer in that price range.b

RJnomore1 · 14/05/2021 23:13

You could also go offers over £99k to pull in people looking at slightly lower prices - depending where in ayrshire you are thoigh I think it will go quickly and for a bit over

Grumpycatsmum · 14/05/2021 23:14

Sorry about random "b" s. Fat fingers!!

Original poster
Looksabitbig · 15/05/2021 00:21

Hmm, food for thought, will sleep on it.
I'm wondering if someone is buying do they think, I'll offer 5% (or whatever they can afford) over the asking price, or the valuation?
Thank you all for the advice.

OP posts:
RJnomore1 · 15/05/2021 01:08

I’m in ayrshire not so sure about flats but houses in my area going 15/20% over home report valuation. Not asking price.

RJnomore1 · 15/05/2021 01:09

Will vary hugely depending which town you’re in I would imagine though

Calmdown14 · 15/05/2021 08:55

What condition is it in? For something that requires a bit of imagination or that you might not appreciate from photos alone (e.g if it’s empty and not dressed) you might want to go for o/o 99k.
More likely to tempt people to look and then realise what it offers. If it’s really well presented and you have great pictures then 105 or even a bit more is probably fine

Original poster
Looksabitbig · 15/05/2021 10:44

Thanks for your replies. It's in Kilmarnock. It definitely needs redecorated, but has furniture in and has been dressed to the best of my abilities!
I notice on rightmove you can set your price, if someone sets 100000+ and we're on at 99 they won't see it! Same if they set 90-100. Hoping people would just do an area search instead Smile
Estate agent has got back to us and is suggesting 99 and a half Confused

OP posts:
Namechangeforthis88 · 15/05/2021 10:48

Some bidders will decide what to bid based on the number of notes of interest. I've heard of adding 2% for every note of interest, not sure that holds true really. I feel like everything finds its value and it's what someone is willing to pay.

BluebellsGreenbells · 15/05/2021 10:51

You have to think that banks lend in valuation. Going over would depend on deposit.

RJnomore1 · 15/05/2021 10:52

I’d say for killie it’s at the top end of the flat market at that price (did you say it’s 2 bed or did I imagine that)? And id go with your EA who knows the current market. I’m not in killie but my parents just sold a property there.

People are more likely to cap a search at their top price especially in that price bracket so anyone putting £100k will see it where if it’s £105 they wouldn’t.

What have recent sales prices in the street been like? That might give you an idea of what you might get. Also any 2s or 3s coming up on the home report?

Original poster
Looksabitbig · 15/05/2021 10:55

Three bed, own garage. One with new kitchen and bathroom went for 20 grand more. We heard a lot of properties were going to bids at the moment, so our fingers are very firmly crossed Grin

OP posts:
RJnomore1 · 15/05/2021 10:57

Well it doesn’t look like there are many (any?). 3 bed flats on the market so fingers crossed!

Grumpycatsmum · 15/05/2021 12:05

We just managed to buy without bidding but it not after one purchase fell through and losing out on 3 bids. We offered just over 5%over home report value on first day of viewings. There was at least one other interested party

Grumpycatsmum · 15/05/2021 12:06

*but only after ...

Grumpycatsmum · 15/05/2021 12:26

The last two we didn't get went for well over home report value. one 9% and the other 18%

Onebabyandamadcat · 15/05/2021 13:49

We've just bought and sold in the past month. My experience says it goes on at offers over £5k under home report. However, everyone knows you're looking at home report value when making offers. The asking price is only to fit in the right move filters

Every seller I spoke to discussed prices in relation to home report not asking price and I did the same thing. Right now it feels like absolutely everything is going for over home report. I've sold at £8k over home report and bought at £20k over (that was eye watering for us)

Undersnatch · 15/05/2021 13:54

The market is wild just now but don’t know Ayrshire specifically. Last year we sold with HR value 185k and estate agent advised o/o 175k which seemed to work fine. I don’t think there are many people that would only search RM for 90-100 in the way you have said, I think people put the max they can afford so I wouldn’t worry to much about that. Have you had quotes from a few estate agents? It was helpful to hear what they all expected it to be valued at, what they’d put it on for and what they’d expect it to sell for.

Original poster
Looksabitbig · 15/05/2021 14:22

This is all very helpful, thanks. I do feel bad for those caught up in trying to purchase, though obviously it would be fab news for us to sell for an inflated price!
The estate agent thought it would be valued a few thousand more than the actual surveyor said. Not sure if she was just talking it up. There were 2s and 1s on the survey but no 3s.
Hopefully next week I'll be reporting that it's sold already and I can retire on the proceeds lol Grin

OP posts:
singtanana · 15/05/2021 17:22

I agree with the others, people look at home report value rather than asking price. We sold & bought over home report value. Don’t worry too much about the surveyors report. They valued us less than an identical house in worse condition (we had all 1s, renewed double glazing, fresh decor etc) but we sold ours for more than the other house. We’re north of Glasgow so not Kilmarnock but I’ve heard it’s similar all over. All comes down to who’s buying when you go on the market I guess. Good luck!

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