Unsure of what asking price to put my flat on for

[inferno]

Hi guys,

I am selling my apartment and the agent suggested to go at 450k and NOT accept a discount. He said if you price it reasonably you will get a buyer full price.

I am aware that everyone wants a discount when buying and for the agent if he sells my apartment at 450k or 460k or 440k it probably doesn't make much difference to his commission he just wants the sale.

I was thinking to market it at 455k and be happy straight away to offer 5k discount rather than 450k and no discount, everyone wants a discount surely?


What are your thoughts?

 

[Randomface74]

I'd go with what the pro said. Get a second opinion too.

 

[Psycho Sonny]

How does one own a £450k home yet not know how to sell it?

If it was me. I'd be putting it up for offers over £425k. That way you get more people looking at it and potentially a bidding war breaking out.

That way it works here is in sought after areas people go to around 20% over asking prices. Every area is different but my view is if you price it too high you out people off.

For example at £455k I may think he won't accept £450k. Forget it just wasting my time.

Whereas offers over £425k the agent says there is loads of interest I offer my maximum and see what happens.

The type of folk that want a discount don't really care about that when it comes to buying a home that they truly like or want. People pay more to make sure they get it.

That's why closing dates are so popular. You set a date. Get everyone interested and a secret bidding system where you tell the estate agent to play them all against each other.

Like the estate agent can say. I know they have had higher offers. Or it's not a great offer but I'll let them know.

Personally I think a fixed price is a terrible way to get maximum value. Offers over means you could get more and a fixed price could put people off from even viewing it.

 

[Scrutinize]

You could go guide price 450k which opens up offers over and under but presumption is implication will be offers over.

Keeps you in the right move 450k band or under too.

 

[tom_e]

How does one own a £450k home yet not know how to sell it?

Very easily if they bought it for 50p and a marathon bar decades ago and haven't moved since.

 

[fastwunz]

Bare in mind search parameters by value on rightmove. You don’t want people of a certain budget missing it as part of their search

 

[Deleted User 298457]

Very easily if they bought it for 50p and a marathon bar decades ago and haven't moved since.

Or more generally, you're not an estate agent and it isn't your expertise to know how to sell a nigh on half million pound house . Another great opinion piece TL;DR by PS.

Op, my only experience was my own. My house was listed for 475 and had been up a while. Originally they wanted 525 (nutters) but clearly the market would only sustain a max of 460 (the identical house next door went for this). If you want to entertain offers I'd go higher than 455 as that's neither here nor there, but you can always just make clear to the agent that offers are not entertained at this stage, 450k or gtfo.

 

[Ahleckz]

Oieo of £450k makes sense to me. Keeps it under that £450k banding on Rightmove.

As much as I hate the offers over system and associated closing date set up in Scotland whilst I’m currently trying to buy a house, it would be daft to do anything but this when selling. Amazed it’s not more common place in England.

 

[Psycho Sonny]

Oieo of £450k makes sense to me. Keeps it under that £450k banding on Rightmove.

As much as I hate the offers over system and associated closing date set up in Scotland whilst I’m currently trying to buy a house, it would be daft to do anything but this when selling. Amazed it’s not more common place in England.

What it's a Scottish only system?

Never bought property in England obviously but it seems the best way to do things.

Was viewing a property in bearsden about 5 years back and offers over £320k I asked the agent what they are looking for and he said houses tend to go 20% over asking in this area. I knew it was going to go for much higher. Said I can offer £350k to see what he said and he said straight away that's a low offer which I knew it was. Upped to £380k and he said that's something they might consider.

Offers over gets so many more people viewing and a buzz about it. I don't like closing date approach but it's likely what I'll go with. As I've seen people screw over others using it.

My mate put in the highest offer on a closing date and the person came back and said I want £15k more. How is that even possible if he was the highest bidder surely they cannot think anyone else would pay more if he was the highest? Anyway he ended up paying even more than his winning closing date bid. I told him he was mental as she would have to go through the hassle of marketing it again and all the viewings, etc. She even said if you pay £5k more I'll leave the fridge.

I was like lol. Second hand fridge will be worth £200 max. Paying £5k for a fridge would be madness I advised him she was trying to milk him so he kept his higher offer low and took the fridge. Think it cost him £2.5k from memory.

The home though is really nice and likley got it for a good price but I don't see it going up in value much because it's pretty much premium for the area. It's the smaller and cheaper homes that will gain value as they are more affordable to the folk looking at that area.

If it's done differently in England they don't even have home reports with an independent valuation on them. So no idea how you know what it's worth or to put it up for other than checking others on Rightmove.

I'm not an estate agent. Bit I could put a price on any home after a quick 5 minutes on Rightmove.

It's not as if estate agents have any qualifications in the field. They are literally just normal folk who lick their finger and point it in the air for a feeling.

To say you need to be an estate agent to value a home is like saying that you need to be a professional chef to boil an egg. Anyone can do it.

 

[Deleted User 298457]

The fact your mate was allowed to commit tax fraud by buying a fridge for £2.5k indicates anyone reading that post should take it with a pinch of salt.

 

[Terminal_Boy]

I'd go with what the pro said. Get a second opinion too.

This. Get 3 valuations and go with “offers in the region of <average of the 3 valuations>”.

 

[watercooledman]

Very easily if they bought it for 50p and a marathon bar decades ago and haven't moved since.

marathon bar oh they were the days.

 

[fobose]

Me and the wife were certain our first house was only worth £210k. We had it valued and had 3 valuations, £220k, £230k and £240k. We thought why not list it for 240k and see what happens. It sold within 8 days for £237.5k (after a slightly lower first offer).

Our second home was 'offers in excess of x'. We offered the x price as we were worried we would lose it. It was accepted the same day.

marathon bar oh they were the days.

My dad used to pick up huge packs of these from costco for me when I first started work in 2001. When they were a decent size and not the kiddie size excuse they are today.

 

[Psycho Sonny]

The fact your mate was allowed to commit tax fraud by buying a fridge for £2.5k indicates anyone reading that post should take it with a pinch of salt.

How so?

She said if you give me more for the house I'll leave you the American fridge freezer.

He paid for the house not the appliance.

Come on man your smarter than this.

 

[Deleted User 298457]

How so?

She said if you give me more for the house I'll leave you the American fridge freezer.

He paid for the house not the appliance.

Come on man your smarter than this.

Did he pay stamp duty on the 2.5k? If so the fridge is irrelevant. It was 2.5k for the house. Unless of course it is evidently a mega fridge worth 2.5k second hand.

 

[Psycho Sonny]

Did he pay stamp duty on the 2.5k? If so the fridge is irrelevant. It was 2.5k for the house. Unless of course it is evidently a mega fridge worth 2.5k second hand.

Obviously he did. Can you not read my posts?

She said if you pay more for the house I'll leave the fridge.

How do you think that works?

 

[stockhausen]

I gather that there are "sweet spots" in relation to RightMove, Zoopla, etc.
Estate Agents seem to understand how this works - I don't

The only other thing to consider is the Stamp Duty Tax Holiday - I gather that Conveyancing Solicitors are snowed under with work at the moment - luck them.

 

[Ahleckz]

Me and the wife were certain our first house was only worth £210k. We had it valued and had 3 valuations, £220k, £230k and £240k. We thought why not list it for 240k and see what happens. It sold within 8 days for £237.5k (after a slightly lower first offer).

Our second home was 'offers in excess of x'. We offered the x price as we were worried we would lose it. It was accepted the same day.



My dad used to pick up huge packs of these from costco for me when I first started work in 2001. When they were a decent size and not the kiddie size excuse they are today.

Sounds lucky to me. I’ve been bidding 10-15% over home report and probably 15-25% over ‘offers over’ and getting out bid.

Two I bid on last year had 23 bids, for one I did £260k on offers over £215k and it went for over £300k. I was the fifth highest bidder.

putting another bid in on Thursday for one, going to do around 19% above offers over and 13% above home report.

Again, it’s stupid and frustrating for a buyer but for the seller offers over and closing dates make so much sense.

 

[Psycho Sonny]

Sounds lucky to me. I’ve been bidding 10-15% over home report and probably 15-25% over ‘offers over’ and getting out bid.

Two I bid on last year had 23 bids, for one I did £260k on offers over £215k and it went for over £300k. I was the fifth highest bidder.

putting another bid in on Thursday for one, going to do around 19% above offers over and 13% above home report.

Again, it’s stupid and frustrating for a buyer but for the seller offers over and closing dates make so much sense.

The way I managed buying was I had several near misses, seller mess me about and then I found a house that was perfect compared to the rest and a clear cut above everything else I'd missed out. More expensive too but worth it.

I asked the owner directly how much he wanted face to face. Cut the middle man out. He said a number. I said I could do £5k less. He said he would need to confirm with his wife/partner but said that worked for them and he shook my hand.

I said my lawyer would be in touch with the estate agent / their lawyer once I get the call from the estate agent saying you have accepted it formally.

It's a terrible system I agree. If you are a buyer try and speak with the owner directly if you can.

I attempted this before but their behaviour and speech was so evasive it was obvious they were wasting everyone's time. That house never sold and they still live there 5 years on. I know because I bought the bigger home next door to them so glad I never got that one in the end.

 

[fobose]

Sounds lucky to me. I’ve been bidding 10-15% over home report and probably 15-25% over ‘offers over’ and getting out bid.

Two I bid on last year had 23 bids, for one I did £260k on offers over £215k and it went for over £300k. I was the fifth highest bidder.

putting another bid in on Thursday for one, going to do around 19% above offers over and 13% above home report.

Again, it’s stupid and frustrating for a buyer but for the seller offers over and closing dates make so much sense.

Maybe, although we don't have the 'bid' system down here in England. When I bought my house, I offered 5k less than the asking price and it got accepted. When I bought the new house I kinda wish I tried a slightly lower offer, maybe even 10k less but we really wanted the place and had been living with our in laws for about 3 months at that point.