Blue Nose Bear Posted January 27, 2011 Share Posted January 27, 2011 I've come to the conclusion that there is an unwritten rule around that states if you market your property you should first decide what would be a reasonable price and then add £100k. Everything that comes onto the market in my area of interest (west dorset), from 1 bed flats to average 4 bed detached's, is £100k overpriced. We then start the inevitable 5-10k drops with months in between. Is this what happens everywhere? Quote Link to comment Share on other sites More sharing options...
Hyperduck Quack Quack Posted January 27, 2011 Share Posted January 27, 2011 It's like with taxis. When you get in a taxi there's £2.50 or whatever on the meter when you get in, and mileage or time just add to that. I've long said that there's a price 'on the clock' for properties too - say £80K, which is simply for the fact that it's a property for sale - that actual value of the land and what's built on it is added on top. Quote Link to comment Share on other sites More sharing options...
IWantItNow Posted January 27, 2011 Share Posted January 27, 2011 I've come to the conclusion that there is an unwritten rule around that states if you market your property you should first decide what would be a reasonable price and then add £100k. Everything that comes onto the market in my area of interest (west dorset), from 1 bed flats to average 4 bed detached's, is £100k overpriced. We then start the inevitable 5-10k drops with months in between. Is this what happens everywhere? Cos that's what the house is 'worth'. Quote Link to comment Share on other sites More sharing options...
Rozza Posted January 27, 2011 Share Posted January 27, 2011 Cos that's what the house is 'worth'. Dont be daft, its the twigs in a vase that add the value !! House Asking Price = (Actual Value Of Property - Actual Value Of Property) + (Number of twigs in a vase * (Amount of coffee being roasted + Loaves of fresh bread on the go)) Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted January 27, 2011 Share Posted January 27, 2011 Don't be silly. I bought a 3 bedroom detached for 160K in 2009 My first house bought was a 2 bedroom end terrace in 1999 for 72K So you're saying the detached house should be 60K ? hahahahaha Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted January 27, 2011 Share Posted January 27, 2011 Don't be silly. I bought a 3 bedroom detached for 160K in 2009 My first house bought was a 2 bedroom end terrace in 1999 for 72K So you're saying the detached house should be 60K ? hahahahaha Do you live in Dorset? Quote Link to comment Share on other sites More sharing options...
Rozza Posted January 27, 2011 Share Posted January 27, 2011 Don't be silly. I bought a 3 bedroom detached for 160K in 2009 My first house bought was a 2 bedroom end terrace in 1999 for 72K So you're saying the detached house should be 60K ? hahahahaha Yeah and seeing as you took it so literally, he/she is also saying your first place should have been -28k Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted January 27, 2011 Share Posted January 27, 2011 Yeah and seeing as you took it so literally, he/she is also saying your first place should have been -28k :-) Do you live in Dorset? No but the OP didn't not quote this on his first sentence. I'm just picking ;-) Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted January 27, 2011 Share Posted January 27, 2011 :-) No but the OP didn't not quote this on his first sentence. I'm just picking ;-) Indeed. Besides, if he was talking about Esher it would be about 250k Quote Link to comment Share on other sites More sharing options...
Caveat Mortgagor Posted January 27, 2011 Share Posted January 27, 2011 Oooh, Oooh, Oooh, I know of one of these. In fact i reckon this trumps anything anyone can throw at us in terms of overpericing a house. Think 14% HPI since 2007 - Ladies and gentlemen I give you........ This house is on for £350k http://www.rightmove.co.uk/property-for-sale/property-29067692.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FlocationIdentifier%3DOUTCODE%255E570%26maxPrice%3D350000%26minBedrooms%3D3%26displayPropertyType%3Dhouses%26oldDisplayPropertyType%3Dhouses%26includeSSTC%3Dtrue%26_includeSSTC%3Don%23_includeSSTC%3Don%26auction%3Dfalse%26displayPropertyType%3Dhouses%26includeSSTC%3Dtrue%26locationIdentifier%3DOUTCODE%255E570%26maxPrice%3D350000%26minBedrooms%3D3%26oldDisplayPropertyType%3Dhouses%26previousSearchLocation%3DCV4%26radius%3D0.0%26searchLocation%3DCV4%26searchType%3DSALE%26useLocationIdentifier%3Dfalse%26box%3D-1.60907%2C-1.59469%2C52.40513%2C52.41027%26popupPropertyId%3D29067692%26mapType%3DMap&fromMap=true It was bought 2007 (somebody say 'peak of the market' for £208k. (No 4) http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=SAVANNAH+CLOSE&locality=COVENTRY&town=COVENTRY&cCode=EW&year=All&house_style=All&house_age=All&search_radius=15&outcode=CV4&incode=9GS&eastingToSearch=42720&northingToSearch=27890 PS - It cant be nice for them as they live right at the edge of the next phase of the development. Lorries and diggers chugging past from as early as 7am! Quote Link to comment Share on other sites More sharing options...
kenzdawg Posted January 27, 2011 Share Posted January 27, 2011 Actually, not a bad pricing strategy. Nobody knows what anything is worth in the current market, so holding a dutch auction makes perfect sense. BTW, post #100, I not inconsiderably rock. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted January 27, 2011 Share Posted January 27, 2011 I've come to the conclusion that there is an unwritten rule around that states if you market your property you should first decide what would be a reasonable price and then add £100k. Everything that comes onto the market in my area of interest (west dorset), from 1 bed flats to average 4 bed detached's, is £100k overpriced. We then start the inevitable 5-10k drops with months in between. Is this what happens everywhere? Yes it's an estate agent ploy. Think about who benefits. Quote Link to comment Share on other sites More sharing options...
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