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flyingscotsman

If You Were Selling What Would You Ask For

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Imagine you need or want to sell your home and you know that similar properties in your area are on the market for considerably more than they were bought for in the so called boom years.

Are YOU going to be brave enough to buck the trend and put your home on the market for 30-40% less than what is being asked for by estate agents?

I ask the question because I understand and appreciate that house prices have reached absurd levels. I also want to buy another house and the advice generally given is to give the seller a reality check by going in with a considerably reduced offer. But then I started to think about what would I do if I had to sell my home. For sure I know my own home would be valued highly by an estate agent though in my heart I wouldn't agree with it. But I am not sure I would be brave enough to put it on the market with an asking price of circa 2004-2006 or 30-40% less than similar properties in my area.

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I am not selling. However, if I was, then I would have to combine two goals

1. Get as high a price as possible

2. Sell within a desired time frame.

Obviously if I was in a hurry to sell, then a compromise would have to be made on the price, and given more flexibility on the time frame, then I could try to achieve a higher price. The price that I bought the house for would be irrelevant even if I made large profits or losses - the market price is the market price.

Under no circumstances would I offer 30-40 % less than the estate agents advised, as that is probably what other houses are up for sale for, and there is a big possibility that you are throwing money down the drain.

If there are similar houses on the market selling well at a certain price, then I would put it on at that price. If there are similar houses on the market which are not selling, then I would put the house on the market at 5% less than that price and then see how it goes.

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Be optimistic but realistic.

No harm is aiming high - there are still numpties out there seduced by the property propaganda. Something modestly below the local market norm will have more chance of getting people through the door for a shuftie.

But when the offers come, be sensible. Make your profit by bidding down the house you are going to buy, not by holding out on your own overpriced pile.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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