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Gametheory

About To Put House On Market. What Price?

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Okay guys, about to bite the bullet and sell up. Would be interested to hear HPC views on a selling price. Here's the juicy details.

Bought 8 years ago for 125. 20k extension added. 5k in other misc works (tiling, doors etc). RV 167 (doesn't incl the extension). Similar houses priced at 180-190. Think one was recently sold for 180ish. Would like to have a resaonable chance of selling over next 6 mths.

Hoping to achieve 170. Firstly does this seem resaonable? Secondly what do you think is the best way to achieve this? Either price it offers around 185-190 and expect to receive a 170ish offer or to price at offers over 170 to get people in the door etc.

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I wouldn't do offers over personally. I think that sales pitch stinks. POA is the same.

You have reasonable expectation of getting RV if house is in good condition so 170K is not outrageous by any means. I'd chance 180k asking price and bite any offers above 170. At least you will get viewers at this price.

Who is your target market? How many bedrooms? Outside Belfast?

Edited by 2buyornot2buy

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@ DB: Cheers mate. Not sure I fully agree on the OO point, but food for thought.

@2B: families/young pro/4/yes but very commutable

don't over-price in a falling market. or it sits.

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Offers over is fine in a sellers' market - it doesn't sit well in a buyers market. Personally I wouldn't waste my time viewing a house on at offers over. It says "unrealistic to current market conditions" to me.

Personally I would be happy to view an offers over in any market if the offers over was low enough. At least I would know a bit more where I stood. Can't understand the logic of outright dismissal of a potential house just because its marketed at offers over.Lets say you see a house at offers over 150k and you would be willing to go to 160. Would you simply "not waste your time" in that case?

Each to their own I guess.

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I think the biggest problem will be that there don't appear to be too many buyers out there at that price level. I would look at what you are competing with in the new build market too. I'm a young prof with a great wage and wouldn't dream of taking on a 180K (too tight) mortgage. I think this will be the hardest hit section of the market. It was great with prices rising of 5 years before the mass RV setting. I suspect now that RV will be massively over estimated in most houses. Just my personal opinion. Price carefully to avoid it sitting for months/years. I would also be wary of what other house “sold” for recently. We have no real ability to check sold prices.

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£110K.

That will help the crash no end.

Thanks

Nay I think given the market it needs to go on at significantly below the actual build cost. Was thinking 75K might be a better price. Thanks.

@ 2b: Cheers for your thoughts.

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Would have to agree that 'offers over' smacks of a vendor who is either just flying a kite or else hasn't got it that this is firmly a buyers market. Either way you risk not being taken seriously. Whatever the price, 'Offers around' is much more inviting from a buyers perspective so why turn off potential viewers when there's nothing really to be gained by trying to put a floor on its value when you simply can't dictate that anyway in this market - if you want to get sold that is.

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I would agree about the 'offers over'. It just means that people won't bother coming to view. There is one house I was looking at and it was comparable to other houses of the posted value.... the 'offers over' simply advertises that the property is over priced and the seller actually believes this is what it is worth.

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  • 336 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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