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Buyer Price Range £145,000-£180,000


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Just seen this new add placed for a 1-bed flat;

£180,000 -£145,000, 1 bedroom flat

BUYER PRICE RANGE £145,000-£180,000. an immaculately presented ground floor maisonette located only a matter of yards from Kingston Bridge and less than 5 minutes walk from the town centre plus Hampton Wick station. One double bedroom, remodelled kitchen, updated bathroom. SOLE AGENTS

Phoned the agent to ask them to explain what 'buyer price range' means and was informed that the vendor has seen soemewhere they desperately want to move to so the agent advised them to advertise between £145k - £180K to get peoples interest and try and stimulate offers.

Dying market or what?

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let me see....mmm...i want to put an offer in but......

ok, im ready. my offer is £179k.

no wait.....

£145k....!!

whos going to offer £180k when the price is really £145k as advertised. if i gave my customers a 'price range' not one is going to pick the high price. really stupid concept.

BUT at least the EAs are now trying to get the market shifting by corraling the vendors in the right direction to sell. and thats down.

whats next. Tesco curried beans. 17p - 29p. ?

on another note. i drove my prices up a couple of months ago to pass on housing onflation. anyway. it went well and i work less for the same. not many customers quit with the new prices.

still, wanting some quality of life, and not needing the money to chase HPI i have had to kick some customers out. im hell bent on working a 25 hours week until houses become affordable. i prized myself out of the rat race and its working out very comfortable. no rush hour. no yessirs.

and summers coming.........

ahhhh. the luxury of having no crappy mortgage hole to fill.

Edited by right_freds_dead
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We did a vaguely similar thing, we dropped asking price to generate interest. Told EA we would not accept offers below asking price (although privately we thought we might have to)

We then had 3 people very interested, didn't get into a bidding war. Just the knowledge that someone else was ready to offer was sufficient to get offers higher than the asking price from 2 buyers.

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on another note. i drove my prices up a couple of months ago to pass on housing onflation. anyway. it went well and i work less for the same. not many customers quit with the new prices.

Interesting observation on human psychology there. Often the case that if you put prices up, the demand for the product/service is greater. It is all about perceived worth. You are sending a signal to customers which says "I am offering quality, but you'll have to pay a premium for it", it works every time. I bet you have more work than you can cope with.

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Yep, this just translates to an asking price of £145k.

That's how I read it. It looks like the vendor has set the minimum value they would be prepared to accept for the flat and the agent, not wanting to suggest the flat is only worth £145K and frighten everybody has advertised it in this strange way.

Incidentally starting price for 1-bed in the area is about £170K so this value of £145K is considerably less.

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If the vendor is desperate to sell then perhaps they are wishing to negotiate a price based on the buyer's situation. If the buyer is not chain free and needs to arrange finance on dubious credit quality then they will have to pay top dollar. As opposed to a chain free cash buyer who can pay tomorrow, who will get a big discount.

In a falling market, chain free (FTB perhaps) cash buyers will be like gold dust and worth a premium to a seller. Particularly if they know every month they go without exchanging contracts is worth £'s.

I agree with Ignorant Steve, they could also trying to in a sense auction the property. Offer £180k and you can have it today, we will accept anything over £145k but will hang on to the offer for a couple of months to see if anything better is offered.

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Sounds like they think they will get a bidding war.

Should they not have just said "sealed bids in by XXXdate, guide price 145 - 180K?" If the local price really is 170K, and £145 is really priced to sell, then you would think they may get a couple of bids at true market value, and a quick sale, around the 145-150 mark. Similar to auctioning it.

SC

Edited by southernchick
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  • 441 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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