Sunday, Dec 13, 2009

Struggling to sell your house? Try raising the price.

Times: Playing hard to get

This might make you very cross indeed. Don't read with a mouthful of food as you might make a mess of your screen.

Posted by tpbeta @ 12:18 PM (2089 views)
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10 Comments

1. icarus said...

Most of the properties mentioned here haven't actually sold. Regarding the one that is under offer the agent says you have to give a good reason for the price increase, such as improvements that have been made or an increase in local property prices. So you can't just put up the price and expect gullible people to think the house is thereby more valuable. Non-story really.

Sunday, December 13, 2009 01:44PM Report Comment
 

2. jack c said...

From the article - "By September last year, they were ready to take just £590,000. This month, with the house still unsold, the Bonner-Morgans adjusted the price yet again, only this time upwards, to £725,000"

So lets put this into perspective they were asking for Half a Million pounds topped off by a further £90k and it did not sell, now 14 months on they are asking the thick end of Three quarters of a Million pound - thats a 22.9% increase for the same set of bricks and mortar.

Sunday, December 13, 2009 02:49PM Report Comment
 

3. greenshootsandleaves said...

Well, it's certainly worth a try so why not put it to the test? It just so happens there's a stunning 3-bed semi in Telford which Brickormortis kindly flagged up for us yesterday. You know, the one 'reduced by £133,000 for a quick sale'. Push the asking price up to £365,995 and there's bound to be a stampede of would-be buyers! Tell you what, why not be really imaginative and advertise it at two different prices (EAs sometimes do this inadvertently anyway)? 'Now then, Sir, would you be enquiring about the property at £99, 000 or the one at £365,000?'

Sunday, December 13, 2009 02:50PM Report Comment
 

4. cynicalsoothsayer said...

They must have looked long and hard to find these cases. It might be that they changed agents from a useless one to a competent one and that brought in the offers.

Sunday, December 13, 2009 03:39PM Report Comment
 

5. tyrellcorporation said...

I've seen this happening alot in Exeter over the last year. Asking prices in some areas have gone up by about 15%-20%.

Could it be that EAs realise most popular house price indices are calculated using asking prices. Hey presto if they boost these asking prices you have a de-facto rising housing market - a self fulfilling prophecy for the deluded home-ownerists.

Sunday, December 13, 2009 04:40PM Report Comment
 

6. novice pete said...

Ah! The old reverse psychology trick, gets 'em every time. NOT!

Sunday, December 13, 2009 05:36PM Report Comment
 

7. mick rupert said...

Has no-one picked up on the name of the journaist? Lucy DENYer?!

Someone at The Sunday Times is smarter than they're letting on, perhaps?

About as likely as a snap election. Oh.

Sunday, December 13, 2009 06:16PM Report Comment
 

8. p. doff said...

It worked for my mate, as I mentioned some time ago.

He laughed all the way to the bank.

Sunday, December 13, 2009 07:35PM Report Comment
 

9. mark wadsworth said...

Weird.

P Doff, can you explain how it works in real life, not just in some journalist's fevered imagination?

Sunday, December 13, 2009 07:45PM Report Comment
 

10. p. doff said...

Mark W.
It only works with an unusual or individual property type where nobody knows what it is really worth. Even then, you have to be very lucky to find that buyer to whom the specific features on offer appeal. It helps if other (possibly superior) properties nearby have sold at higher figures as this will mislead the prospective purchaser when his land registry research produces these 'indirect' comparables. Preferably, the buyer will have limited or no local knowledge.

In the example I was referring to, my friend was marketing at around £395K for months (I forget the exact figure) with no success. He changed agents and relisted at £430K ish. Out of the blue, the new agent came up with a buyer who had just started looking for property - the buyer negotiated what he believed to be a good deal at around £405000. Job done - everybody happy.

Sunday, December 13, 2009 09:01PM Report Comment
 

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