Hoping to sell

namurt

I know it's a really bad time to sell but current house isn't really big enough anymore so was hoping to sell before things get worse.

Tried to speak to three estate agents, only one of them got back to me. Got an e-mail from them today outlining what's involved and how much they think the house might be worth. I thought I was being fairly realistic in my expectations/hopes but am really disappointed by what they've suggested. Just wondering what to do now:
Is there any point trying for higher than they've suggested?
Should I try a few more estate agents to see if they actually want my business and are more positive about what the house might go for?
Or should I really just give up altogether?

I know the prices advertised online just show what other sellers are looking for but there are places the same as mine advertised for about 40K more than I was hoping for and yet the estate agent suggested another 25K below that.

Any advice?

Senna

A lot of estate agents wont want your house on their books unless you are willing to price it well below what other similar houses are asking. The 65k difference could be too low, too high or spot on the money, at a guess i'd say it one of the latter two. Unless the EA's think they can sell it quickly, then they don't want it and you should remember that offers will always be below your asking (at-least 10%).

What price do you think it could achieve?
€65k difference is nothing on a 800k house, but huge on a 150k house.

the groutch

namurt wrote: »

I know the prices advertised online just show what other sellers are looking for but there are places the same as mine advertised for about 40K more than I was hoping for and yet the estate agent suggested another 25K below that.

Any advice?

lay down the law and tell them to price it at the amount YOU want, or else you're taking your business elsewhere. don't let them bully you into going with a lower asking price just for them to be able to get their commission quicker.

namurt

I was thinking it could be advertised for about 220k and was hoping to get about 200k, but would be able to accept 190k. EA reckons it's worth about 175-185k. Ok so there isn't a huge jump down from 190 to 185, I think it's more the 175 that's worrying me.

the groutch

unless you're in a super-duper hurry to get it sold, 220k is a good starting point, with it being such a buyers market you need to have a decent gap between asking and your absolute minimum

namurt

Thanks. I think I'll have a chat with them tomorrow and see what they think about pricing it as I had hoped.

D3PO

sounds to me like your in denial.

the bottom has fallen out of the market. Im not a fan of EA's as the regulars on here know but if they are saying its worth 175 - 185 and your thinking of pricing at 220k your delusinal in the extreme

my suggestion you faf around for 6 months with your 220k price getting no viewings or offers, having ECB rates probably rise twice by which point your house has probably lost another 8 - 10k in value.

then when you realise your out of kilter with the actual marketm you can go price at 165 - 175k and think why didnt i just look to sell at 185 all those months ago

zac8

I agree with D3PO.

I'm afraid you're falling into the same trap as the majority of sellers. If you find an agent to list it at the price you want then you'll probably end up with no viewings. So in a few months you'll reduce it a bit, maybe 10k off.

Then a while later you'll do the same thing and eventually you'll end up at the price point the current agent is recommending. But then it will be too late as the whole market will also have shifted down.

To sell in this market it must look like a bargain to potential buyers. And even then you still need to factor in a discount.

JoeyJJ

As a potential buyer(me) I think you should have no problem getting an agent to put it on for 220, there are lots of properties in my search criteria sitting on the market idle which are over priced and by not reducing they are getting more and more over valued by the month.

However maybe its a case where your EA is a little low and you should be a 2nd or 3rd opinion however if more say the same and 1 puts says its higher, you should choose carefully or as suggested above your property will be the one potential buyers flick by quickly when rechecking all properties in their search criteria.

There is always the chance that your neighbours daughter etc might be in the market and you get lucky as they want to live beside Mammy and they pay a little over the odds.

mari2222

Maybe you could add an extension, or re-model the house to suit you better? House prices will be dropping until about 2015, which does not matter at all unless you are selling - the house you are buying will also be cheaper, so dont worry about it, but its either sell quickly or stay.:)

DonkyDonk

Sorry, but I think D3P0 & zac8 are correct here.

Your estate agent will put the house out at any price you want but if you haven't sold it in 2-3 weeks it won't sell. Simple as that. Then you'll be left lowering your price anyway. I'd trust their advice in the first place to be honest.

Also, you should be prepared listen to some very humbling offers. It's up to you whether you accept them or not, but it is a buyer's market after all. The ideal scenario is to price low and hope that there are two or more interested parties outbidding each other until you end up with something approaching an acceptable figure. This is only going to happen if your house is attractively priced to begin with.

If you really want to move then you need to be prepared to take the hit and hope to get it back the other end when buying your next property. That's when you're in control! :cool:

Lyn256

Hi Namurt

Read your post and had to reply. I'm sorry to tell you that if you want to sell your house, you are going to have to price it realistically or its not going to sell.
I'm speaking from experience here.
Put my house in Lucan on the market last Aug-spoke to 3 agents and used the agent who, as it turns out guided me with the lowest price (of the three agents-I thought that he was the best sales person)-as a seller I was fully sure that I was going to get my asking price and maybe more (how naive was I)
Anyway, sold the house in 4 weeks at 5% less than asking.
Roll on 6 months later and I'm so glad that I priced and sold the way I did because right now, prices have fallen by a further 10%.
There are other houses in the estate that have come on the market at the same and more than what I sold mine at 6 months ago and guess what-they're NOT selling.
Ask your agent what houses have ACTUALLY sold for in the last 4-6 weeks and price just below that.
Hope that helps

Theboinkmaster

D3PO wrote: »

sounds to me like your in denial.

the bottom has fallen out of the market. Im not a fan of EA's as the regulars on here know but if they are saying its worth 175 - 185 and your thinking of pricing at 220k your delusinal in the extreme

my suggestion you faf around for 6 months with your 220k price getting no viewings or offers, having ECB rates probably rise twice by which point your house has probably lost another 8 - 10k in value.

then when you realise your out of kilter with the actual marketm you can go price at 165 - 175k and think why didnt i just look to sell at 185 all those months ago

Spot on advice - put it on the market for €180k. If it's worth more than that then you'll have plenty of interest and you'll get offers but i suspect you won't.

antiskeptic

namurt wrote: »

I was thinking it could be advertised for about 220k and was hoping to get about 200k, but would be able to accept 190k. EA reckons it's worth about 175-185k. Ok so there isn't a huge jump down from 190 to 185, I think it's more the 175 that's worrying me.

Daft/Myhome yesterday reported a ca. 3.5 - 4% price drop for the first quarter of this year. Annualise and you're down 30k by this time next year.

There are many similarities between the denial that insists on holding house prices up (when the clearest of indicators insist prices are falling steeply) and the denial that insisted the bubble would go on forever (when all the indicators said it couldn't).

The houses I see selling (and selling quickly typically) are the one's that cause you to remark "Hmmm - that's certainly a decent chunk cheaper than any other property I've seen of that type"

It makes sense to leap ahead and price at where the market is going to be at anyway. But I appreciate the difficulty..

Snakeblood

the groutch wrote: »

lay down the law and tell them to price it at the amount YOU want, or else you're taking your business elsewhere. don't let them bully you into going with a lower asking price just for them to be able to get their commission quicker.

They'll probably price at whatever the owner wants, but they're not getting commission on a house that doesn't sell. All they'll do is put the ad up at the higher price, and wait for phone calls from people that in all probability won't come.

I discussed with my estate agent about selling my place, and priced it as low as I could on the market, and kept dropping the price every couple of months, while also keeping an eye to make sure it was the cheapest place of its kind in the area at all times. I managed to sell a one bed apartment by doing that, in 2011. It took work and a certain amount of realism about what I could expect for the place.

THe estate agents will take your fee but they want the commission. If they thought your place would sell for more, they'd advise you to sell it for more.

DonkyDonk

DonkyDonk wrote: »

Your estate agent will put the house out at any price you want but if you haven't sold it in 2-3 weeks it won't sell. Simple as that.

Let's get real here, whatever it may or may not sell for 3 weeks to go sale agreed is a looney timescale.

DonkyDonk

RoverJames wrote: »

Let's get real here, whatever it may or may not sell for 3 weeks to go sale agreed is a looney timescale.

That's what the estate agents are saying these days. I know because I've been speaking to a great many of them over the last year!

It might seem like a bit of an exaggeration, but the bottom line is if it doesn't sell quickly (in a few weeks, ideally with an offer after the first open viewing) your chances of selling rapidly diminish.

Balmed Out

Your changing house not region so I dont see the problem.

Put it up for well below other local houses (which have probably spent a long time on the market and wont sell because their over priced). Then at least you have a fighting chance of selling.

Your not likely to loose out on a penny especially if you sell first then rent while looking to buy..
Your house is going to sell for cheaper.
Its replacement will be bought for cheaper.

quozl

the groutch wrote: »

lay down the law and tell them to price it at the amount YOU want, or else you're taking your business elsewhere. don't let them bully you into going with a lower asking price just for them to be able to get their commission quicker.

This is terrible advice.

Namurt you should google 'Chasing the market down' and get an understanding of that very basic concept.

It is exactly what you are talking about doing and is a disaster.

lainey316

RoverJames wrote: »

Let's get real here, whatever it may or may not sell for 3 weeks to go sale agreed is a looney timescale.

Last three houses I saw went sale agreed in less than 2 weeks. One - allegedly - for more than the asking. One had an offer of 260 on asking 279, dunno what it agreed at. Third, I don't know what it agreed at but was asking 360 (same small agent as the first one btw)

the groutch

the thing about pricing at 180 is you've effectively created a price ceiling, regardless of price people aren't going to offer over asking. and you'll still get people offering 10-15% below asking.

DonkyDonk

the groutch wrote: »

the thing about pricing at 180 is you've effectively created a price ceiling, regardless of price people aren't going to offer over asking. and you'll still get people offering 10-15% below asking.

You don't really have a choice unfortunately. If enough people are interested in the property then the seller may exceed the asking price. Otherwise, I'd recommend taking the estate agent's advice as they will know the local market values far better than the seller. At least they should anyway... :rolleyes:

the groutch

DonkyDonk wrote: »

You don't really have a choice unfortunately. If enough people are interested in the property then the seller may exceed the asking price. Otherwise, I'd recommend taking the estate agent's advice as they will know the local market values far better than the seller. At least they should anyway... :rolleyes:

if you set the asking price higher, you might only need ONE person interested enough to get over 180k

Wibbler

the groutch wrote: »

the thing about pricing at 180 is you've effectively created a price ceiling, regardless of price people aren't going to offer over asking. and you'll still get people offering 10-15% below asking.

There's a theory that if you pitch the price right - lower than similar properties in the area - then you will attract more viewers and may get more than one party interested. Competing offers and negotiation could help.

OP needs to be prepared to drop the price fast if the initial asking fails to generate viewings, and then repeat as necessary. Given the odds of any one viewer making an offer and then being able to close on the sale, you'll need plenty of foot fall through the front door to be in with a chance of a successful sale.

zac8

the groutch wrote: »

if you set the asking price higher, you might only need ONE person interested enough to get over 180k

This is just one reason why we have so many over priced properties on the market - sellers hoping there's still one sucker left out there who'll pay over the odds for their house. It's so improbable that it shouldn't even be considered.

theofficepest2

namurt

Firstly, be sceptical of advice on any web forum, including mine, decide for yourself

If there are other similar houses in the areas, compare prices, go view a couple, get the lay of the land, how do they compare to yours?

Remember one house on a road which has had 50 grand spent on it, is ready to move into and has been finished to a good quality is going to be easier to sell than a house which requires a work (insulation, wiring, redecorating), although they have basically the same address, outwardly they might look very similar

Do not listen to estate agents, we are in this residential housing mess because of these people, they are snake oil salesmen, but people think they are working for them, but they only work for their own ends, trust them as you would trust a used car salesman, as in don't

They want to sell quickly without them doing any work, make them work for their money and don't let them dictate to you, you are the boss, not them, obviously be polite as you do this, polite but firm

Also, if you do go with an estate agent, shop around and when you choose, check the ad quality and get someone to ring them to make sure they answer promptly are polite etc, as lots aren't

Lastly, if the price aint right, just make do with what you've got, it's probably gonna be like this for the long haul, when I say make do, kids can share rooms, dump items that take up storage etc, once you have sold, you crystalise any loss

:pac: Ourp

lainey316

OP My opinion would be if you can live with 190k then price it at 199k. 220k seems silly if agent says 185k is max value. At 220k it sounds like the sort of ad I look at and go 'will wait til they cop on a bit and think about going to see it then' rather than wasting my time trying to deal with an unrealistic vendor.

Also an example of pricing too high - a house near me was on for 380k, went on sale June 2010. they had an offer of 300k from first viewing which was completely dismissed, with derision based on the agent's tone. 2 price drops later, it went sale agreed last month when it was asking 330k, I would guess not agreed at 330k tho. Sure, probably higher than the original 300k but 9 months on the market is a long time. If they'd originally gone at 340k, would they have got more interest and sold for 320k in one month rather than 9? Impossible to say, but... 9 months is a long time

mathie

I sold about 18 months ago.

Cheapest on the road was 370K.
We listed at 350K and three weeks later had very little interest.
Dropped to 315K and sold just above that as we'd two interested parties.

Houses now are listed at 260K.
I'm sure they're getting 235K if they're lucky.

As others have said ... don't be on the market, be ahead of it.

Theboinkmaster

mathie wrote: »

I sold about 18 months ago.

Cheapest on the road was 370K.
We listed at 350K and three weeks later had very little interest.
Dropped to 315K and sold just above that as we'd two interested parties.

Houses now are listed at 260K.
I'm sure they're getting 235K if they're lucky.

As others have said ... don't be on the market, be ahead of it.

+1 sound advice

Don Quixote de la Mancha

the groutch wrote: »

lay down the law and tell them to price it at the amount YOU want, or else you're taking your business elsewhere. don't let them bully you into going with a lower asking price just for them to be able to get their commission quicker.

Thats crazy, the auctioneer knows the market, you can act like barbie and demand a price but in the current climate you wont get it, simple as.

The auctioneer will not take on a house spend time showing it etc if they dont think they can sell it. If you get an auctioneer telling you he can get more than the others, he is lying.

Idbatterim

"OP My opinion would be if you can live with 190k then price it at 199k. 220k seems silly if agent says 185k is max value. At 220k it sounds like the sort of ad I look at and go 'will wait til they cop on a bit and think about going to see it then' rather than wasting my time trying to deal with an unrealistic vendor."

The above his the nail on the head! a similarish example, Im looking at cars at the moment, you can see the ones that are priced to sell (Id expect very little off them) then there are the totally over the top prices (in which case I wouldnt even waste the dillusional sellers time or mine, even making an enquiry) There dillusion is costing them serious money in most cases when it comes to property. Op one critical thing is choosing the right estate agent, my mum didnt and it cost her Id say E50-60k, once she went with Sherry Fitzgerald it went quickly! this error, cost one serious heap of money! (as the previous EA had it for 9 months, sometime in 08 from my recollection, when prices were dropping substantially) Alot of the smaller agencies, do seem to employ the snakeoil salesmen... If you do feel like chancing your arm, with the off chance that someone will bite, you could put it up for say 40k off the least you are prepared to accept, drop it maybe 20k per month, if you are going to do this, and you dont get bites quick, I would be quick about dropping prices incrementally...