Big lesson learned. Vendors, keep your prices as high as you can.
T.
Hi all,
My sister sold her house last week (well unconditional contracts signed).
I told her to be very realistic about her asking price. Peak was 600k in the area in '06 so she set it at 380k. My advice to her was terrible.
Lots viewed the house and all made offers well below the 380k. 330k being the highest. Very disappointing.
So, she took the property off the market and started again 1 month later. This time, she set the price at 450k. Property went sale agreed for 412k within 4 weeks and went unconditional last week at 408k.
Big lesson learned. Vendors, keep your prices as high as you can.
T.
Stamp duty threasholds can also have an effect.
I think it's simply a lesson on the continued laziness of buyers and the advice they receive. There have been countless threads on this site where someone says they are planning to bid on a house with an asking price of €X. No other information is given and straight away people who believe they are experts (why else would they offer advice on a financial website) jump in and recommend and offer of Y% below the asking.
In your sister's case many typical posters would have recommended an offer of €300k based on the initial price and €360k based on the reset price, a €60k difference!
There is no strict science behind setting an asking price, these days it is no guide whatsoever. The only way to get an feel for an appropriate offer is to get involved in the bidding on a number of similar properties in a similar area
"Property went sale agreed for 412k within 4 weeks and went unconditional last week at 408k."
What does "went unconditional" mean?
Does this mean she now has sold the house? The original sale agreed offer having falling through?
..surely they are not going to get into debt now that the economy is in so much trouble... .
Jeez, that person who bought at 408K will feel really stupid if they ever do an internet search!
I think the OP is telling porky pies to be honest.
Depends, a house is worth only what someone is willing to pay for it!
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