What price to market house at? What price to offer on next house?

[Kathryn 11]

Excuse strange title but it'll make sense... I'm putting my house on the market shortly and just can't decide what price to put it on at. I've had it valued by 3 agents - 1st said £124,950, 2nd said £119k-£122,500 and 3rd said £114,950. There are already 2 houses on my road at £125k that have been on the market for months, so I definitely want to go a bit lower.

 

I'm going with the 2nd agent as I negotiated a good package with them, plus they are selling the house I really want to buy, which may work in my favour. The house I want to buy is on at £129,950 and I can't afford to offer the asking price, or pay stamp duty, so the most I could offer on that is £125k. However to do that I will have to get at least £121k for mine, as I can only afford to pay a few k more than mine sells for. So my two questions are these:

 

1. What should I market my house at? Bearing in mind that in this market most people offer under the asking price, but at same time I don't want to put people off viewing by putting it on at too high a price.

2. What should my initial offer be on the house I want? Bearing in mind that until mine is under offer I won't truly know how much I can pay so don't want to go too high, but don't want to take the pee by offering too low. It's been on the market around 9 weeks with no offers.

 

Thanks for getting this far! Looking forward to your replies with interest...

 

Kathryn

[SueH 10]

Be cheeky what can they do - say no so you offer a bit more. If yours has been valued with a variance of 10,000 offer them £10,000 less and see what happens.

 

They may have had theirs valued with similar vaiances but put it on at the higher one.

 

Give it ago.

[Trev 10]

sorry if this sounds cheeky... but if you've had four valuations ranging between £125k - £115k i would be very suprised if someone offered you £121k.

 

why not make an offer of £120 on the property your after and aim to get £115k for yours?

[rosshampton 10]

You Should Offer Around £122,500 And That Gives You Scope To Up The Offer A Little And Also Put That Same Price For Your House As That Gives Scope To Lower A Little, Im An Independent Mortgage Broker So If You Need Any Further Tips Etc Please Send Me An Email, Also Expect Offers To Come In Below What You Are Expecting As That Has Been The Case In The Past Few Months.

[GrannyGranny 10]

Just remember in this climate it will not go for more than the asking price. Whatever you sell it for under £121k you will have to get the new house for a similar discount.

[SadOwl 10]

You can't offer too low in the current market. Don't be embarrassed about putting in a low offer. There are 15 properties on the market for every buyer according to last weeks Property Guide. Most sources are predicting prices to keep falling well into 2009. If you really want to sell I would guess you will need to be serious about pricing your house competitively. Those houses on at 125k up the road will have had lower offers on them - why don't you talk to the agents who are marketing those and see what they think is realistic?