Sale price of property

homeOwner

In general, is it better to have an estate agent under-price a property to generate interest when selling or better to go with a higher value in the hope that someone will pay it?

I have noticed in some areas, one or two properties will be priced at far less than similar properties in the area.

Is it a case that a property will find its own level in the market or do you think people big higher on more expensive properties thinking that they are worth it simply because the estate agent put a higher price on it?

Kinetic^

I've been looking for a new place for the past month and tbh, the properties have been going for less then asking.



Now it's either 1 of 2 things: Sellers need to sell quickly as they've got a place to go to,

Or the downturn has started.

EKRIUQ

Depends what part of the country your in, In Dublin they price low to generate interest and hope the price will raise.

In the country you price it for the maxium and hope to get as close as possible and it rarely goes above the asking price.

In reality what happens people get a couple of valuations and always go with the highest even if its not realistic.

Lex Luthor

most of the time it will depend how close to the stamp duty band the property is worth...say the last house sold for 381k nearby, then I have seen the next house priced around 365k to generate interest, that way you get a lot more people looking. The house will dfinitely sell for 381k, so the more perople interested the better it is for the vendor

Supercell

Lex Luthor wrote:

say the last house sold for 381k nearby, then I have seen the next house priced around 365k to generate interest, that way you get a lot more people looking. The house will dfinitely sell for 381k, so the more perople interested the better it is for the vendor

Lol!! , bubble belief..sure prices cannot fall!!

Time to save save save, bargains going to be had in a few years.

The_Conductor

While its only anecdotal- have a look at the property supplements in the two weekly nationals and you will see that in Dublin over 50% of auctions are being withdrawn failing to meet reserves (and in one case a period house off the North Circular Road which was withdrawn at Auction at 1.2m subsequently sold by private tendor for 1.1m).

Its a case of unrealistic expectations on the part of sellers, and over exuberance on the part of some estate agents/auctioneers.

There does seem to be a change in the air at present, time will tell though.

gamer

say house worth, 340k, agents price, put it in on market for 320, it will get 340 if its worth it, not fair to put it on market at 300k,if you wont accept,300, some house go cheaper cos buyer wants a QUICK,SALE , for some reason,i dont think theres anyone sending house to auction if the value is less than 800k.average 3bed semi does not go to an auction.people can always look at other houses in the area, to check is the price realistic anyway.