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Asking prices v selling prices

  • 20-11-2008 2:09pm
    #1
    bogmanfan
    Registered Users, Registered Users 2 Posts: 1,708 ✭✭✭


    Looking around at the moment, there is a wild difference in asking prices within the same area. Anyone making an offer on a place is going in at 25-35% below asking. So, the question is, if I price my place at 10% less than the next cheapest equivalent, will I be looking at offers of 25% less than that again?

    Example:
    Apartments were selling for ~235k in 2006
    Current asking prices are all between 200k and 220k
    I put mine on the market at 180k

    What would you be offering? 160k? 120k?

    Say I'm willing to accept 160k, should I put it on the market at 200k and be willing to come down a lot, or 180k and hope someone spots the bargain?

    Sorry if this is confusing, just that we have all been told to offer low, but some people have dropped their asking prices significantly to take this into account. Is this wise?


Comments

  • #2
    groom
    Registered Users, Registered Users 2 Posts: 1,104 ✭✭✭groom


    bogmanfan wrote: »
    Looking around at the moment, there is a wild difference in asking prices within the same area. Anyone making an offer on a place is going in at 25-35% below asking. So, the question is, if I price my place at 10% less than the next cheapest equivalent, will I be looking at offers of 25% less than that again?

    Example:
    Apartments were selling for ~235k in 2006
    Current asking prices are all between 200k and 220k
    I put mine on the market at 180k

    What would you be offering? 160k? 120k?

    Say I'm willing to accept 160k, should I put it on the market at 200k and be willing to come down a lot, or 180k and hope someone spots the bargain?

    Sorry if this is confusing, just that we have all been told to offer low, but some people have dropped their asking prices significantly to take this into account. Is this wise?

    Unlikely there is any fixed % relationship between asking price and selling price. Pricing yourself a good bit cheaper than the competition would help you draw attention to your property. If you've priced it too high then you'll probably get no interest. If you've priced it too low then you could get a flood of interest competing and then the price could settle at the right price.

    Something to worry about though is if you've priced it at a level where someone will go Sale Agreed only to get cold feet when the market falls further or starts gazundering - heaps of properties on Daft that go SA only to reappear with a price cut 2 months later.


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