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How to determine asking price

  • 11-09-2021 2:50pm
    #1
    Registered Users Posts: 11,837 ✭✭✭✭ Gael23


    A family member is selling their home shortly and believes it to be worth €200k based on comparable properties in the area.

    im order to get as close as possible to that do you put it on the market at 205-210,000 and leave a little room or go at say €199k keeping it under the 200s barrier but not be so open to negotiation?



Comments

  • Registered Users Posts: 2,209 ✭✭✭ endofrainbow


    have it professionally valued by an Estate Agent



  • Registered Users Posts: 73,754 ✭✭✭✭ Atlantic Dawn


    If it's in a city or area with large turnaround of houses I'd put it in at €200k hoping for higher bids, if it's in a low turnaround area I'd stick it up for €210k hoping someone begins bidding at €200k.



  • Registered Users Posts: 371 ✭✭ SupaCat95


    There is no science or maths to it..... its more of an art.

    If I was to do it, I would consult the property price register. That will tell you the price of any house sold in the last 10 years. This cannot be disputed. https://www.propertypriceregister.ie/website/npsra/pprweb.nsf/PPR?OpenForm

    Then you must judge demand in that area and finance available. I dont think there is that much finance available but Estate agents are creating the mania (and fueling panic, see last Sunday Independent house prices up 12% next year).

    Paying for a Surveyor will tell you how much value to subtract to get an accurate valuation for maintenance to be done.


    So mix all those factors and come up with a number. Also Estate agents are all £$%^$£% *%$£. They will tell you what you want to hear but try and sell the house without them and they will get nasty with rumours and suggestion.



  • Registered Users Posts: 371 ✭✭ SupaCat95


    Best advice! Dont worry about the cost, Estate agents will break their neck to come out and value it for free if there is even a remote chance of them selling the house.



  • Registered Users Posts: 2,635 ✭✭✭ ec18


    at the minute pick what you want and see what happens I've seen houses with an asking price in the 500K range that aren't habitable



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  • Registered Users Posts: 272 ✭✭ Jmc25


    I think at the moment some estate agents are operating under a "stick it up for something mad and see if anyone is desperate/silly enough to pay it" policy.

    Most properties I view seem to get an offer at asking price, even when the asking price is mad.



  • Registered Users Posts: 11,837 ✭✭✭✭ Gael23


    No it’s not in an area whit a high turnover but it’s an area where good houses don’t come in the market very often. There’s a similar one further up the street which has been rented for many years asking 185k so one in turnkey condition is getting at lest 200 taking that as a guide



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