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Setting Asking Price

  • 03-10-2021 2:14pm
    #1
    Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    Looking for opinions on pitching an asking price for a property.

    A family member is looking to sell and they want as close as possible to 200k. Would it be better to go on the market at 205/210k and come down a bit or go in say 199k but not accept much lower? Is there a psychological barrier with the bride being in the 200s?

    House is in a small town not in a commuter belt for a major city so not expecting to get over asking.



«1

Comments

  • Registered Users Posts: 124 ✭✭ Hontou


    Check the property price register for the area to see what similar properties are actually achieving. From personal experience, I think it is better to ask for a lower price to get viewers in. Use a local agent.



  • Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    Yes will be using an agent, just looking for ideas. There’s one in the area asking 185k but not in as good condition and without a second bathroom added



  • Registered Users Posts: 4,426 ✭✭✭ maestroamado


    There are two property search engines daft.ie and myhome.ie. My advise would be check both... you can view simaler houses in your town and towns in the surrounding area to guage asking price...

    I am not a lover of auctioneers when buying but better to use when selling... i think the current rate be about 1% but confirm rate before you choose... also some will add-on fee for advertising... another advantage of using auctioneer most houses being sold now is going about 10% more than the asking. I do not like this practice but thats how they are doing it...



  • Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    In the area I wouldn’t expect to get above asking, but then it’s a well kept house in a mature settled estate where good houses don’t come to the market often so who knows



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  • Registered Users Posts: 4,426 ✭✭✭ maestroamado


    The market is seriously strong so don't delay.... i think you may get a pleasent surprise...



  • Registered Users Posts: 5,483 ✭✭✭ Claw Hammer


    If you put it on the market for €50k, would you get above the asking?



  • Registered Users Posts: 15,744 ✭✭✭✭ rob316


    Market in your area will dictate what its worth so look at similar homes on the property register. You want to gain interest but go too low and people are going to be wondering whats wrong with it.



  • Registered Users Posts: 1,229 ✭✭✭ mvl


    I'd say spend some time to compare results for the EAs that are working in that area too, before deciding who to go with; only did that after picking my agency, and have noticed some patterns (e.g. ones that didn't get the asking price more often for area I live in, others that seem to have gotten at least asking if not more; might give an indication of how the price was agreed perhaps ... or a measure of the success for an agency)



  • Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    It’s not an area where houses sell for a fortune, we know that. Nothing in the estate has achieved over €200k since the property crash as far as I’m aware but this one has another living area and bathroom added



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  • Registered Users Posts: 3,818 ✭✭✭ Darc19


    I'd pitch at €195k - if it's substantially better than others you'll get someone who will pay the extra to get you over €200k especially if it's in good condition


    But local agent will give the better advice



  • Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    Estate Agent thinks €198,500. She said the one asking €185k won’t get anything close to it.



  • Moderators, Society & Culture Moderators Posts: 32,254 Mod ✭✭✭✭ The_Conductor


    Well done. If you don't mind me asking- what area are you talking about? The CSO figures came out yesterday detailing the annual property price rises for the different regions- some of the BMW regions increased by 20% in the last year alone!



  • Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    In South Wexford, a good 2 hour drive from Dublin



  • Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    Update sale fell through at €235k after some kind of nasty exchanges with the prospective buyer . One of the previous bidders is still interested but at a lower price so more negotiations ahead



  • Registered Users Posts: 2,815 ✭✭✭ celt262




  • Registered Users Posts: 4,176 ✭✭✭ Juwwi


    Unless there is a problem with the house I'd put it back on the market .

    There will be new buyers on the market now .



  • Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    Someone else came in at €235k a few days later! Nothing wrong with the house, a problem with a piece of paper that can’t be fixed because it’s 50 years old



  • Registered Users Posts: 10,284 ✭✭✭✭ Dav010


    Sale was agreed at €225k, then you accepted a higher bid from someone else? That’s gazumping, good karma.

    Post edited by Dav010 on


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  • Registered Users Posts: 7,926 ✭✭✭ Ray Palmer


    You know you have to believe in reincarnation for Karma to work? Part of the business unfortunately like the person who pulled out of the sale



  • Registered Users Posts: 15,744 ✭✭✭✭ rob316




  • Registered Users Posts: 10,284 ✭✭✭✭ Dav010


    Having accepted a bid considerably above asking, I wouldn’t then accept another bid 10k above after going sale agreed, so the answer to your question is, I wouldn’t turn down an extra €10k, unless I had already accepted another bid.



  • Registered Users Posts: 7,926 ✭✭✭ Ray Palmer


    That is fair enough but other people wouldn't and aren't legally required too. I see your moral point but have you ever been in that situation?



  • Registered Users Posts: 10,284 ✭✭✭✭ Dav010


    I don’t think anyone has said the seller is legally prevented from accepting a higher bid after going sale agreed, but maybe I missed it.

    I have been in this position, I didn’t accept the higher bid after going sale agreed, but that’s me. Certainly there is a certain degree of reaping what you sow with the op’s case, he dropped a bidder whose bid as accepted and is now having trouble with the gazumper.



  • Registered Users Posts: 11,827 ✭✭✭✭ Gael23


    all happened kind of quickly and she didn’t actually have her deposit paid. And nit it’s back to her at 3k less than what she bid previously so she’s the winner



  • Registered Users Posts: 16,152 ✭✭✭✭ Sleeper12


    The asking price is meaningless really. You aren't legally obliged to settle for the asking price. You are better off asking for a lower price, maybe €180k but expecting €200k. I've bid 10% higher than the asking price before and seller didn't accept it



  • Registered Users Posts: 7,926 ✭✭✭ Ray Palmer


    Yes there is some cosmic justice floating around.



  • Registered Users Posts: 10,284 ✭✭✭✭ Dav010


    Ah, I get you. Sorry Ray, I’ll explain.

    “You reap what you sow” is a proverb that says future consequences are inevitably shaped by present actions. I didn’t mean for anyone to think there was an actual floating justice of cosmic origin.

    My apologies, I can see where the confusion arose.



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  • Registered Users Posts: 7,926 ✭✭✭ Ray Palmer


    From the bible to explain a cosmic justice. You are just being silly now. You also mention Karma so don't try and make it out that you aren't invoking some magic that people experience if they don't do the right thing. It is precisely what you suggested. Your use of religious ideology would have some meaning if you even actually understood what you are using and saying.

    Irrelevant to the discussion really but you are saying he gets what he deserves because you feel your morals are better.



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