Getting an idea of Asking Price vs Selling Price?

z0oT wrote: »

Just something I've been wondering...

It's easy to look at what's available on daft.ie to get an idea of the asking price, but if I look at the price register part of the website you can see the actual selling price (I presume) of what's been sold in various areas.

I'm currently noticing no major dis-connect between what's reported on the property register and the asking prices which is comforting because the two of us are still 2 months out from bidding on places.

Is this a decent guide to get an idea of asking vs selling? Just curious.

You need to pick specific properties on the price register and then find the original ads on Daft, MyHome, or the agency website (in a lot of cases they will have been removed but sometimes they will still be there).

Even that is not 100% accurate though, as some agencies will change the asking price throughout the sales process (for exemple I’ve seen some which will set a very low asking initially to attract many bidders and once it is getting close to the end they will increase it close to the expected selling price to only attract additional bidders who can still potentially push if further).

Interestingly one of the larger estate agents mentioned to me that if the selling price goes above 20% of the AMV (advertised market value) they can get in trouble as they are seen as market makers. 
So that perhaps gives an idea of how far off the asking price the closing price may potentially be.

machalla wrote: »

Interestingly one of the larger estate agents mentioned to me that if the selling price goes above 20% of the AMV (advertised market value) they can get in trouble as they are seen as market makers. 
So that perhaps gives an idea of how far off the asking price the closing price may potentially be.

I was told this too by an agent, but that the asking should be within 10% of the expected sale price. Some agents are more scrupulous than others in this regard. They also have different pricing strategies (ask low to encourage a bidding war or ask higher in order to only get serious bids) which you will come to know if you're looking for a while.

Really depends as mentioned above on the agents tactics. If priced low to attract interest it goes over. In our case we noticed 30 to 50 k over on properties we bid on that were priced low.
We priced our own house to sell at price we wanted and got 5 k over. Property we bought was priced at market value and we bought for asking price. Both in Dublin.
Also noticed fixed uppers seemed to go for way over asking which I thought was strange. Maybe was just the area we were looking at though.

60 under asking, but 20 more than I thought it was worth.
Its worth noting that the property price register can have quite a lag.  We were getting frustrated for some time figuring our values, and then wondering why it was going so much above the value we had worked out.  Really PPR is the market driven price up to 6 months ago when the houses added today were being bid on, all other factors being equal. When prices were shooting up, that has an effect.
But also so much is who walks through the door on the day thats in it.  So whats for sale in a restricted market, and how eager the person is.  If a downsizer or a 50s professional wants a house in a particular area and its a bit tatty, and maybe they just sold a big detached house with a huge garden, then they'll stretch up easy enough.  2 central bank rules struggling families bidding against each other, and it will etch up.  2 different sale prices for the same thing.

Cash_Q wrote: »

We agreed a price in November of 2k under asking for a 3bed Terraced house in Dublin 24. Still can't believe we got it for under the asking as we bid on another few houses all of which went way over

It was probably priced a bit too high to attract multiple bidders, and it was the start of the quiet season which is good for buyers.

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