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How to determine asking price

  • 11-09-2021 2:50pm
    Registered Users Posts: 11,899 ✭✭✭✭ 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?


  • Registered Users Posts: 2,298 ✭✭✭ endofrainbow

    have it professionally valued by an Estate Agent

  • Registered Users Posts: 74,355 ✭✭✭✭ 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: 372 ✭✭ 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.

    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: 372 ✭✭ 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: 2,638 ✭✭✭ 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: 287 ✭✭ 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: 11,899 ✭✭✭✭ 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