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Is it wise to advertise a property over market value?

As I know people tend to offer 10% less for property when making a first offer, is it wise to over value a property 10% higher than what you want? Or does this limit the amount of viewers you get through the door?

Asked on Jan 17 2011, House Prices in Knutsford | Report content

Answers (5)

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  • The risk is that a property is arguably more interesting to serious buyers who are regularly browsing web sites, when it is new on the market. Over price and you'll lose them. On top of that, consider that now more than ever, people are attracted by price (over priced property never sold even at the peak though, you got away with it more). If it looks expensive you'll get left behind and in a (falling?) market, that's not going to do you any favours! Also in an age where property is mainly marketed on the web, people are even lazier about actually arranging a physical viewing. Would you bother going to see an expensive looking house or put it to one side for maybe later on...?

    Answered on Jan 17 2011, Report content
  • I agree with this answer. I would suggest keeping the price as competitive as possible. You will get more interest and more viewings and then you may even get to pick and choose your offers!!!

    Answered on Jan 18 2011, Report content
  • If you pitch your property 10% higher than what it is worth you will find a lot of buyers will think you want closer to asking price and think it too expensive. It is safer to pitch it 4 or 5 thousand pounds higher than the price you want to have some room for negotiation, that way you will attract more viewers. Some people market property with 'offers over' a smaller amount than they are willing to accept to keep the price looking low. Today’s buyer will search sites like Rightmove and Zoopla and put in the maximum amount they want to spend on a property, that could alienate those who pitch their properties 10-15% over what they will realistically achieve.

    Answered on Jan 19 2011, Report content
  • No, and this is why. What you want is viewings. It's viewings that sell houses. Ask the agent about pricing, high and low, and go low. The only exception is when you're not in a hurry - try a high price for no more than a month, ask the agent to de-list it for a couple of weeks, then re-list at the lower price. The de-list/re-list bit is important, as this makes it show up as a new listing.

    Answered on Feb 12 2011, Report content
  • It is important that you get the price right from the beginning. With the internet nowadays purchasers are wise as to how long a property has been on the market for and how many price reductions it may have had. If you're not careful the property will become stale and this will put people off. Most sales are currently being achieved within 2 weeks of the property being instructed to the market.

    Answered on Apr 7 2011, Report content

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