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What can I do about an underpriced neighbour?

On the same day my house went on the market, a neighbour four doors along put theirs up for sale too - but asking £40K less than me! Theirs has one bedroom fewer and is in poor repair, but it still looks too big a difference, and it's making me look overpriced although I'm sure I'm not. What can I do, apart from pray it shifts quickly?

Asked on Oct 5 2012, House Prices in Ipswich | Report content

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  • Simple, your house is over priced. So lower your house price or accept others can sell their homes for what they like. Get praying!

    Answered on Oct 5 2012, Report content
  • If it is on with the same agent then you should simply get them to view both houses at the same time. Majority of people who are not property professionals are easily influenced by presentation. You would be surprised how much first impressions count in property sales.

    Answered on Oct 9 2012, Report content
  • This is always difficult situation. Key is that the asking price of property is subjective and only true value is realized at the point you find a buyer and the sale proceeds to completion...only then is true value established. The other issue that tends to influence the setting of asking price is the owner (vendors) reasons for and motivation for selling. An example maybe that a home owner in your street has had the misfortune of being repossessed by a mortgagee and the lender prices highly keenly to secure a rapid sale....another homeowner in the same street with similar property wants to move but they just fancy a bigger home in a better area but they do not have to sell if they don't get the price they seek. In this example i suggest if your in the later position just be patient and wait for the other one to sell. Key advice to would be sellers finding that they have a number of competing properties for sale of similar type is try and make your's the 'bride' present it outside and in the best neutral decorative order you with maintenance issues and make sure the place is tidy and uncluttered when you have potential buyers round. Finally it also helps if you research and understand the properties your competing could be they are inferior such as smaller accommodation, lack parking, higher maintenance values etc in other words you can point out its not 'apples for apples' when comparing purely on asking price.

    Answered on Oct 25 2012, Report content

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