Thats what an estate agent has recomended to get a sale or stick at £100,000, £10,000 would be a new second hand car etc

Put the price up by £20000. That’s a new car!

Who says it’s a £100000 flat? Obviously not the estate agent.

Depends on how much you need a sale. Someone close to me were selling a house at ‘offers over £325,00’ which implied they wouldn’t accept the asking price at all. It didn’t sell.

Then they dropped it to ‘offers over £300,000’. It still didn’t sell.

Eventually they changed it to simply ‘£299,500’ and it has sold – will be interesting to see what they actually accepted.

Commission wise it will make very little difference to the estate agent whether it goes for £100k or £90k so despite them working ‘for’ you, they really won’t care. If you think you can get more then don’t sell.

For comparison though, I accepted £20k off the asking price for my house 2 years ago (215k to 195k) to get a very quick sale. I then got £15k off the house I was buying.

Who says it’s a £100000 flat? Obviously not the estate agent.

They may have done, but changed their mind…

How long has it been on the market?

Imma sell my flat soon, and I’ll be listing it approx 10% higher than I expect to get for the first month, just in case someone REALLY wants it. After that, I’m not gonna budge, as I’m in no rush to sell, Estate agent will be losing a couple of quid in commission, but still gets a sale, you’re losing thousands.

How long has it been on the market?

What position is the possible buyer in , no chain – cash or mortgage in place then yes it’s worth a 10k reduction . Not sold thier house and need to sort out a mortgage tgen no .

Its not about the asking price its about what someone is prepared to pay.

You could drop it to £90k and still not sell or you might get an £85k offer. People who are looking at buying a flat will evaluate the value of yours against others and offer accordingly…..if they want it!

Its not about the asking price its about what someone is prepared to pay.

That x 100.

I’ve been watching loads of properties lately as we are considering selling and it seems those priced properly sell quickly. Those that are too high are sitting on Rightmove with bi-weekly reductions happening.

Commission wise it will make very little difference to the estate agent whether it goes for £100k or £90k so despite them working ‘for’ you, they really won’t care.

They care alright, there’s a relatively minor hit to their commission but at £90k they’re betting on shifting it on quick and collecting early without having to put much effort in.

What do the other Estate Agents say? Always best to get a few in.

Yeah that’s what I meant really – that they won’t care about getting the best price for the seller.

How long has it been up? Have you had any offers? What are the local market comparisons like? Rightmove link?

Your estate agent is also your enemy, especially if their buyer is also selling with them.

Be careful what you disclose, if you suggest there is movement in the price, they’ll suggest that to potential viewers to entice them to look at houses beyond their budget.

I found even when they come around to value the house, your comments regarding how quick you want to sell, what you need to get to be able to afford to move, and your opinion of how attractive your house is to buyers all have a huge effect on the valuation you receive. All they want to do is get you on the books, if they need to over-value it they will and hope to negotiate you down later, if you think your house will be difficult to sell or give them a low estimate, they’ll undervalue it knowing it will sell quickly for some fast commission.

Are you suggesting estate agents are not all paragons of virtue and honesty spooky?

I am shocked!

Totally depends on how much of a rush you are in. Only advice you can really rely on is don’t trust what the estate agent says. As above, his cut is not significantly different on a £90k or £100k sale. If you want £100k (which in most parts of the country is nothing for a property of any description) wait and see how long it takes someone to offer it. That will tell you if the property is worth it.

Firstly, find an agent you can trust. They are few and far between but they do exist (contrary to popular belief).

Make sure that the marketing of your house is as good as can be.

That should get you viewings. If you arent getting viewings – then that is down to the local market or the price. If other flats are selling around you in reasonable time – then you are probably asking for too much.

Get an agent (that you trust) to carry out viewings for you. Not just their turn-key person who only opens the door. It needs to be some accompanied viewings by someone who is familiar with and incentivised to sell your property. They can get good constructive feedback from viewers during the actual viewing. That will help you build a picture of why it isn’t selling.

Be careful getting other agents’ opinions at this stage. Many of them will just tell you it is priced right just to get you to switch to them – because if they tell you it is over-priced then chances are you will just reduce it with your current agent.

Main thing though – make sure your agent is ticking every box in terms of marketing to get the viewers in.

Good luck!

Thanks for all the replies

[/quote]Imma sell my flat soon, and I’ll be listing it approx 10% higher than I expect to get for the first month, just in case someone REALLY wants it. After that, I’m not gonna budge, as I’m in no rush to sell, Estate agent will be losing a couple of quid in commission, but still gets a sale, you’re losing thousands.

How long has it been on the market?

. Only you’re not losing anything , you are just not getting what an estate agent suggested you might .

Thanks for all the replies

so..?

There s some v speculatively priced property on the market. As a buyer i always list in recency order, some of the old stuff has been on for ages at top money. Good properties well priced go quickly.

Lately lender’s are substantially undervaluing properties so even if you sell it for the price you want your buyer may not be able to get funding, apparently it a ripple effect due to London prices stagnating.