What does it mean when something is advertised as "$470,000+"? What do you think the vendors want for it?
We sold our house last year, and we listed it as "From $569,000". We had done our sums for our new house based on getting $550K for our house, but knew it was worth more. We were expecting offers starting at about $550K and thought we would negotiate to around the $560-570K mark, which is what we would have been happy to sell for.
We had 40 groups through our first home open, and 5 offers presented, all offers but 1 were over $569K and we ended up selling for $581K.
Conversely the house we bought (before we sold the other LOL), was listed as $685K. The agent told us that he had been instructed not to take offers of below that. DH wanted to offer $670K, but agent wouldn't take it, I think we offered $675, they countered at $695 and we got it at the list price. This was all done prior to a home open, we knew the house was worth what they were asking, and we were rapt.
For us, we've always bought information from the Dept of Land Admin I think it's called. It tells us recent sales etc, and then we go from (I think from a title search?) whether the house is mortgaged, when it was bought etc, how much money had been made. That sounds maybe silly, but on the house we sold, we had bought it 10 years prior and had fully renovated it. We made considerably more than double what we paid for it, so we weren't going to lose a sale over $5-10K, so we would have been happy to sell for $550 but rapt obviously to get $581.
This house we knew the owners had also owned for 10 years (they bought when we did!) and had listed it as considerably more than double, so we knew it was def worth the asking price, going on sales in the street/local area as well.
It's a difficult game OP, good luck.
This post has been edited by zande: 17/07/2012, 08:20 PM