Amazing Record Sale 73% Over Home Report!

29 Oct 2017

Following on from my previous blog we recently marketed a one bedroom flat for sale in Edinburgh valued at £70,000.  The property was only on the market for one week and had over 78 viewings during this period.  A closing date was set and we received 28 WRITTEN OFFERS, I have worked in sales for over 20 years and I have never seen so many offers on one property but what more the property has now sold and achieved 73% OVER HOME REPORT!

I appreciate this is not the norm but when I am asked by clients ‘how much should I offer?‘ It really is impossible to say for sure.  Generally speaking if the property is going to a closing date you need to be looking at least 10% over but for good properties in good location perhaps up to 30% over home report value.

Is this the way the market is going?  Time will tell but it is unlikely that we see another property sell for this sort of price for a while.  What it does say is that there are not enough properties on the market, to have 28 serious buyers after the one property clearly indicates that there is a shortage of supply.  If you are considering marketing don’t be put off by the time of year, buyers are still buying and properties are selling quickly.

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