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7firearcade
Posts: 21 Forumite
Hi,
Our flat has been on the market for about 10 weeks with the original asking price of £375,000. After about 5 weeks of only 3 viewings we dropped the asking price to £350,000 and have had a steady stream of viewings since.
We've just received our first offer from FTBs who have viewed the property 4 times and seem very keen. They initially offered £322,000, to which we said definitely not, and they've now come back with £333,000. We don't want to accept any less than £340,000 but also don't want to be unrealistic - our lease length is only 89 years and the service charge is quite hefty (£150/month).
We're not in a mad rush to move but equally would like to take advantange of lower house prices/interest rates.
Anyone have any thoughts?
Thanks!
Our flat has been on the market for about 10 weeks with the original asking price of £375,000. After about 5 weeks of only 3 viewings we dropped the asking price to £350,000 and have had a steady stream of viewings since.
We've just received our first offer from FTBs who have viewed the property 4 times and seem very keen. They initially offered £322,000, to which we said definitely not, and they've now come back with £333,000. We don't want to accept any less than £340,000 but also don't want to be unrealistic - our lease length is only 89 years and the service charge is quite hefty (£150/month).
We're not in a mad rush to move but equally would like to take advantange of lower house prices/interest rates.
Anyone have any thoughts?
Thanks!
0
Comments
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Most buyers and sellers for that matter are using sold house prices and market trends to determine their offer. If you have a look you'll find that there's been a gradual decline in the house prices all across the country.7firearcade wrote: »Anyone have any thoughts?
The question to ask and one that not even the most intelligent economic experts can answer is, what will happen with the market.
So I would have a look at sold house prices in your area, then read some of these official reports to how the market has been affected and then apply that to your house.
For example if the same style of flat in roughly the same condition has been going for 340k. The report might suggest you've had a drop in the market over the last 6 months of 0.5%. So over a year that's 1% going at the same rate. So going by that the 333k offer seems reasonable.
Unfortunately a lot of homework is required.0 -
indianabones wrote: »If you have a look you'll find that there's been a gradual decline in the house prices all across the country.
.
Which housing market are YOU looking at? Prices are steady or gradually rising in most areas. People dreaming of a crash always blurt out false facts so be careful OP.
How desperate are you to move? Make a counter offer, 338k sounds reasonable, and then don't budge from it. Maybe ask the agent if they think a closing date for best offers might be a good idea.0 -
Has anything similar in the area sold recently or been on the market?
Suggests to me that you priced too high initially but if you've has a steady stream of viewers since reducing it but no offers it suggests there's still something amiss, either it's not presented well or it's still too highly priced for what you are selling.0 -
Lates data from the horses mouth ( Land registry)
http://landregistry.data.gov.uk/app/ukhpi/explore
Prices are still rising, unless you are in central London ( I guess your not at that price).
If you are getting plenty of viewing then probably your property is priced right for the market but there is something about the particular flat that does not compare favourably with others.0 -
glasgowdan wrote: »Which housing market are YOU looking at? Prices are steady or gradually rising in most areas. People dreaming of a crash always blurt out false facts so be careful OP.
Only YOU have mentioned crash, I don't call a decrease of 0.6% in 6 months a crash, it's a gradual decline.0 -
Thanks all. We aren't in central London but we're in Zone 2 and we're definitely worried about house prices. Anecdotally, all of the larger properties to buy in our area which we viewed in June before marketing ours are still on the market - not one has sold yet.
I think with our property the lease length and service charge is putting people off - also we own it as shared owners, so to sell we are simultaneously staircasing to 100% and selling on exchange, which might be offputting... maybe we should just take the money now!0 -
Lates data from the horses mouth ( Land registry)
http://landregistry.data.gov.uk/app/ukhpi/explore
Prices are still rising, unless you are in central London ( I guess your not at that price).
If you are getting plenty of viewing then probably your property is priced right for the market but there is something about the particular flat that does not compare favourably with others.
Sales volumes are not rising though, meaning it is harder and harder to get a buyer, so don`t lose a buyer by squabbling over a few thousand quid. Obviously your initial asking price was far too high.0 -
It looks like your original asking price was pushing it given the lack of viewings (or at least that is the best guess). Your asking price is now £350k and you are looking at an offer between £333k and £340k depending on how you negotiate. Even at the lower end that is still over 90% of your asking price which would be within the scope of normal up here in the rural bit of Derbyshire. If buyers are no longer banging down London doors to buy and there are properties that you are eyeing up that have been on the market for ages, you'll likely be able to go after such a discount yourself or at least try. Accepting an offer doesn't mean you have to sell when push comes to shove if you cannot find anywhere acceptable at the right price.0
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If you would still like to buy one of the properties you viewed earlier that is still on the market, go and make a low offer on that. If it's accepted then you can afford to accept the offer on yours and get moving.0
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Difficult one. London market definitely not good at the moment, and hasn't been for last year or so. A couple of properties in my area (Hanwell/Ealing) have recently gone for 10% below asking price and more have achieved nearer/close to asking price. Possibly some agents are already pricing a fair bit lower than others.
Offer made doesn't seem bad to me, if you can afford to accept it, and can get a low offer accepted off your next property (one of those houses you saw) or you know it's been realistically priced. Or see if buyers are willing/able to come up a bit, no harm is asking.
Just seen ProDave's post - agree.0
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