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  • FIRST POST
    • tweeet
    • By tweeet 15th Apr 17, 1:23 PM
    • 149Posts
    • 27Thanks
    tweeet
    Dropping the asking price ?
    • #1
    • 15th Apr 17, 1:23 PM
    Dropping the asking price ? 15th Apr 17 at 1:23 PM
    I've put my two bed ex council flat on the market for 150k after having a bad experience renting to friends so I will not rent it again. It's in excellent order and I'm selling through a well known Estate Agent.After good interest in the first two weeks with one offer which was rejected, there hasn't been any showings for two weeks since and there are none lined up.Has anyone been in a similar situation and if so, did you reduce the price as this is what I'm thinking of doing ? It's costing me £350 a month, one bed flats are priced at around 130-135k in the area so it's not overpriced a great deal.So do I drop the price and re market it...or should I stick it out for a bit longer ?
Page 2
    • Crashy Time
    • By Crashy Time 18th Apr 17, 8:09 PM
    • 4,848 Posts
    • 2,117 Thanks
    Crashy Time
    House prices have been rising for a couple of % each year. So for example what would sell now at 140 k would have sold at 143 next year this time. Even if your mortgage is interest only you are not losing 300 a month as almost all of it would come back as increased sell price due to prices rising. On top of it of your mortgage is repayment every £300 get you some equity , they are not completely wasted.
    I notice there may be different market conditions for flats and your particular area may have some less advantageous conditions for property market in general .
    In resumen - you were greedy and unlucky the buyers you rejected offer off got other property so quickly. But it does mean that the market price of your flat is about 140 k so there should be another buyer with another offer. There is none now as when you just get on the market you have the pool of buyers waiting. Once you have not used offers of that pool there is only a trickle of new buyers so you will get statistically fewer viewings and interest than in the first couple of weeks. If you reduce the price further you will appeal to people who looked for even cheaper properties so they will put offers of 135, 130 etc. Because ones that would give you 140 would be looking at your place now anyway even if it is priced at 150. So keeping an eye on other sales and waiting /may be changing photos would be my preference.
    Originally posted by justme111

    Volumes have not been rising though, buyers are increasingly hard to find (at bubble prices)
    • tweeet
    • By tweeet 20th Apr 17, 5:00 PM
    • 149 Posts
    • 27 Thanks
    tweeet
    Ye of little faith...had a viewing and an offer of £141k which I accepted yesterday....
    • mysterymurdoch
    • By mysterymurdoch 20th Apr 17, 6:49 PM
    • 136 Posts
    • 104 Thanks
    mysterymurdoch
    Good one. It pays to ignore people who don't know anything about buying and selling houses!
    • Cakeguts
    • By Cakeguts 20th Apr 17, 7:00 PM
    • 2,745 Posts
    • 3,777 Thanks
    Cakeguts
    Ye of little faith...had a viewing and an offer of £141k which I accepted yesterday....
    Originally posted by tweeet
    Yes but you have had the opinion of people here about house prices so you now know that £141k is a good offer but at the time that you turned down the £137k you might not have thought it was enough?
    • Crashy Time
    • By Crashy Time 20th Apr 17, 7:38 PM
    • 4,848 Posts
    • 2,117 Thanks
    Crashy Time
    Ye of little faith...had a viewing and an offer of £141k which I accepted yesterday....
    Originally posted by tweeet

    How much profit does that give you, if you don`t mind me asking?
    • tweeet
    • By tweeet 20th Apr 17, 8:14 PM
    • 149 Posts
    • 27 Thanks
    tweeet
    How much profit does that give you, if you don`t mind me asking?
    Originally posted by Crashy Time
    I've had the flat for 4 years ...bought for £84k...so minus fees etc should get around £138 ish ! Intend to pay off the mortgages on the flat and our house...credit card and put the remainder away for my son who's 16.I do appreciate all the info from everyone on here...it's made me think...think some more...and I've learned quite a bit.
    • tweeet
    • By tweeet 20th Apr 17, 8:20 PM
    • 149 Posts
    • 27 Thanks
    tweeet
    How much profit does that give you, if you don`t mind me asking?
    Originally posted by Crashy Time
    Sorry Crashy...around £52,000 profit
    • Crashy Time
    • By Crashy Time 20th Apr 17, 10:12 PM
    • 4,848 Posts
    • 2,117 Thanks
    Crashy Time
    Sorry Crashy...around £52,000 profit
    Originally posted by tweeet

    Nice.....
    • PeterPanic
    • By PeterPanic 21st Apr 17, 8:04 AM
    • 26 Posts
    • 83 Thanks
    PeterPanic
    Sorry Crashy...around £52,000 profit
    Originally posted by tweeet
    Nice.....
    Originally posted by Crashy Time
    Thought Crashy would be using housepricecrash maths to explain how it would have actually been cheaper to rent for those four years than to buy.

    Examples like this are why all of the housepricecrashers have been crazy to wait for this so called crash that has been imminent for the last 14 years......
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