Need advice for quick sale please!!

karenthemummy79

The more I am thinking about it the more I am thinking that our ideal solution would be for FIL to buy this house so I really have my fingers crossed for his viewing tomorrow!!

It might be worth us speaking to him about 'if' neither of us have sold and our new property is ready to move into whether he would want to move in here and we could all spruce up his house a bit to help get a buyer - the only problem is that the divorce isnt very amicable and I think he is very reluctant to do any work as it means more money in her pocket and she is very stingy so highly unlikely to agree to him having a higher share if he does work!

The EAs round here are saying that the houses that seem to be selling at the moment are mainly the low end of the market and the biggies so us in the middle ground seem to be stuck! With that info, I am thinking that his house is probably more likely to sell than ours and we cant do anymore work to ours yet his could have alot of improvements to help attract a buyer - some of which would not cost much.

Dinah93

Point out to FIL that it would be more money in his pocket too!

JanCee

Karen, I think you need to take a deep breath and chill for a minute .......or longer. You have only just reduced your price, at least give it a couple of weeks to see how the potential buyers react. If you start to include your FIL's house into the equation then it just complicates matters. Surely you can see that?

Blacksheep1979

karenthemummy79 wrote: »

dopester - have you seen the news today? :

http://money.aol.co.uk/property/househunters-flood-back-to-market/article/20090617192333180466735

Wow - four people 'chasing' after every property. Yet more spin, you can prove anything with stats - I've looked at several properties that I wouldn't consider in the slightest unless they drop 15+% off their price but would probably be viewed in those stats as after the property because I made the right noises.

you haven't dropped your price to comparable to what you had it on at last year and you've had no interest since you reduced the price - do you wonder why?

karenthemummy79

Blacksheep1979 wrote: »

Wow - four people 'chasing' after every property. Yet more spin, you can prove anything with stats - I've looked at several properties that I wouldn't consider in the slightest unless they drop 15+% off their price but would probably be viewed in those stats as after the property because I made the right noises.

you haven't dropped your price to comparable to what you had it on at last year and you've had no interest since you reduced the price - do you wonder why?

I think I have!!! It was on last year for £162k albeit with no viewings but still 2 houses on the road sold for over £160k. We now have it on at £139950 - I would say that is a good chunk! I am sorry but I think the price is right now and it is a case of waiting a little while for a viewer - I dont think there are many of them at the moment in this area!

Inforapennyinforapound

I have read the entire thread and there are some very unhelpful and at the same time helpful posts.I reckon some are jealous of the bargain house you have purchased,so well done,nothing wrong with that.

As for the price of your house i would leave it as it is for a while.

Regarding Estate Agents: The opinion they give on your house price is just that i.e An opinion.Nobody can give you a price for your house,just an opinion.Estate Agents can be nearer the mark as they know the local area and what you may get.

A house price is very subjective dependant on several factors i.e does someone desperately need to live in that area?..Is the proposed buyer an investor?.
Someone may view and fall in love and consider it well worth the money and the next person may think it overpriced.Nobody is right or wrong so the important thing here is to get viewers.

You are as well placed as anyone to judge the asking price.You know the area and can point out all the benefits to any viewers.

Best of luck.House buying and selling is very stressful,but without pain there is no progress.Youve waited 12months so another 2 or 3 months should be ok and i reckon at the new price you will get some viewings(fingers crossed).

Ps I note that you and dopester were on a collision course but now all lovey dovey...anything we should know?....only joking.Good luck

dopester

Inforapennyinforapound wrote: »

Ps I note that you and dopester were on a collision course but now all lovey dovey...anything we should know?....only joking.Good luck

She said I had wisdom.

Whilst my posts weren't all sunshine, hopefully she senses it was only intended as an alternative view (the dog and bone comparison perhaps not fair) - not jealousy or whatever.

The OP can balance-up possible decisions to make, weighing up all of our contributions. Let's hope she gets a viewer in... all in all, her house measures up well in price against comparable property for sale in the immediate area - but these are not ordinary times.

Dinah93

karenthemummy79 wrote: »

I think I have!!! It was on last year for £162k albeit with no viewings but still 2 houses on the road sold for over £160k. We now have it on at £139950 - I would say that is a good chunk! I am sorry but I think the price is right now and it is a case of waiting a little while for a viewer - I dont think there are many of them at the moment in this area!

Can I ask why those two sold when yours has not? What is different?

Only you can decide what you think is an acceptable price for your house, although I do find it slightly contradictory that on one hand you quote an article saying buyers are flooding back, and later say you just don't think they are looking in your area.

Personally I think this 'bounce' is attributable to the time of year having increased sales, and that if autumn and an increase in base rates were to hit at the same time the prices would resume their downward decent as though they had been pushed off a cliff simply because so many people would go into payment shock on their mortgage. It terrifys me how many people on these boards seem to have already accepted morgage levels at present as average.

And no, I don't have an agenda to keep house prices down. While we are FTBs, in our case that stands for First Time Builders, we have decided to build our home rather than buy it, so any drops would potentially make our house worth less than it is costing to build, if we had to get a mortgage on it we might not be able to and so on. I just think economics points towards them still having further to fall. Could be happily wrong ofc!

Blacksheep1979

Seriously Karen, you have to admit that the reason your house didn't get a look in at 162k was because it was optimistically priced?

Following this logic the fact that you're now priced at 86% (14% drop) from an optimistically priced property in an area that has dropped 17% makes this property seriously optimistically priced. The sooner you wake up and come into line with what the market is telling you the sooner you're going to stop loosing money.

I have no vested interest here, I'm stating it how I see it (which may be wrong), but you're in the summer months where typically sellers benefit - it's only going to be downhill from September if you don't shift this property.

franklee

I'm finding house prices in the area quite confusing. For example this one within a 1/4 mile on rightmove:

http://www.rightmove.co.uk/property-for-sale/property-19662439.html?locationIdentifier=POSTCODE^1676987&radius=0.25&includeSSTC=true&_includeSSTC=on&pageNumber=2&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E1676987%26radius%3D0.25%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26index%3D10

A three bed detached for £149,950 makes an £140K three bed semi look not so competitively priced IMO.