Need advice for quick sale please!!

TTMCMschine

Bermuda_John wrote: »

good point gauly.

the problem the housing market faces is the sellers wont accept their property has fallen 20% in the last 2 years.

The buyers know it and they arent prepared to meet the sellers half way, and rightly so

Yes, agree too.
I don't live in flintshire, but we are buying a family sized home like yours now (or trying to!). So if in theory we lived in flintshire here's my problem with your price: It's too much. We're classed as first time buyers, but we're looking around the £130k at the most. The price you would be offered is dependent on what we can borrow, and how much we are prepared to stretch ourselves to. The question is are most people who would buy your house people like us? Are they limited by their funds like us? Equally are they frightened like us, that prices may go down further.
There is nothing wrong with the house, it's plus points are the views (but they'll all have that there) and it's in ok decorative order, garden looks nice.

Here's another problem for us, which is really important these days and a possibility. What if you drop the price - a buyer offers a negociated price and you find the surveyor values the house for even less?

I wouldn't be so worried about what people will think if the price is knocked down. Everyone knows why prices are being reduced and that's because they're too high. I think you need to be very practical about this. Maybe there isn't a typical buyer, but perhaps you could quiz your ea and get an idea. If it's people like us, then you have your answer.

karenthemummy79

SouthCoast wrote: »

I found this:

20 Ffordd Pentre,
Carmel,
Holywell,
Flintshire,
CH8 8SL£130,000
Semi-Detached
Freehold
Not New Build30-Mar-2007


Map (CH8 8SL)30 Ffordd Pentre,
Carmel,
Holywell,
Flintshire,
CH8 8SL£100,000
Semi-Detached
Freehold
Not New Build09-Mar-2007
Map (CH8 8SL)

These 2 were bargains at the time!! The £130k house needed fully done up and the 100k house was bought by a friend of ours and it never went on the market - it was an old ladies house that died and the whole house was totally gutted!!! I think this is where we are going to struggle - because the houses were built in the 70's alot of them that have sold recently (including ours when we bought it in 2004) are in a really poor state!! Hence the low price.

I appreciate what some of you have said about the house we have bought being at a low price but that is exactly why I said it is worth the risk!! the price is extremely low and an identical house (except for not needing any work) is on the market for £235k:
http://www.rightmove.co.uk/property-for-sale/property-20847991.html?locationIdentifier=REGION%5E24944&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E24944%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D%26maxPrice%3D%26maxDaysSinceAdded%3D%26retirement%3D%26partBuyPartRent%3Dfalse%26_includeSSTC%3Don%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse%26x%3D81%26y%3D10 In fact the house you can see at the end of their garden is ours!

There is also a house next door on the market for £260k:http://www.rightmove.co.uk/property-for-sale/property-20049178.html?locationIdentifier=REGION%5E24944&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E24944%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D%26maxPrice%3D%26maxDaysSinceAdded%3D%26retirement%3D%26partBuyPartRent%3Dfalse%26_includeSSTC%3Don%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse%26x%3D81%26y%3D10

Anyway - I think I am going to have some drastic talks with the EA today and I will let you know how I get on! Although I spoke to the family member that lent us the deposit last night and he was adamant that we shouldnt reduce the price as it is worth its current price....

dougs

karenthemummy79 wrote: »

he was adamant that we shouldnt reduce the price as it is worth its current price....

but the prospective buyers aren't and they are the ones who will matter at the end of the day.

hoggums

Karen - everyone has told you it's over priced but you won't listen.

No buyers = too expensive.

Simple.

The longer you stay in denial they lower the price you can achieve will go. Sell it now or in a years time face another 10%+ reduction.

RecoveringAlcoholic

This is going to end in tears.

Gambling on property in a falling market is not advised.


.

snowjoe

I know someone has already said this but you're trying to buy a four bed for roughly the same amount as you are selling your 3 bed property. Something doesnt really add up...

gauly

You seem to be worrying too much about the money you are "losing" on your house sale. Looking at it more positively: because you are trading up falling house prices have enabled you to get a cheap price on your new, bigger house and have decreased the difference in price between your old and new houses. If you sold your old house for £130k then you would be getting a 4 bed detached for only £17k more than the price of your old 3 bed semi. That sounds like a great bargain to me. Even at £120k it's still a bargain at only £27k more. Around here (in the south east) a 4 bed detached goes for 50% to 100% more than a 3 bed semi.

If I were you I would sell your old place for a realistic price and pay any shortfall to your family using the money you would have wasted paying the second mortgage. As it is you are still hoping to get a new, bigger house for free - I think that is very optomistic and a little bit greedy.

itmakessense

Can you not rent out the house until the climate changes so as to cover the outgoing cost of your mortgage payments

JanCee

If I were you I would bring the price down to below £140k, say £139,950 and then be prepared to take an offer. Most buyers these days want to shave something extra off the price. If you go down too low you don't leave yourself any room for manoeuvre. Reading the forums on here - many people view houses above their maximum price range expecting to negotiate the price down even after reductions have been made by the seller. So leave yourself some room to haggle but go low enough to generate some interest.

karenthemummy79

Thankyou Jancee!! I am worried about that exact thing - putting the price too low then not having room to negotiate as people will always offer less than asking price!

I appreciate what you are all saying about the fact that I have to come to terms with the fact that the house is worth less - and that is exactly why I am on here asking for advise because I am getting conflicting advise from everybody! Even my EA thinks it is on at a good price!! She didnt want me to reduce it to £145k - strange!!

I think I am going to strongly consider dropping the price to just under £140k to see if that generates any interest and if it doesnt then I think that we may just have to rent the house out for 6-12mths hoping that the market will pick up. We could also save the rental income to help repay the deposit.

I really do appreciate everybodys advise and some of you have spent time looking into things for me so thankyou very much.

Gauly - I wouldnt say I am being greedy - I am just trying to get the best deal I can and the house that we have bought becomes less of a bargain, the less we take for this house.

The lady I deal with at the EA was off on hols today so I am going to have a proper chat with her tomorrow and decide what to do.