House valued @ £275k- sell now or later?

tbumps

Hi

Ourhouse has beenvalued at £275 - £285k. We've had offers of £250 - £260k and although we were keen to sell quickly as we had found a house, that sale fell through so now we are in no rush. The house has been on the market for a month with us promoting it privately & via an agent (we've had 8 viewings, they've ad 2 so far). We're also appearing on Location Location Location probably in the autumn when the new series comes onto Ch4 (no real hopes that would affect a sale but you never know).

We don't know whether we may be better taking the house off the market if we haven't had a decent offer by mid-May and putting it on again later in the year when property prices may have gone up. We live in East Anglia & are buying in Devon & we've heard that Devon prices may be better 'off season' so maybe buying in the autumn would be better.

Any thoughts?

TB

mbga9pgf

tbumps wrote: »

Hi

Ourhouse has beenvalued at £275 - £285k. We've had offers of £250 - £260k and although we were keen to sell quickly as we had found a house, that sale fell through so now we are in no rush. The house has been on the market for a month with us promoting it privately & via an agent (we've had 8 viewings, they've ad 2 so far). We're also appearing on Location Location Location probably in the autumn when the new series comes onto Ch4 (no real hopes that would affect a sale but you never know).

We don't know whether we may be better taking the house off the market if we haven't had a decent offer by mid-May and putting it on again later in the year when property prices may have gone up. We live in East Anglia & are buying in Devon & we've heard that Devon prices may be better 'off season' so maybe buying in the autumn would be better.

Any thoughts?

TB

Prices could also be significantly off in the future, post election austre world, something to bear in mind. If I were you, I would keep the potential buyers details and try and get a better offer. Keep an eye on the market though. If transaction levels continue to stagnate and prices continue to fall, I would seriously entertain the though of selling. Why do you think prices will be going up? There is nothing to suggest they will, even in the short term.

Conservative estimates (provided via the Bank of England) show the housing market is 30% overvalued. Whilst that sort of fall isnt going to happen overnight, if you end up chasing the market down you caould set yourself up for a significant fall. I am sure you are aware, but the 2 year stamp duty holiday wont do you any favours either. The step from 250K to 250,001 is another 7500 in tax. You may be better offering to pay stamp duty on offers over 260K if you are willing to consider an offer of 250K.

brit1234

Better off selling now, if you take it off you will get a lot less later as prices would of fallen a fair bit by then.

harrup

tbumps wrote: »

We don't know whether we may be better taking the house off the market if we haven't had a decent offer by mid-May and putting it on again later in the year when property prices may have gone up.

We live in East Anglia & are buying in Devon & we've heard that Devon prices may be better 'off season' so maybe buying in the autumn would be better.

Any thoughts?

TB

Is there a specific reason why property prices in your area are expected to go up? Every one buying is feeling pretty skittish at the moment and where I live , in Devon incidentally, we have a unprecedented # of "sold subject to contract" sales falling through. Interestingly, this affects all price levels.

Not sure where in Devon you are planning to buy.....but there really isn't an "off season" from April/May to end October. After that it's slim pickings unless the seller HAS to sell during the dark/dreary winter months.

Be sure to bring Wellies and a Brolly...you ARE aware that it rains almost constantly down here??! WHY would you want to move to one of the dampest places in the country? It's nice when the sun shines...but this is rather rare

Mischa

I heard on the news last week that house prices are expected to fall again later this year in Autumn. I don't believe the price fall willl be anything near the downturn we have all faced in the three years previously, but if this is the case (and you find any more news articles and stats that support this view) it may be a good time sell. :-)

mbga9pgf

The point is, until the economy gets sorted, and that isnt going to happen for a long, long time (5 years +) we simply are not going to see a sustained recovery in UK house prices. We have to pay at least some of the debt off, or at least allow wages to catch up with prices. That isnt going to happen for a long time yet.

You mention that prices may not fall as far this time, but once government support schemes are withdrawn and the special liquidity scheme are withdrawn in 2014 (300 billion lent on a short term basis to banks for lending), there is nothing to stop prices falling significantly, as they have done in Japan, greece, ireland, spain, portugal. Hoping that prices will go up just because we have had a bit of a dip is foolhardy imho. Prices are still 20-30% over where they were typically before credit got thrown in fistfuls to buyers, now that credit is withdrawn, what will stop prices returning to their more typical values?

lincroft1710

There is an old saying "A bird in the hand is worth 2 in the bush".

You have had an offer that's well within the expected percentage reduction you would have to drop to effect a sale. The buyer(s) may not be around in the autumn. £275K may be an overvaluation anyway.

Tip for appearing on LLL, don't reject properties just because they don't tick all the boxes. Programme makers seem now to enjoy making the housebuyers look like unreasonable, picky @rses.

downshifted

Be sure to bring Wellies and a Brolly...you ARE aware that it rains almost constantly down here??! WHY would you want to move to one of the dampest places in the country? It's nice when the sun shines...but this is rather rare[/QUOTE]


This so made me smile - guess why we are moving from N Devon to Broadstairs next month??!!

When we tell locals we have been renting here for 8 months and have decided to move back East they all say "Is it the weather or is it the distance you need to travel to get anywhere?"

puddy

im sure i read somewhere that the thinking is that the 30% drop will happen in stages,, like 10%, then 10% then the last 10% over the next 5 years or so before slowly working up again

but tha might have been on the 'debate' board so it could be a load of rubbish

but if it was me, i would sell now to that person that offered you 260 and then take your time finding somewhere, maybe rent for 6 months first or something

GDB2222

Why does it matter whether house prices go up or down, if you are buying somewhere else at the same time? Or are you significantly up/downsizing?