Is The Price Right?

lizzymoon

Hello. Some advice desperately needed here as to the sale price of my home.
Was about to put my flat on the market this week for £129000. A good price I thought going by zoopla and other sites. It’s in a good area and has a sea view. There hasn’t been any flats sold in the same road for a while...until this week! A very similar property to mine in the same block with the same space has gone on the market for £125000!
The lowest I can drop to is £128000 but that’s it as a minimum due to outstanding commitments and debt. I’m not even moving to a new place as I’m going back to my mum’s!
What should I do? Wait a month and put my property up at my price as I’d expect the other property to sell quite quickly. I know that it’s a buyer’s market and all that but I’m also in no hurry to sell as I can wait at least 4 or 5 months. Any other advice? Thank you!

Cannon_Fodder

First. Don't use Zoopla. Get in 3 Estate agents, and find the middle ground of their estimations. Explain if the cause is urgent, so they price realistically.

Second. In January, you had a £113k (or was it £118k?) mortgage and no other finance. Why the insistence on £128k?

Sell for £125k and pocket the change. Result!?

Fire_Fox

If the lowest you can drop to is £128K then £129K is too low for an asking price, so I suspect you cannot afford to sell in the current market without keeping some of you existing debt. Which is cheaper overall - selling fast at £120K, moving to your mums to reduce your outgoings and paying off the debt quickly OR selling slow at £128K and having an ongoing commitment in terms of mortgage, service charges, buildings insurance and household bills? What happens after four to five months, do your finances start looking hairy?

Blacksheep1979

if there are two similar products and one is cheaper guess what the punters will buy....

maya+2

the other seller probably put it on for that price after seeing yours was on for 129 so they would be able to sell theres faster, if you can't go any lower you cant compete, people may well view both houses and put an offer beneath 125000 on both to see who will accept the lowest offer.

Running_Horse

Zoopla is rubbish.

Zoopla is rubbish.

Zoopla is rubbish.

There, that's the three quotes you should have got from EAs.

If you really can't go any lower, what's the harm in being on the market anyway? The other place sells, and you then get interest from those who missed out. The only worry is your lowest selling price is too near your asking price.