Is the market that quiet?

Cresswe

Thanks for all your replies.

Not sorry that we rejected the offer which was £14K under as compared to the price that the house next to us actually sold for it was a very cheeky offer. For info ours in on for £160,000 when the house next door sold for £162,000, both are very similar. Looks like they got lucky!

Have looked at all houses in the area that are similar size and standard and some are higher and some are lower but the lower ones not by very much.

I suppose we'll have to wait it out a bit longer and see what happens. If it still doesn't look like things are going to improve we'll move to another agent and see. If still nothing just take it off and sit put for another year.

tyllwyd

Cresswe wrote: »

For info ours in on for £160,000 when the house next door sold for £162,000, both are very similar. Looks like they got lucky!

Are you sure they accepted an offer of £162K or was that the asking price and you don't know the amount accepted? Again, everything depends on the area, but certainly around here asking prices have dropped since April (and our estate agent has made comments about not going too much by asking prices because people are actually accepting much lower offers).

But if you are happy with the price and the photos etc, there isn't much more anyone can do except wait it out.

Cresswe

Yeah they accepted £162K and went through for £161 after survey etc.

Cannon_Fodder

Its ok to reject the first offer. £14k was a little ambitious.

But often the first figure is just put out there to get the ball rolling and come up from, if given some indication of what's really expected.

The problem for buyers is that some vendors stick 10% on top of what they really want, as "taking punt" profit. Which you can often tell, when within a month they've lopped 8% off the price.

While some other vendors say its priced exactly at what they want, but will give in for -2% or so.

How to tell one from the other, requires the vendor to give some hints.

Maybe you would take £5k less, to be able to move on. But if you never hinted at that to them, they might think "oh, he's not prepared to negotiate, we better look elsewhere".

Today's Halifax figures show the third month in a row of price drops - since next door sold. In a year who knows how much further they might have dropped ?

ILW

Cresswe wrote: »

I suppose we'll have to wait it out a bit longer and see what happens. If it still doesn't look like things are going to improve we'll move to another agent and see. If still nothing just take it off and sit put for another year.

It could drop another £20k in a year, things are looking a bit iffy at the moment.

Cresswe

Yeah I know it could sit there but houses on our road and roads near have always sold well so I honestly thought we would be done and dusted by now.

We did go back to the original people that offered and said that we were looking for around the £156K but their max was £150K. Prob wanted to see how desperate we were which we arn't but it's frustrating just waiting.

ILW

Cresswe wrote: »

Yeah I know it could sit there but houses on our road and roads near have always sold well so I honestly thought we would be done and dusted by now.

We did go back to the original people that offered and said that we were looking for around the £156K but their max was £150K. Prob wanted to see how desperate we were which we arn't but it's frustrating just waiting.

If you truly want to sell, seems a bit rash to let them walk away for the sake of £6k. Not much in the long run.

Idiophreak

jonewer wrote: »

Obviously you were wrong to reject the offer. Your house is only worth what someone will pay for it, and if someone offered to pay £14k less than your asking price, then thats what its worth.

Sorry to be blunt, but you dont have an automatic right to make a profit when you sell your house.

Bit of a nasty post, really.

You wouldn't put an item on ebay and accept the first offer because "that's what it's worth". Similarly, it's perfectly reasonable to reject the first offer you get on a house if you think it's worth more.

It was stated in the OP that they were looking to sell at a loss, so it's clear from the outset that OP's looking at damage limitation, not profit.

If you'd bothered to read properly instead of writing your clever little jabs, you could have actually contributed to the discussion.

tyllwyd

jonewer wrote: »

Obviously you were wrong to reject the offer. Your house is only worth what someone will pay for it, and if someone offered to pay £14k less than your asking price, then thats what its worth.

And the logic doesn't hold up - if someone had offered to pay 50p for the house, would that automatically be 'what it was worth'?

ILW

tyllwyd wrote: »

And the logic doesn't hold up - if someone had offered to pay 50p for the house, would that automatically be 'what it was worth'?

If that was the only offer over a period of time, logically, yes.