What should we do?

rilou81

Hey

Bit of advice needed as we have a meeting with our EA tommorrow.

Our house is for sale at £109'950. Which is a good price for our area as they are on between £120'000 - £90'000 for very run down houses.

Our situation is changing drastically from the end of Feb and we are leaving to move 1.5 hours drive away. This is happening with or without selling our home, but if we don't sell we will have to stay with family until we do. Not ideal for two 30 year olds who want to start a family!

Idea was to wait an average the area is taking to sell and we would accept a minimum of £98'0000 offer on the £109'950 asking price.

We are now going to drop the price from tommorow, but are nmot sure what to do?
Option 1 -Drop it 5K to 105K and poss offer a gifted 5% for FTB or
Option 2 -drop to offers over 100K, but we are aware people are offering up to 10% below asking which is far too low and the house is worth more.

Decisions, decisions, any ideas?? x

nearlyrich

The house is only worth what someone is willing to pay and if you need a quick sale you must be prepared to be reasonable in your expectations, if you don't sell before you move away it will cost you to keep checking on the property etc.

rilou81

IT wont cost us anymore than it does now as we will be coming home at the weekend regardless until it sells.

I know its only worth what people will pay and I think 12K under the current asking price is a HUGE drop to accept, we just dont want to wait the average 8 months its taking in our area, hence the question. Even this is a good asking price as the ones simlar to ours are selling at over 115K. Also now I think buyers just offer X amount below because they can and its not always what they think its worth.

We will rent it out if we have to, although thats plan B and a whole other question : )

Just want to know which option people would go for xx

hazyjo

You need to check the prices of what houses have sold for - not what they're on for. Two entirely different sets of figures...

People don't generally like to see 'offers over' (presuming you're not in Scotland) so I'd avoid that.

Think there can be other complications with gifted deposits but no expert so someone will no doubt be along to help, or search it on this forum.

How long has it been on the market already?

Is there really any point in dropping it tomorrow... surely wait until January? Barely anything's been happening over the last couple of weeks or so, and a lot of people are hanging on until the New Year now.

Sorry, but you can't say 'the house is worth more' then say 'I know its only worth what people will pay'. Well, you can, but surely it's contradictory? If it's not sold, it's priced too high. I'd stay at the same price until mid-Jan and, if no offers or viewings, drop the price. If you went for something like £103k, I can't see it making much difference as people would have been offering that if they wanted it, despite it being up for more before - personally, I'd go to £100k (dead on) so at least you hit two pricing brackets on rightmove.

Might mean you have to take less than you wanted though - but if you wait any longer, you could end up losing a whole lot more. Swings and roundabouts. Depends how much time you want to spend marketing your property. (By the sounds of it, not a lot, in which case I'd try for the quick sale. If you don't get an offer in a month or so at that price, maybe rent it out, but be prepared to hang on to it for a few years until prices go up.)

Jx

rilou81

Thanks for your post.

I know what they are selling for in the area, I have been religiously watching for the past 6 months, we are still cheaper than most that have gone through.

House has only been on for 9 weeks and we were told it had already slowed down hughly when we put it up. We never had intentions for a quick sale but life happens and its where we are at.
Not meaning to be contradictory and can see that could look like it. I just mean I am aware its worth what a buyer is willing to pay as we are also buyers and looking and I too have limits on that side of things, but with regards to what price we sell for, I will not give my house away and will rent it our before doing that, yes long term if we have to. I feel the house would have no trouble selling at the price its currently on if we waited for people to start looking again, spring etc.... but we don't want to wait that long, catch 22! I see so many houses with drastically dropped prives as the sellers are in a chain and need a quick sale so price is well under all the others, although thats great for the buyer in me its not for the seller, luckily we are not in that position.

Plan was to wait until Jan but our op is tommorrow and think a few days makes no difference, hubby may want to wait until jan to do it though, we will see tommorrow what they advice.

Thanks x