Want to show this thread to my OH

AfterGlow

I want to show this thread to my other half when he gets home tonight, because I am at the end of my teather with him.

The house has been on the market for around 11 months, 4 months with one agent, one price reduction of 5k, then 25 weeks ago we changed agent and also reduced the price by 5k.

Since being with the new agent we have had 3 viewers, one second viewing and a few people that didnt show up.

The EA was on the phone this morning telling me that we need to think of reducing the price again, they called a month or so ago saying the same thing.

The problem is my partner, he will not reduce the price for love nor money, I think he is in denial as whenever I bring up a price drop he always has a reason why he wont do it. He keeps telling me that he may as well give the house away at this rate.

He paid 84k for it 10 years ago when it was newly built, got it valued at 130k, knocked 10k off it, and the EA wants to knock it down to 110k to get people through the door.

I see it as he will make a profit even getting 110 for it, he sees it as him losing money which I dont understand as he only paid 84 for it!

The plan was for us to buy a smaller house as the one we are in is too big for the two of us, and its getting to the point where we cannot afford to live here anymore, we now know that we will not be able to afford another house so we will be renting when it does sell so we can save up for a while.

Its not helping that his parents keep telling him to hold out for the best price and not to be pressured by the EA to give the house away.

Put it this way, the person that came for the second viewing hinted to our EA that they might put in an offer of 100k, I told my man to rip their hands off for that, he seemed insulted at the thought of 100k. He told the EA to tell them that he would not accept less than 110, they walked away.

Can you all please give him a virtual kick up the backside because Im on the verge of killing him to be honest or am I wrong? should he just wait around for years to get a good price?

richardw

Even if you drop the price you may not get a sale so they can move in before Christmas.

Mallotum_X

Rightmove link?

Sounds like price may be the problem but there could be other factors. At the end of the day somethig is seriously wrong to be up for sale for so log.

twirlypinky

Tell him he'll be lucky to break even, we've just lost 7% on our house, and we're frantically saving to have to money to pay back to the bank when our sale goes through. These are tough times, we need to face facts.

Horizon81

Have come across this a couple of times when viewing houses, but usually when the couple have split up, and only one person is living in the house. The woman wants closure and to move on and sell at a fair price but the man wants to hold out for the peak price, as if that's ever going to happen. Case in point, one house I looked at 16 months ago is still on the market with not so much as a price drop. He's swapped agents - as if that's going to make a difference. If a house hasn't sold in over a year then there's either some sort of serious problem (as said above) or the price is too high/you're refusing decent offers. Saying that, if it's up for 120k, and you'd accept 110k then he's not being too unreasonable at refusing the 100k offer. Why not allow that offer to be made and see if they'll raise it to the 110k you want.

I can understand the need to get as much as you want for the house, but there comes a point when you have to move on with your life and that sounds like the point you are at. All that matters is the cost to change - so negotiate hard on the house you want to buy and it may make the fact he has to accept a bit less on the current house a bit easier to swallow.

Horizon81

twirlypinky wrote: »

Tell him he'll be lucky to break even. These are tough times, we need to face facts.

This is just plain wrong. He paid £84k for it on 2001 which is before the spike in house prices began. I'd expect some healthy profit on a 2001 house price!

ognum

What you need to convince your OH are facts so

Have you checked the land registry for recent sales?

Have you looked at the asking of prices in your area?

Have you checked websites for the price drops in your area?

Post a rightmove link or even your postcode and I am sure someone will help with the stats

It may be that its better to stay than to move

Do a spread sheet of the costs to living where you are

Go on RM and look at the rental costs where you would like to live

Compare council tax costs and the cost of utilities

Work out how much your profit would make per month in a high interest account

In my experience it is very hard to argue when the facts are put out in black and white it will take you some time so you may not have all the information by tonight but at least it will be more than your word against his and you can show the parents too!!!

sonastin

You need some cold hard facts about what is going on in your neighbourhood. Use sites like nethouseprices, mouseprice, zoopla, rightmove, etc or even just the land registry website to find out what similar houses in your area are actually SELLING for - not asking prices or Zoopla valuations but completed sale prices. If there is nothing identical to your house, look through a buyers eyes at what else would be on a shortlist alongside yours and see what they've been selling for. If the Sold prices are up around what he's expecting to get then its probably not an unreasonable expectation on price so you need to work out why people are choosing other properties over yours. If they're selling for a lot less, you've got something concrete to show him which demonstrates why people aren't making the sort of offers he wants.

Then you've got to make a decision. How much do you want/need to move versus how much money he wants to sell for. If he wants a healthy profit which ain't gonna happen in this market, you might as well get used to staying put. If you MUST move, he'll have to adjust his expectations on how much to sell it for. You might come down on different sides of this balance and no one on this forum can advise how to resolve that dilemma!

sugarwalsh

Men can be stubborn - perhaps there is more to it than just getting the full price? Perhaps he doesn't really want to move? I know my other half digs his heels in when there is change a-foot, it can take him a very long time to come around to new ideas etc.

Megan

twirlypinky

Horizon81 wrote: »

This is just plain wrong. He paid £84k for it on 2001 which is before the spike in house prices began. I'd expect some healthy profit on a 2001 house price!

Good point, sorry, didn't spot that. What he said.

MissMotivation

AfterGlow wrote: »

I want to show this thread to my other half when he gets home tonight, because I am at the end of my teather with him.

The house has been on the market for around 11 months, 4 months with one agent, one price reduction of 5k, then 25 weeks ago we changed agent and also reduced the price by 5k.

Since being with the new agent we have had 3 viewers, one second viewing and a few people that didnt show up.

The EA was on the phone this morning telling me that we need to think of reducing the price again, they called a month or so ago saying the same thing.

The problem is my partner, he will not reduce the price for love nor money, I think he is in denial as whenever I bring up a price drop he always has a reason why he wont do it. He keeps telling me that he may as well give the house away at this rate.

He paid 84k for it 10 years ago when it was newly built, got it valued at 130k, knocked 10k off it, and the EA wants to knock it down to 110k to get people through the door.

I see it as he will make a profit even getting 110 for it, he sees it as him losing money which I dont understand as he only paid 84 for it!

The plan was for us to buy a smaller house as the one we are in is too big for the two of us, and its getting to the point where we cannot afford to live here anymore, we now know that we will not be able to afford another house so we will be renting when it does sell so we can save up for a while.

Its not helping that his parents keep telling him to hold out for the best price and not to be pressured by the EA to give the house away.

Put it this way, the person that came for the second viewing hinted to our EA that they might put in an offer of 100k, I told my man to rip their hands off for that, he seemed insulted at the thought of 100k. He told the EA to tell them that he would not accept less than 110, they walked away.

Can you all please give him a virtual kick up the backside because Im on the verge of killing him to be honest or am I wrong? should he just wait around for years to get a good price?

I've highlighted some bits which I think are important.

A 10k reduction in 11 months obviously isn't enough, if you OH isn't prepared to reduce again then I think it would be wise to look at changing agents again. It's probably got a bit stale, as well as the price being too high!

How is your OH "giving the house away"? Even if he only gets back what he pays for it, it isn't giving it away....it's worth what it's worth! Also he hasn't lost any money.....he never had it in the first place.

If you cannot afford to live there anymore then staying there in the hope of selling it at an inflated price is only going to make life more difficult for you. Are his parents prepared to help you out and give you money to live while you "hold out for the best price!

Your OH sounds like a stubborn, short-sighted fool tbh. Even if he had accepted the offer of £100,000 he is still walking away with a profit of £16,000 which considering the market at the moment is pretty good!