It's starting to feel like lowering the price was the wrong thing to do....

moneybunny123

Our house (that we used to rent out, but moved back in to do it up and sell) was recently valued by FIVE different agents at £145k. They all said advertise it at £140k and it would fly off the shelf.

We originally marketed it for £145k, but only for a fortnight as we got offered £140k for a part-ex on a new build.

After deciding against the PX (partly because we saw another house we loved even more) we decided to re-market the house but to try and sell it quickly, we put it on at £129,950.

In almost two weeks that it's been on the market, we've had two viewings and two offers. One offer at £115k and another at £117k. It just feels like they're taking the mick! We've already knocked 10% off the original valuations of £145k and now they're trying to knock even more off!

I bought the house 6 years ago for £152k and have easily spent £10k on it (fire, carpets, landscaped gardens, etc). Even at £129k I think someone's getting a bargain, and we'd probably let it go for even less - but £117k!!?? Does everyone really expect to get 8-10% off the asking price? Even when it's already priced very fairly? If so, we should have just kept it on at £140k.

VERY frustrated as the house we want wont be around forever....

Gromitt

People will hardly ever pay the asking price. Doesn't matter if your house was on for £99,950 people will always offer you less (£90 - £95K perhaps)

If you wanted to sell for 130K, you should have it on the market for £139,950, then the buyer thinks they are getting a bargain when you accept 130K.

Saying that, leave it a while and the people really interested will offer more.

moneybunny123

Don't get me wrong, I don't expect t get the asking price for it (though it'd be nice!) but I did expect to get on or just under 125k for it. It's in immaculate condition, knocks spots off comparibles (sold and for sale in the area) and is only on at that price because we are serious sellers. We just need a serious buyer now...

Caveat_Mortgagor

The agents dont tell you what they think it will sell for, they tell you a number that they believe will win the instruction. As such you can discount their figures - the only relevance those figures have is that you can guarantee the actual selling price will be lower.

You have two would be buyers offering very similar amounts.

The £10k you've spent sounds like money spent on personalising the property - landscaped gardens and new carpets arent generally considered to be improvements that will increase the price - unless you watch re-runs of property programmes from around the time you bought!

You havent mentioned in this thread what other similar properties in your street are selling for. Dont be offended at this suggestion, but did you get the house for a good price when you bought? If you overpaid then - it will only be driven home now and may be why they are offering so much less than you paid.

Has your agent tried to get the two bidders to compete against each other?

Might be worth agent telling them that they have rival bidders and the first to offer £125k wins - see how that goes.

Good luck!

moneybunny123

I suppose my point about the money spent is that newbuilds in the area (with whom my house competes) will also need this sort of money spending on it eventually. On mine, the work's been done. Two identical properties to mine (but not as nice - smaller plots, scary decor) have both sold very recently - one at 125k, the other was for sale for 149k so not sure yet what it ACTUALLY went for. I realise that EA's overvalue but we did ask them all to give us realistic asking prices and they all said exactly the same figure. I bought the house for 152k which was around the same price as others went for. Some went for slightly less, but as I said, they have smaller gardens, etc.

As far as I'm aware, the first offer came from a couple saying that's all they felt it was worth (they want a buy-to-let investment) and the second couple told the EA "well, we're knocking 10% off straight away as that's what my mortgage advisor told me to do". It may sound like I'm being biased, but there is nothing that comes close to it locally for price, finish, size and appeal. But it seems like some people want something for nothing!

G_M

Ignore the price the EA tells you - as said above, they just want your business.

And ignore what they tell you the people offering are saying - again, the EA just wants you to accept so they get their commission.

Only YOU can decide
a) what you think it's worth and
b) what you're willing to sell for
c) which depends to some extent how much of a hurry you're in.

If you want/need/expect more, just decline the offers and say you want more.

Mrs_Z

Well, look at it positively - you have had 2 offers. Not 1 but 2. That means that your house is priced to sell. Ok, the offers are low but they are offers. You do not have to accept them - I don't think anyone expects their first offer to be accepted, it's a starting point for negotiations (certainly in my view). There's nothing to stop you getting back to the Estate Agenent with a message that you'll sell it to the first person that offers you £125k if that's the price you're willing to accept. To offer 8-10% below asking price is entirely reasonable in my view - what's the worst that can happen? The vendor says 'no'.

ILW

If you are sure it's worth £125k, put it up for that with "no offers".

moneybunny123

I know it's not very accurate but Zoopla estimate the value of my home to be £147k

moneybunny123

aswyq wrote: »

Can u post any detailed guide or any further info? suitslake.com

For what reason? Are you in the market to buy?

Norman_Castle

Quote:
Originally Posted by aswyq
Can u post any detailed guide or any further info? suitslake.com

For what reason? Are you in the market to buy?

Or are you spamily promoting your website?