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

sirmosh

A lot of people will always offer below the asking price and will never be happy to buy a house without getting some money off. That said there definitely are people out there who will pay the asking price for a house if they really love it so your only hope is that one of those people feel that way about your house.

With so many properties available to buyers and not a huge amount of competition most people will feel there is no need to buy a house unless they get a good deal as there's almost always a decent alternative where there is more room to negotiate.

tyllwyd

My OH's friend used to be a salesman and the advice he gave to my OH was when you are selling, decide what it is worth to you and set your price and stick to it. It doesn't quite work with house selling because you do have to react to changes in the market, but its not a bad principle to keep in mind - if you honestly think that in your local market, your house is worth at least £125K, then that's your price. If you are desperate to move and agreeing a quick sale is the most important thing, obviously a low offer is better than nothing, but don't accept if your instinct is that you are making a bad bargin.

MrRee_2

If it was worth £140k someone will pay that ..... if £130k then that will come along ...... you have two offers on the table, I wouldn't sniff at it.

It's all about deals - get £13k OFF the next place and let yours go for £117k ..... it's all relative and purely business .. people forget this and place emotions on the transaction.

Treat it as a business deal and everyone is happy ....

pimento

Your idea of scary decor might be my idea of wonderful.

justjohn

moneybunny123 wrote: »

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

Zoopla suxs sometimes....our house was bought for 200,000 (4 years ago) valued at 250,000 2 years ago by EA. Zoopla reckons its worth 600,000 (i wish) actual value is probably still 250,000

sonastin

Don't forget the stamp-duty threshold at £125k. The only people you'll get considering offering above that while you're asking price is so close are FTBs. Downsizers, recently divorceds, getting-back-on-the-property-ladder-purchasers will all max their offers at £125k so that they don't have to pay SDLT. Those offers ain't bad starting points to negotiate up to £125k so don't be offended by them. Just make sure that the EA makes it clear that there is no room to negotiate below that threshold (if that is the lowest you're prepared to go).

moneybunny123

pimento wrote: »

Your idea of scary decor might be my idea of wonderful.

Of course, I agree. But if your idea of wonderful is old fashioned flowery wallpaper in a modern bathroom, then the house down the road that sold would have been just the house for you. (And before anybody suggests that flowery wallpaper is en vogue at the moment - yes, I realise, and there are many lovely ones out there - but this was hideous and really looked as though they'd used a yellowing old roll found in their granny's attic). And not only that, WHO wallpapers a family bathroom?! Especially in a house perfect for young families. My two year old would have it peeling off the wall with all his splashing in no time!

klolav

If the new build company were willing to part ex at £140,000 surely that shows it is worth somewhere close to that? If you want to post a rightmove link people will take a look and comment for you.
Good luck with selling, hopefully the first 2 offers you receive will both increase their offers anyway! Best of luck

moneybunny123

sonastin wrote: »

Don't forget the stamp-duty threshold at £125k. The only people you'll get considering offering above that while you're asking price is so close are FTBs. Downsizers, recently divorceds, getting-back-on-the-property-ladder-purchasers will all max their offers at £125k so that they don't have to pay SDLT. Those offers ain't bad starting points to negotiate up to £125k so don't be offended by them. Just make sure that the EA makes it clear that there is no room to negotiate below that threshold (if that is the lowest you're prepared to go).

Yes, I realise this. Hence why it's priced at £129k - knowing full well that we'll likely get knocked down to £125k (which we'd happily accept if the house we want is still available). Our second offer was from a couple of FTBs.

I think some are missing my point on here. If our house had been on the market for a few months and not had a viewing or had viewings but no offers, you'd be telling me it was overpriced. To have two viewings and two offers, some would suggest it's clearly priced to attract people, and decorated to attract offers. But when those offers are £13-£15k off the mark, this is a HUGE margin for a house that is already sensibly priced. To get £13-15k off a house twice the price to begin with is expected, I agree.

As others have said, I have to market it (and ultimately sell) for what I think is fair and knock it off our next house. However, I think £129k is more than fair (although I know I'll be lucky to get FAP - especially in this market and at this time of year). But I still can't help thinking that someone will be getting a bargain. I happily paid £152k and TBH, I still think it's worth not a great deal under that. But we DO want to sell and so have priced it as such.

moneybunny123

klolav wrote: »

If the new build company were willing to part ex at £140,000 surely that shows it is worth somewhere close to that? If you want to post a rightmove link people will take a look and comment for you.
Good luck with selling, hopefully the first 2 offers you receive will both increase their offers anyway! Best of luck

Exactly! That's what we believe too. And the builders were under no obligation to offer us close to this as we'd already agreed to buy a newbuild and were considering selling our house by ourselves, or even renting it out again. After some consideration, we decided we didn't want to do either and asked if they'd consider taking it off us in a PX. Now remember they already had a sale out of us, and didn't need to do the PX - so to offer us £140k was generous to say the least.