Would this help sell our house and is it legal?

geoffky

reheat wrote: »

We are very well aware of how simple it is - already dropped £17K.

Then get it revalued as the estate agent managed to kid you on the first valuation..
It will sell if it is priced right as i see houses that are correctly priced sell in weeks rather than months...;)

reheat

geoffky wrote: »

Then get it revalued as the estate agent managed to kid you on the first valuation..
It will sell if it is priced right as i see houses that are correctly priced sell in weeks rather than months...;)

We did indeed change EA a while back who is definitely more realistic.

geoffky

reheat wrote: »

What if we did something more like some of the EAs advertise, where the vendor pays the buyer a cashback (typically £1000, but we could do £2000) on completion. Maybe some FTBs could could stretch their deposit if they knew £2K of it would only need to be on a short term loan?

Think how much a person has to earn to be able to afford your house and then tell me whether affordability is the problem or a 10% deposit..
People are still of the mindset of where they expect low deposits to come back..They are not for a very very long time and if you look at the figures people are maxed out on debt and are paying back massive amounts..
Does not help you to sell but unless you have a stand-out house or it is what people consider "value" then you are just running with the crowd...
Get ahead of it and move on...

Thrugelmir

reheat wrote: »

But FTBs are finding life very difficult themselves, especially when trying to find a deposit; either finding enough for a deposit at all, or wanting to get past the expensive mortgages that come with low deposits.

Doesn't sound if your property is FTB market then.

googler

FTBs round my way would be buying for half that figure; one-bed flats at £85-90k, possibly a two-bed at up to £120k or so if they're lucky.

Fire_Fox

How can your house be in first time buyer land yet FTBs are finding it difficult to raise a deposit and mortgage so cannot afford the house? That is contradictory and illogical. In a recession people are having to live according to their means, so many FTBs are having to start with cheaper properties than they would like - such as flats and trade up to a house later. IMO you need to think carefully about who your target market is in today's climate, not who it was in 2007. You may find your target market is now a young family who have outgrown their flat.

If you want to post your Rightmove link we can give constructive criticism of the listing. Have you majorly decluttered, spring cleaned, neiutralised any dark or bright paint, finished all those niggly DIY jobs, sorted the garden? Have you researched land registry sold prices for the street and area?

becominganobsessivesaver

There is little chance I would pay more for a house than someone paid for it a couple of years ago, buyers are savvier than they used to be! IMO you need to drop the asking price to 175k and be prepared for offers under that.

moneyistooshorttomention

reheat wrote: »

We bought it for £175K a couple of years back.

Are you in one of the areas of the country where houseprices have stayed static or gone up then? Or have you improved the house - so that it's in an obviously better condition?

I'm saying this because it's not possible to tell whether your house (in very much the same condition as you bought it in) would be worth more/the same or less than the price "a couple of years ago".

In most areas of the country I expect the houseprices to be the same (or lower) as they were in 2007 (all else being equal) as I have tracked prices and it's now usually the case that houses increased in value in large leaps per year steadily until 2007 and then started falling. Hence I know I won't be paying more than the 2007 price for any house I go for unless a lot of work has been done on it.

spenceeyftb

Not quite sure how 180k is FTB property? Unless they are yet to earn a property and on good money.

DRP

googler wrote: »

FTBs round my way would be buying for half that figure; one-bed flats at £85-90k, possibly a two-bed at up to £120k or so if they're lucky.

Fire_Fox wrote: »

How can your house be in first time buyer land yet FTBs are finding it difficult to raise a deposit and mortgage so cannot afford the house? That is contradictory and illogical. //snip

spenceeyftb wrote: »

Not quite sure how 180k is FTB property? Unless they are yet to earn a property and on good money.

I think there is plenty of room in that market for FTBs.

My own property and the one opposite both sold at 200+ within 2-3 months to FTBs (and I'm not talking london here).

Clearly the number of potential buyers is reduced the higher you go in price, but the right house , presented correctly will go for a fair bit more than 2007/8 in my area.

OP - willingness to be sensible on price will go a lot further to convince potential buyers than dodgy-sounding cashback schemes!