Selling house, getting low offers

MrsRobbo17

Hi,

Our house has been on the market 4 weeks. In that time we've had 5 appointments... 2 no shows, 1 left no feedback and 2 made offers which were too low.

House is on for OIRO £105000. The offers we have had were £97.5k rising to £99k and this morning we had (and rejected) £90k.

I bought the house 4 years ago for £95k and have done a fair amount of improvements.

What does anyone suggest? Just keep waiting or should we change how we market it to Offers in Excess of £100k?

Thanks!

Dan-Dan

Still early days , the spring boom has a month or so to run......but still , its all going to depend on other properties of similar size etc etc in your area as to what it`ll eventually sell for , you could be on the market a year and still not achieve higher than a 97.5 offer.....bear in mind , your idea of improvments dont automatically = any real increase in value

19lottie82

£99 k is in the region of £105 k IMO, are you really going to knock back a sale for the sake of £1000?

christopher1977

MrsRobbo17 wrote: »

Hi,

Our house has been on the market 4 weeks. In that time we've had 5 appointments... 2 no shows, 1 left no feedback and 2 made offers which were too low.

House is on for OIRO £105000. The offers we have had were £97.5k rising to £99k and this morning we had (and rejected) £90k.

I bought the house 4 years ago for £95k and have done a fair amount of improvements.

What does anyone suggest? Just keep waiting or should we change how we market it to Offers in Excess of £100k?

Thanks!

99k is a very generous offer. I would have accepted it. Could be a long time before someone offers that much again.

motherofstudents

If I offered £99k on a house priced at £105k I would think that was a good offer. Of course you can hold out to see if you get a bit more but sometimes it's better to get on with the sale. You need to decide on whether to take an offer, not just on the amount but on the proceedability of the buyers.

moneyistooshorttomention

What part of the country are you in?

I have just got out my calculator and an offer I turned down on my house was the same percentage of the asking price as you have been offered and a couple of posters are describing as "very generous" or "good".

I deemed it too low and so did my EA.

If it takes a bit longer...then it takes a bit longer....

So far today 1 viewer in and another one to turn up later and I am still awaiting a final verdict from a "Likely" who wants to check out a few more houses yet before making a decision.

If I were in a slower part of the country, however, I may have taken that percentage - but in my part of the country I should be able to get a more realistic offer than that.

EDIT: I have had a house in this area quoted to me in last few days as having had 2 silly offers and an offer with unrealistic terms - but vendor got offered the asking price and no strings attached eventually...

mildredalien

The amount you paid for the house and the work you've done is irrelevant I think - what really matters is what it's worth NOW. It could be worth £105k, but that depends on so many things! What are similar houses in your street/area going for?

Ms_Chocaholic

What do you think offers in the region of £105k is

Thrugelmir

MrsRobbo17 wrote: »

I bought the house 4 years ago for £95k and have done a fair amount of improvements.

Some improvements are little more than maintenance. Which every property requires.

Your choice of decor, fittings, colour of bathroom units may not be to every buyers taste.

Wouldn't describe a £99k offer as low either.

moneyistooshorttomention

Ms_Chocaholic wrote: »

What do you think offers in the region of £105k is

That did rather leave it open to people to interpret whichever way they wanted...

I'm not a buyer interpreting it in a way that would suit me personally (ie a very "generous" interpretation of "in the region of"). Hence my objective outsider take of "in the region of £105k" is £103k-£107k. I would say that if OP was prepared to consider less than £100k then she would have said "in the region of £95,000" or "in the region of £100,000".

WestonDave

Frankly people expect to get a house for less than the price shown - if you are marketing at OIRO £105k, and get one for £99k then that is probably as good as it will get. I'll stand corrected if needs be, but a house on the market at £105k is not in one of the property hotspots where prices have risen since 2008, so if you paid £95k for it, and get offered £99k I'd personally have taken it as being around 5% below asking price.