What am I missing?

jetsetwilly_2

Been to view some houses. Found one that we liked, seemed reasonable price compared to others in the area including those previously sold.

However, looking on Zoopla, seems the place has been on the market for 1 year and has had 4 reductions from £260 down to £240.

If our place had sold we would have made an offer. What are we missing? The house is well priced, big, clean, good schools etc.

Is there something obvious we have overlooked?

If not, what sort of offer should be made? Do you think £220 (with a view of rising to £228) would be way too low given the original price, or maybe they are desperate to get rid so would take lower?

JournalGirl

WHen we bought ours 18 years ago, it had been on the market about two years, price dropped from £140k to £120k (And we got it down to £112500)

And there was absolutely nothing wrong with it - nice big 4 bed house, great location. No idea why it hadn't sold. (Seller was moving because her third child had turned out to be twins, so she wanted an extra bedroom)

jetsetwilly_2

Seems to be no rhyme or reason to prices. Even getting our selling price right. Some on our street sold for a lot more than we are asking, yet they don't look as nice, yet others have been up for sale for ages for various prices.

Wonder whether it is worth making an offer of £220 to test the water. If they agreed, we could knock 10k of our place to move it faster?

Guest101

I'd try 210 or 215, it could be a problem with the survey.

fishpond

Why don't you offer them their asking price?

homeimprovement

you should think according to your budget........

hazyjo

Are you comparing its price to others up for sale, or sold prices? It might still be overpriced... When it was up for £260k, they might well have hung out for offers on or over that - which was extremely unlikely to happen cos of the SD threshold.

They might now realise they won't get around £250k - do you know when they actually dropped to £240k?

Don't offer according to the 'original price' - that was obviously too high and unrealistic.

Don't offer until you have a buyer. It will only make the house seem more attractive to others, plus you're not proceedable and won't be able to do anything until the chain is complete, plus they won't reduce further if they have an offer on the table, and you lose your bargaining power if you do get a low offer on yours which you want to accept. Might even get it for less.

I wouldn't offer such a rounded figure as £220k. Maybe £222k, or £222,500 - something along those lines.

Jx

DaftyDuck

What price to offer? Would they be insulted at £220k, are they desperate to sell? Only way to find out is to make an offer. However...

Hazyjo is right... an offer, particularly a low offer, is far more likely to be accepted and move forward to a successful purchase if your house is under offer at the least. If they accept your offer of (lets say) £226,500 after shilly-shallying around, and you haven't sold, someone else who can proceed will come in at £226,995 (or even £225,000) and get the house. If you are going in low, get your house in a sale first.
hj is also bang right about offering a non-rounded sum; it's far more likely to get accepted, and far less likely to be shunted up much higher. It's psychology - ask Derren Brown for the reasons why I even go for stranger sums.. £222,775, £223,175. It does actually work... "they" have dun research wot proves it... somewhere...

DaftyDuck

fishpond wrote: »

Why don't you offer them their asking price?

I'm on the wrong site... this must be MoneySpendingExpert... :eek:

DaftyDuck

homeimprovement wrote: »

you should think according to your budget........

I feel a spam sandwich heading our way soon...

fishpond

Continued from previous:-
Then offer a lower price once you have the ammunition in your hand.
ie your survey report.