What's your lowest price? How to answer? *updated* We're under offer!

Kayalana99

Desperado99 wrote: »

I'm far too much of a chicken for that

As everyone has said, if it hasn't sold by now, its the price. something to ponder going forward.

No one said that and its complety untrue. Price is always a factor but theirs so much more to consider, location, decor photos....price only matters to what others are selling really..if you have an identical one next door thats 5k cheaper (or even round the corner) then obvouisly your selling to high but as long as your house is priced reasonably to the competition then I would say its possibly something else.

If you dropped 10k of the price today, do you really think it would sell within the week?

Whether or not thats changable i.e location nothing is selling in your area - is another factor altogether.

I would encourge the rightmove link, perhaps people can give you the ideas and thoughts to get it moving. You never know.

Tancred

Desperado99 wrote: »

Hi all,

As some of you already know, our house has been up for sale for some time now (OK, a year, there I said it ) and the last few viewings we're had the same question asked:

"What's the lowest price you would sell for?"

What's the best way to answer this? I don't say the absolute truth as I don't really want to give them that info, I normally give a figure a little above what my lowest price actually is.

Thanks

D

My advice: don't tell them! Why should you? You advertise the house at a given price and it's for them to make an offer. It's not for you to make them an offer.

Ivana_Tinkle

I don't think that's at all a common question for a potential buyer to ask and, to be honest, if you're hearing it repeatedly it would suggest to me that your property is overpriced. (ie what they're really saying is, "Obviously you're not going to get the asking price, so how much are you really after?") Certainly the only times I've asked a similar question it's been because the place is overpriced and I've been trying to gauge whether it's worth even thinking about a lower offer.

MrRee_2

You are only hearing this question because there is a serious problem with your price.

Doesn't make any difefrence if it's a £100k property - if it's £20k over the top then it won't sell and there IS a need to drop the price drastically.

You do have a price problem.

I_have_spoken

TBH, after 12 months I'd be thinking of taking house off the market until next Feb/March.

Everyone who could be interested has seen it hanging about like a bad smell but not been tempted and now the market is entering the doldrums.

Give it 6 months and come back fresh to the market with a realistic price.

TeamLowe

Have you looked at sold prices nearby? A house I viewed in May 2013 was beautiful (i like terraces) but on for 'offers in excess of £85,000. Zoopla showed the last sold price as £94k. So a bargain to be had you'd think

However, in September 2012 the house next door, just as well maintained as you could still see pictures on rightmove, sold for £72k.

So even if they lost £10k I would still have to hope that I could justify to the bank the house being worth £12k more than next door

So I would've asked them, if it was the only house I liked, what they're lowest price was as it was seriously overvalued but I could understand their position so would hope it was a workable figure. But clearly there was no point in offering what I thought it was worth, which would have been around £75k

moneymort

As others have stated, I would respond with 'Whats your best offer?'

Werdnal

I_have_spoken wrote: »

TBH, after 12 months I'd be thinking of taking house off the market until next Feb/March.

Everyone who could be interested has seen it hanging about like a bad smell but not been tempted and now the market is entering the doldrums.

Give it 6 months and come back fresh to the market with a realistic price.

This makes a lot of sense. Unless you have regularly updated the ad photos they will be looking out of date by now, and the market will slow up now as no-one wants to be completing and moving right before Christmas!

Have you stuck with one agent from the start? Sometimes its best to have a break, wipe the slate clean and come back with a fresh new advert, perhaps with another agent. People looking do get tired (and a little suspicious) of the same house cropping up over and over again in their searches. Even the "for sale" board outside the house can give the game away if they are sun-faded or green with algae, that the place has been on the market too long!

As you won't post the link, we can't advise you on decor, presentation etc, so perhaps a whole fresh new start with a shiny new listing after Christmas may be a good idea.

mail2z

By telling the lowest price you are opening yourself to negotiations much lower than that.

Tell the buyer that you are open to offers and see what they are willing to offer. Buyers will not just go about offering much higher than what it is worth.

Get a RICS surveyor to value the property (not EA's valuation) and base your asking prices a little higher than the valuation.

[Deleted User]

What are you planning to do after the sale? If you are buying another house you can tell them that the lowest price depends on what you have to pay and what the bank is offering mortgage-wise. Don't give an actual figure, just explain how you will calculate it, and then the onus is on them to make a good offer that encourages or enables you to move out if they really want to buy.