Is it ever worth making a counter offer to buyer?

coldcazzie

Our house has been on the market for 13 months now. Initially on for £128k but now on at £125k. We've had 15 viewings, 2 of which have made offers.

This week we have a second viewing from a couple who viewed in July and made an offer of £105k, which we rejected. When they made the appt for the second viewing they also offered £110k.

Realistically, we can afford to sell for around the £120k mark but not much less, and have already (perhaps foolishly, who knows!) rejected an offer of £116,500.

Is it worth going back to them and saying we'd accept that amount when we reject their current offer? I was always advised not to do that, but we are quite keen to move sooner rather than later. I can't work out if it'd be worthwhile or not...

Hoploz

There's no harm I'd say. The buyer might be at the end of their budget, but such a small difference they might be able to stretch to. It shows you are genuine sellers and want to pull it together.

jbainbridge

To the point - is 120k realistic - if so your counter offer will seem reasonable and they may go for it.

When we put our last house on the market we knew what to expect and what was unrealistic. Are you holding out for a offer that will never happen?

BlaEm

If they've come back for a second viewing some time later and with a higher offer, I'd be thinking that possibly in the interim they have learned that their previous offer was too low (i.e. compared to other properties they've viewed or missed out on), and at the least that they are open to negotiate.

You / EA could tell them - you've rejected an offer higher than they are offering (don't say how much), you were hoping for the full £125k having reduced already but will meet them halfway at £120k...

stator

If you say I'll accept £120k they'll either say no thanks or they'll probably come back at £115 or similar. But there's no harm in doing it. I don't think it matters too much how many offers or counter offers there are, either you'll both find a sum you are happy with or you won't.

PurplePow

Don't say you'll accept 120k, as they'll then 'barter' that amount and offer less. If you say I'll accept '£123k' they might either give up, or offer £120k. Who knows!

ciderboy2009

At the end of the day, the most important thing is what the house is worth - not what you can afford to sell it for.

How much have houses in your neighbourhood been selling for? What are similar houses currently being marketed at?

After 13 months I would have reduced the price by more than £3k if I was seriously looking to sell.

Loopy28

I think you should say you will accept 120k. They might come back with a lower offer but you can just say again that you won't go any lower.

If they walk away then they likely would never have gone up that high anyway.

If I was seriously interested in a house that was on for 125k, I wouldn't expect to get any more than 5k off. If I couldn't afford 120k I wouldn't even have looked at it. The fact they have looked again and upped their offer means they are interested. But it does depend how realistically priced your house is as well and what supply is like in your area.

shireknight

I'm with Loopy28, you've already spent plenty of time bandying prices around and neither of you have reached a compromise so at this point I would simply lay my cards on the table and say you'll accept 120k, at worst you'll now know exactly where you both stand.

coldcazzie

Our EA has been trying to get in touch with the potential buyers since Tuesday morning to tell them we rejected the offer, and to find out what their position is (ie, are they already at the top of their budget). Sadly, they've not managed to get hold of them so I guess we'll just have to see what happens this evening.

Over the last year the average for similar properties in our area is £113,500, but varies from £87k to £176k. Most recent one sold was a very similar house a couple of streets away for £120k in June so no I don't think is too unreasonable.