Selling - lowering price

Candyapple

wheelz wrote: »

I've been getting offers now.

Did you lower the price to £220k or £200k as the EA suggested then or did you keep it at £230k?

Are you going to accept any of the offers?

wheelz

Candyapple wrote: »

Did you lower the price to £220k or £200k as the EA suggested then or did you keep it at £230k?

Are you going to accept any of the offers?

220k. Offers for 215 and for 220 so far. Repeat viewings now. Fingers crossed. Should have sold a year ago but hey ho.

Yes I'm looking to accept offers. It's not going to get any better in my opinion.

getmore4less

what was it renting for? (or could rent for)

that gross yield can give a floor for value as investors get interested.

wheelz

getmore4less wrote: »

that gross yield can give a floor for value as investors get interested.

Yes already had one.

Crashy_Time

wheelz wrote: »

Yes already had one.

What did they offer?

Crashy_Time

Cakeguts wrote: »

The reason why you are not getting any viewings is because people think that it isn't worth what you are asking and they can get something better somewhere else. Although a flat in the same block sold for more it doesn't follow that yours will. If someone has viewed and told you that it is not worth more than £210 then that is likely to be the view of anyone looking for a flat.

Your flat is only worth what someone will pay you for it not what you think it is worth.

Nah, someone else might have a different price in mind, you can`t generalise like that IMO, although many viewers will be looking to get price reductions nowadays.

wheelz

I've accepted an offer of 217k also got 217.500 but went with the buyer that was first time and no chain, mortgage in place/approved. Having thought about it I think 250 (guide price up to 260 even) never was the right price. It's just what EAs do, unfortunately also what the surveyor for the lease extension did which was kind of my thinking that it would be ok. But seeing similar properties lowering their prices regularly I think getting something around 220 was reasonable. The market where I'm selling is full of one bed properties, people are still buying but they have a lot to choose from, they sometimes come back to remind themselves which is which. Buyer only made one offer and when asked whether she could go up it was no, asking a few days later to see whether we could meet in the middle there somehow was another 2000 so I settled for that, even though I had an offer of 500 more from a couple in a chain. Tenant is already moving stuff out according to the EA as there is less stuff. There you have it from a seller's point of view. Hope it helps people on this forum. My lesson your EA probably estimates your property 20,000 too much at least.... If no offers after a few weeks (I did 6) then lower it. Later in the process I spoke to the director of the EA (it's a small independent) and asked him what he thought realistically I would be able to get he said 220, 225 or 215. Why originally advise me to market for 250 (guide price) then.... Is it to make me feel better, to see that a higher price didn't give me any offers therefore lowering the price was the right thing to do. I don't know, I hate sales people.

dunroving

wheelz wrote: »

I've accepted an offer of 217k also got 217.500 but went with the buyer that was first time and no chain, mortgage in place/approved. Having thought about it I think 250 (guide price up to 260 even) never was the right price. It's just what EAs do, unfortunately also what the surveyor for the lease extension did which was kind of my thinking that it would be ok. But seeing similar properties lowering their prices regularly I think getting something around 220 was reasonable. The market where I'm selling is full of one bed properties, people are still buying but they have a lot to choose from, they sometimes come back to remind themselves which is which. Buyer only made one offer and when asked whether she could go up it was no, asking a few days later to see whether we could meet in the middle there somehow was another 2000 so I settled for that, even though I had an offer of 500 more from a couple in a chain. Tenant is already moving stuff out according to the EA as there is less stuff. There you have it from a seller's point of view. Hope it helps people on this forum. My lesson your EA probably estimates your property 20,000 too much at least.... If no offers after a few weeks (I did 6) then lower it. Later in the process I spoke to the director of the EA (it's a small independent) and asked him what he thought realistically I would be able to get he said 220, 225 or 215. Why originally advise me to market for 250 (guide price) then.... Is it to make me feel better, to see that a higher price didn't give me any offers therefore lowering the price was the right thing to do. I don't know, I hate sales people.

That's where I think the Scottish system is better - you start with a ballpark estimate of the house's value from a surveyor, whose reputation is on the line. If he/she overestimates the value of houses consistently, several buyers will hit problems with the lenders. Also, because the survey is public access, you could potentially track the accuracy of survey valuations against sold prices, also thereby being able to assess the surveyor's accuracy, unlike estate agents.

At least if they aren't exactly right, I gt the feeling they wouldn't be off by 20%, as with your estate agent.

Congratulations on having a buyer - must feel good!

wheelz

dunroving wrote: »

That's where I think the Scottish system is better - you start with a ballpark estimate of the house's value from a surveyor, whose reputation is on the line. If he/she overestimates the value of houses consistently, several buyers will hit problems with the lenders. Also, because the survey is public access, you could potentially track the accuracy of survey valuations against sold prices, also thereby being able to assess the surveyor's accuracy, unlike estate agents.

At least if they aren't exactly right, I gt the feeling they wouldn't be off by 20%, as with your estate agent.

Congratulations on having a buyer - must feel good!

Scotland seems a more sensible country than England. I'm a Brexit victim wanting to move back 'to the continent/Europe' (with Irish partner) and move my money back (they can even freeze your bank account if HO immigration make mistakes) after more than 25 years. Doesn't feel good and will not be easy to find jobs over 50 but it doesn't feel right anymore to stay here, plus I want to look after my parents who are in their early eighties now. Scotland is one of our fall back countries as is Ireland.

Crashy_Time

Sounds like the OP took the sensible route. Well done.