Selling House Brexit - Accept a lowball offer or hold-out?

lisyloo

Crashy_Time wrote: »

And the alternative will be what? How do they avoid the political turmoil that will ensue causing even more volatility and uncertainty? There is no such thing as "No Deal", you don`t honestly think that we are going to stop trading do you? There will be much more turmoil in the EZ come May anyway, and it is global economic/credit conditions that ultimately affect house prices.

Not everyone is putting their lives on hold.

There will always be issues, we had aids in 80s when I remember being told in 2 years time we’d all know someone who’d died from it (didnt happen), we had y2k (didn’t happen), swine flu, bird flu, Ebola, financial crash (did happen), 9/11 etc. but most people buy property for the long term and get on with their lives.

If the beneficiaries all agree to take a haircut all well and good but that seems premature given that a spring bounce is just around the corner.

Although this isn’t a brexit thread I think we’ll be staying in medium term as no deal is rejected by parliament and extension is denied by eu. There will be a collective sigh of relief from businesses and markets. Then the election/reference/brexit deal will carry on in the background but meantime people and businesses can get on with their lives in the short term.

I can see why it isn’t worth waiting another 6 weeks, but beneficiaries should be consulted.

I would also look at changing agents if they aren’t doing a good job and it doesn’t sound like they are to me.

Carrie_bie

I agree that not everyone is putting their lives on hold. There will always be reasons for sellers to sell, and buyers to buy; death, probate and divorce aren't dependent on Brexit.

We're currently in the process of buying a house where the elderly lady needs to downsize. Brexit wasn't a factor in our decision as we'd been looking for about 18 months. Originally the house was well out of our price range and when I told the estate agents I really liked it, they said it wasn't even worth our while going to view it as our budget would not have been accepted. Two months later they called us up asking if we were still interested...

If after several months on the market you haven't had any offers in the region that you're hoping for, I'd suggest that it's probably overpriced. Sorry
Have a look at what similar properties in the local area are selling for and try to be objective.

We sold our last house in November 18 and had originally overpriced it for the first 5 months. We only had 2 viewings in that period, and finally had to accept that it wasn't worth what we were hoping for. As soon as we lowered the price by £40K we had more viewings and finally it sold within 6 weeks.

As a buyer, I'm wary of properties that have been on the market for over a year. It makes me wonder what I'm yet to find out about the house or the attitude of the seller! Some of the houses we saw had been on the market for 2/3 years! If that isn't a clear message about the value I don't know what is?!?

Edited to add: The spring bounce is a bonafide thing, so maybe wait for that. Last year loads of the houses in our target area went under offer within a week of the sun coming out! It was frankly amazing to watch. I honestly think the weather will have a bigger impact than Brexit....

ModernSlave

Have you been monitoring the market? Do you know what other similar properties are selling for? Is the house really worth the asking or did the agent overstate it to win your business? I thought for estate sales at least 3 valuations were required.

You can ask what else the agent has sold and what percentage discount they went for.

Is the property unique or are there many others like it lingering on the market?

Many house buyers start searching around Easter. Have you had it on all winter? Does it need a rest (take it off and then relaunch)?

Are you under any pressure from the estate beneficiaries to sell or can you take as long as you need? What are the on-going costs that are accruing to the property?

How long are properties in that area of Horsham generally taking to sell?

The more information you have the better you will be able to make an informed decision.

51mm5

Crashy_Time wrote: »

And the alternative will be what? How do they avoid the political turmoil that will ensue causing even more volatility and uncertainty? There is no such thing as "No Deal", you don`t honestly think that we are going to stop trading do you? There will be much more turmoil in the EZ come May anyway, and it is global economic/credit conditions that ultimately affect house prices.

Yawn, you being saying the same thing for years. Houses will always be sold and bought regardless of economic conditions.

If I was the OP if you could afford to hang on to sell for more then do so. Overwise take the money and run.

jimbog

Crashy_Time wrote: »

you don`t honestly think that we are going to stop trading do you?

Very true. Houses will continue to be traded.

Crashy_Time

51mm5 wrote: »

Yawn, you being saying the same thing for years. Houses will always be sold and bought regardless of economic conditions.

If I was the OP if you could afford to hang on to sell for more then do so. Overwise take the money and run.

That`s right, but not at any price. In this case the potential buyer wants to knock 60k off the price.

Thrugelmir

If £475k was too high, and it's only recently been reduced to £450k. Wait for a few more weeks. Market does pick up in the spring. Chains take time to form. Might be interested parties that are dependent on selling their own properties.

Crashy_Time

https://www.dailymail.co.uk/money/mortgageshome/article-6804345/amp/Another-mortgage-lender-closes-doors-investors-fright.html

jimbog

Crashy_Time wrote: »

https://www.dailymail.co.uk/money/mortgageshome/article-6804345/amp/Another-mortgage-lender-closes-doors-investors-fright.html

From your link:

This month, average house prices have been .... 0.4 per cent higher than they were this time a year ago.

lisyloo

Crashy_Time wrote: »

That`s right, but not at any price. In this case the potential buyer wants to knock 60k off the price.

There are always people willing to buy for less...always...

The right buyer doesn’t always come along straight away.
Houses are not liquid - something we DO agree on.