Is it reasonable for us to drop our asking price given current climate?

blue_max_3

Crashy_Time said:

I get the first one, dealing with kite flyers in the process of sniffing the coffee beans would be a waste of time for most people, but why does a desperate seller ring alarm bells, something wrong with the house maybe?

Well, why couldn't they get a buyer at a reasonable cost? If it's at rock bottom, which usually means there is a good reason, it probably has a handicap that may not be immediately obvious.

Crashy_Time

blue_max_3 said:

Crashy_Time said:

I get the first one, dealing with kite flyers in the process of sniffing the coffee beans would be a waste of time for most people, but why does a desperate seller ring alarm bells, something wrong with the house maybe?

Well, why couldn't they get a buyer at a reasonable cost? If it's at rock bottom, which usually means there is a good reason, it probably has a handicap that may not be immediately obvious.

Very few sellers are pricing at "rock bottom", most still think living in a house for two or three years guarantees a healthy "uplift", if and when really desperate sellers appear it will be Airbnb/BTL who just can`t make the sums work, that will be the first wave anyway IMO, how much comes later depends on how the general economy pans (no pun intended) out.

blue_max_3

Crashy_Time said:

blue_max_3 said:

Crashy_Time said:

I get the first one, dealing with kite flyers in the process of sniffing the coffee beans would be a waste of time for most people, but why does a desperate seller ring alarm bells, something wrong with the house maybe?

Well, why couldn't they get a buyer at a reasonable cost? If it's at rock bottom, which usually means there is a good reason, it probably has a handicap that may not be immediately obvious.

Very few sellers are pricing at "rock bottom", most still think living in a house for two or three years guarantees a healthy "uplift", if and when really desperate sellers appear it will be Airbnb/BTL who just can`t make the sums work, that will be the first wave anyway IMO, how much comes later depends on how the general economy pans (no pun intended) out.

Well how do you get a very quick sale? I'd suggest making it cheap gives you the best chance.

Crashy_Time

blue_max_3 said:

Crashy_Time said:

blue_max_3 said:

Crashy_Time said:

I get the first one, dealing with kite flyers in the process of sniffing the coffee beans would be a waste of time for most people, but why does a desperate seller ring alarm bells, something wrong with the house maybe?

Well, why couldn't they get a buyer at a reasonable cost? If it's at rock bottom, which usually means there is a good reason, it probably has a handicap that may not be immediately obvious.

Very few sellers are pricing at "rock bottom", most still think living in a house for two or three years guarantees a healthy "uplift", if and when really desperate sellers appear it will be Airbnb/BTL who just can`t make the sums work, that will be the first wave anyway IMO, how much comes later depends on how the general economy pans (no pun intended) out.

Well how do you get a very quick sale? I'd suggest making it cheap gives you the best chance.

I`m saying a majority don`t think they want a quick sale yet, they may have to chase the market down eventually though. A quick play around with PropertyLog should show anyone the delusional and time wasting loop many get stuck in when on the market massively incorrectly priced.

Splatfoot

markin said:

Buyers are demanding huge discounts up to 20% as housing market bursts back into life following coronavirus lockdown

People that read it will be more brave on asking for discounts, So it becomes true.

Yep, and that's the problem with people reading the Mail. I don't want to sell my house to a Mail reader so I should be fine, 😁

Catwales

I found a house in February, 110k asking price, offered 102k, agreed on 103k. This week sent a revised offer of 99500, met at 101k, definitely worth asking. Not a huge discount but still extra. 
I could have gone lower with my offer but I didn't want to be too ballsy as didn't want to lose the house. I'd have lost £1100 in costs from the valuation, survey, searches and the cost of what the solicitor had done so far. This house ticks all my boxes so I felt it'd be daft to miss out

GianBel

edward2113 said:

Just wanted to give my two cents as someone who has tried to ask for a price reduction recently.

We were in the process of purchasing a house in a very desirable area in the SE (started the process back when the coronavirus was considered something that'll never reach Europe). Back then we agreed for a price which was 20% more than the owners had purchased it for in 2017 and started the process.

After a bad survey, a lot of contemplating and reading the news, and with the current situation it mind, we decided to ask for a 4% price reduction, which still meant that in these uncertain times they will be getting 16% more than they've paid for it, which for this house was a considerable sum. 

They came back almost immediately and they said that they'd rather re-list the property as they've had interest from other buyers willing to buy at an even higher price than us, and they are in no rush to sell. The estate agent then said that since the lockdown he's had only 1 purchase fall through due to the buyer being furloughed and he has something like 80 viewings scheduled for when the lockdown is lifted. 

We decided to go ahead with it as we really love the property and we are planning to live there for the foreseeable future so hoping to ride out any price drops. On top of that, it seems like sellers which have "good" properties like this one aren't going to sell at the moment, meaning that if there are any bargains, they will be either for really bad properties or for forced sellers. In turn, this might create a demand for good properties, increasing the amount of bidders for 1 house, thus driving up the price. Many of our friends are currently looking for a house as their jobs haven't been affected by the situation, and they are currently renting so losing money anyway. Of course, this is our logic and it may be wrong, but at the moment it's all very unclear anyways and you have to make a decision either way.

We have sold subject to contract and ended up accepting 12% below asking price (previously accepted 2 offers for asking price, which unfortunately fell through due to a) personal reasons and b) probate taking forever). Guess what? The EA said nothing was moving and they had very little demand. So he advised to go for the offer. They only care about the sale going through and their commission.

blue_max_3

I'm waiting to exchange on a property that we agreed a sale on pre-corona. Agreed at £10k off because it needed work (my late mothers place). The buyer lost their buyer and now have another ready to go. There is 0% chance of them getting a reduction at this point. Would rather mothball the place than reduce. There's two lots of legal fees wasted if they want to play.

abanksee

blue_max_3 said:

I'm waiting to exchange on a property that we agreed a sale on pre-corona. Agreed at £10k off because it needed work (my late mothers place). The buyer lost their buyer and now have another ready to go. There is 0% chance of them getting a reduction at this point. Would rather mothball the place than reduce. There's two lots of legal fees wasted if they want to play.

Its a tough one, I think if you're wanting 2% like others on here then I genuinely wouldnt even bother asking.

My friend pushed for 7% and got it, it was worth doing and he was willing to walk away as you're talking around 25k saved!

blue_max_3

abanksee said:

Its a tough one, I think if you're wanting 2% like others on here then I genuinely wouldnt even bother asking.

My friend pushed for 7% and got it, it was worth doing and he was willing to walk away as you're talking around 25k saved!

I'm a seller, not a buyer. There are no negotiations happening.