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

Crashy_Time

blue_max_3 said:

OK, sounded like you misunderstood as you quoted me. In my case, the buyer will have lost their legal costs and the costs of their buyer if they try to negotiate again. But the place is empty and we are not desperate for the cash. Everyone's situation is different.
In my view, if someone offers less than originally agreed, they can't complain if the seller then accepts a higher offer. 

Very true, but on quite a few of the recent threads people don`t seem to be inundated with buyers?

MobileSaver

Crashy_Time said:

Very true, but on quite a few of the recent threads people don`t seem to be inundated with buyers?

A wild stab in the dark here but do you think the fact that the entire country has been in lockdown for two months might be a factor in that?!?!

Crashy_Time

MobileSaver said:

Crashy_Time said:

Very true, but on quite a few of the recent threads people don`t seem to be inundated with buyers?

A wild stab in the dark here but do you think the fact that the entire country has been in lockdown for two months might be a factor in that?!?!

Not necessarily, at least one of the threads that I remember had been trying to sell for around a year. It will depend where you are in the country, here is some refreshing honesty from one of the biggest bubble towns in the country....
https://www.edinburghnews.scotsman.com/news/people/dj-alexander-edinburghs-biggest-letting-agent-says-2008-crash-tea-party-compared-covid-19-around-15-jobs-be-cut-2856517

Jimeji

We’re putting our house back on the market, after taking it off just before the COVID crisis began as we had no luck. EA insists we go with the same price, as demand is still there! Let’s see how that goes...

abanksee

Jimeji said:

We’re putting our house back on the market, after taking it off just before the COVID crisis began as we had no luck. EA insists we go with the same price, as demand is still there! Let’s see how that goes...

It didn't sell before covid with bo interest, EA is in fantasy land. I think offers will come in but maybe 10-12% lower than asking.

Jimeji

abanksee said:

Jimeji said:

We’re putting our house back on the market, after taking it off just before the COVID crisis began as we had no luck. EA insists we go with the same price, as demand is still there! Let’s see how that goes...

It didn't sell before covid with bo interest, EA is in fantasy land. I think offers will come in but maybe 10-12% lower than asking.

Thanks for your feedback. I’m fine with that, as upsizing and hope to knock 10% off the property we purchase. Hopefully this is a good time to upsize.

abanksee

Jimeji said:

abanksee said:

Jimeji said:

We’re putting our house back on the market, after taking it off just before the COVID crisis began as we had no luck. EA insists we go with the same price, as demand is still there! Let’s see how that goes...

It didn't sell before covid with bo interest, EA is in fantasy land. I think offers will come in but maybe 10-12% lower than asking.

Thanks for your feedback. I’m fine with that, as upsizing and hope to knock 10% off the property we purchase. Hopefully this is a good time to upsize.

On a totally serious note, I would list it for the same too. People will want to knock a percentage off and feel they have a good deal, that would even happen if you dropped it yourself. So you're probably doing the right thing.

I'd question the demand side of what the EA said mind but that's not really important on here.

kautostar84

abanksee said:

Jimeji said:

We’re putting our house back on the market, after taking it off just before the COVID crisis began as we had no luck. EA insists we go with the same price, as demand is still there! Let’s see how that goes...

It didn't sell before covid with bo interest, EA is in fantasy land. I think offers will come in but maybe 10-12% lower than asking.

It's entirely up to you what price you decide to sell at. However, from my recent experience, people are still buying at guide price. We sold our house prior to Covid-19, but this fell through due to buyers personal circumstances. Went back on the market last week, and sold within days at the same price as before Covid-19. So all those who are saying offer 10-12% lower than market value, from my experience, are having a laugh. If someone had offered that on our house, we would have told them where to go.

We were concerned about the current situation, so asked our EA how sale prices have been holding up and they indicated prices haven't really dropped, so stick to your guns and hold out for what you want.

abanksee

kautostar84 said:

abanksee said:

Jimeji said:

We’re putting our house back on the market, after taking it off just before the COVID crisis began as we had no luck. EA insists we go with the same price, as demand is still there! Let’s see how that goes...

It didn't sell before covid with bo interest, EA is in fantasy land. I think offers will come in but maybe 10-12% lower than asking.

It's entirely up to you what price you decide to sell at. However, from my recent experience, people are still buying at guide price. We sold our house prior to Covid-19, but this fell through due to buyers personal circumstances. Went back on the market last week, and sold within days at the same price as before Covid-19. So all those who are saying offer 10-12% lower than market value, from my experience, are having a laugh. If someone had offered that on our house, we would have told them where to go.

We were concerned about the current situation, so asked our EA how sale prices have been holding up and they indicated prices haven't really dropped, so stick to your guns and hold out for what you want.

Of course he would say that though, my friend negotiated 7% off. I raised it with my estate agent too and he offered 4% and said sellers were happy with that. I declined and pushed for 7.5% and it was accepted yesterday.

Job figures out this morning show a 50k increase in the unemployed and this is just the start. The market will have to move at some point.

colink24

abanksee said:

kautostar84 said:

abanksee said:

Jimeji said:

We’re putting our house back on the market, after taking it off just before the COVID crisis began as we had no luck. EA insists we go with the same price, as demand is still there! Let’s see how that goes...

It didn't sell before covid with bo interest, EA is in fantasy land. I think offers will come in but maybe 10-12% lower than asking.

It's entirely up to you what price you decide to sell at. However, from my recent experience, people are still buying at guide price. We sold our house prior to Covid-19, but this fell through due to buyers personal circumstances. Went back on the market last week, and sold within days at the same price as before Covid-19. So all those who are saying offer 10-12% lower than market value, from my experience, are having a laugh. If someone had offered that on our house, we would have told them where to go.

We were concerned about the current situation, so asked our EA how sale prices have been holding up and they indicated prices haven't really dropped, so stick to your guns and hold out for what you want.

Of course he would say that though, my friend negotiated 7% off. I raised it with my estate agent too and he offered 4% and said sellers were happy with that. I declined and pushed for 7.5% and it was accepted yesterday.

Job figures out this morning show a 50k increase in the unemployed and this is just the start. The market will have to move at some point.

Unemployment up, wages down, redundancies on on the rise, every major economy about to go into recession, but yet some people still think the world is the same prior to COVID-19. Fact is, everyone is within their right to tell people to shove if it they dont get the price they think their property is worth, but value is driven by demand, not by some magical number people believe it is worth. The solution is to stay put and ride it out until things improve, or take a lower price. This will be the reality in the coming months.

We purchased our first home in December 2007, by February we had lost 30%. It took 8 years before prices recovered for us to sell at a tiny profit. We were going to buy again earlier this year in, making an offer on the property we rent. Landlord wanted 250k but we will now not offer that, more likely around £200k. I have had a 25% wage reduction through end of 2020, possibly beyond, which means I wont be making the same offer. If the doesnt drop his price, we will buy elsewhere.