Accept low offer now or hold firm? (house on market for 2 weeks)

kissprudence

I've had my house on the market for two weeks at "offers in the region of" £160k. I've had four viewers. The fourth viewers offered low (relative to the value of the property) at £145k. I thought it was the usual haggling and argy bargy that some people seem to like to do and perhaps the agent would be able to get them up to meet me halfway at £153k and I'd have a sale agreed by the end of the week. Not so. They said £145k was the top of their budget and they couldn't afford to offer any more! I'm in a quandary what to do - I don't have any more viewers booked in and market conditions are surely only going to get worse when the redundancies start in the Autumn. Equally, I will be losing money if I sold at £145k as I bought it three years ago at just less than that and I've spent £10k on it in repairs and cosmetic updating. The EA valued it at £165k - £170k so I put it on at £160k hoping for a quick sale. If I had more viewers booked in, I don't even think I would be pondering this quandary but the fact there wasn't been any further interest is worrying me. Houses in my price bracket are getting sold quite quickly in my area. I guess I don't want to wait three months, no-one else offers, I have to reduce the price anyway and then accept even lower than £145k if the bottom falls out of the market. I should add that I don't *need* to move and I wouldn't be devastated if I lived here for another year. Any advice?   

moneysavinghero

If you had been renting you would have spent a lot more than £10,000 over 3 years. So ignore the 10k and think of it as being able to get out at break even. Worse recession in history about to hit and you can get out without a loss - seems like a no brainer to me.

blue_max_3

You need to toughen up and get used to the game. Tell them the offer is too low and you can't sell for that. And let them come on here and ask what to do!

numbercruncher8

What are houses like yours being listed for? Is there any Land Registry data? If you put the Rightmove link maybe people would give more details.

By and large today's value does not really care what you paid for it a few years back, neither will people value cosmetic updates too highly if they are planning to make it how they want.

Two weeks is a bit soon so I'd be inclined to be patient and wait for a better offer. Although if there was a lot of competition it might be different.

You say that you wouldn't mind living there another year, but in the worst case scenario prices may drop quickly and take a while to come back. Would you feel the same living there if it was a longer period, like 4-5 years?

greatcrested

Two weeks is nothing.

But a lot depends how desperate to sell you are.

kissprudence

blue_max_3 said:

You need to toughen up and get used to the game. Tell them the offer is too low and you can't sell for that. And let them come on here and ask what to do!

I have already told them the offer is too low (via the agent). I thought they might make me sweat for a few days and then come back a bit higher. Nope. The agent had to chase them and then the response was "we can't go any higher". I wondered if it was a bluff but that was Monday and it's now Friday and nothing...

RelievedSheff

Two weeks is nothing. If the offer is too low then dont accept it.

There will be other buyers.

blue_max_3

kissprudence said:

blue_max_3 said:

You need to toughen up and get used to the game. Tell them the offer is too low and you can't sell for that. And let them come on here and ask what to do!

I have already told them the offer is too low (via the agent). I thought they might make me sweat for a few days and then come back a bit higher. Nope. The agent had to chase them and then the response was "we can't go any higher". I wondered if it was a bluff but that was Monday and it's now Friday and nothing...

I'm sure they feel confident you'll cave. Obviously I'm not in your position, but you don't HAVE to move, so you can afford to be firm. Unless you are really desperate and then you'll have to do what you need to.

kissprudence

numbercruncher8 said:

What are houses like yours being listed for? Is there any Land Registry data? If you put the Rightmove link maybe people would give more details.

By and large today's value does not really care what you paid for it a few years back, neither will people value cosmetic updates too highly if they are planning to make it how they want.

Two weeks is a bit soon so I'd be inclined to be patient and wait for a better offer. Although if there was a lot of competition it might be different.

You say that you wouldn't mind living there another year, but in the worst case scenario prices may drop quickly and take a while to come back. Would you feel the same living there if it was a longer period, like 4-5 years?

I don't think it would be wise to put the RightMove link on here because if these viewers or their families/friends (anyone they have sent to the link to) see me discussing it then I've given the game away! My house is on for the same price as others in the area with the same amount of bedrooms, standard of interior and outside space. My next door neighbours sold last summer for £160k and it's of a similar standard to mine. I wouldn't want to be here in five years time. I guess in that circumstance that there was a massive price crash then I would rent this house out and rent myself in the area I want to live. Done it before and it was a massive pain in the proverbial but needs must. 

dani17

Unless you need to sell quickly, i think it is better to wait. you got an offer after 2 weeks which is not bad.

AFF8879

I guess it depends on whether you can get a similar discount on the property you are going to buy?

Ultimately, if after selling and purchasing your new place you end up with 1) an affordable mortgage payment, 2) a comfortable remaining length on that mortgage and 3) enough savings to be comfortable then holding out for an extra £15k probably isn’t worth it, depending how desperate you are to move. But I also agree with above comments that 2 weeks is too soon to be worrying about ultimatums.