AIBU - negotiating offer

Mmarsenal22

Hi ! We put our house on the market three weeks ago. The EA suggested £270k because we had one of the largest gardens for a three bed plot on the development. I was slightly dubious because I thought that was way over inflated. However we agreed to see whether we could possibly get an offer around that price. We had about 15 viewings and not one offer, not even a single second viewing. Fair enough. We then reduced to £260k to which we are still getting viewings, we have had one second viewing and now an offer of £250k. 

My issue is that I am trying to convince my hubby to negotiate with buyer and meet him half way at £255k. Hubby is ADAMANT  the house is worth £260k when it isn’t. He keeps comparing it so house which sold not too long ago for just over £260k. I have gone to look at their house is basically it’s pristine and the garden is not that big or even done up! So I am trying to explain to him that people do not care about gardens as much as he thinks they do. He just will not listen to me. I am now getting very !!!!!! off because I am the one, with an eight month old, making the house spick and span ready the viewings! 

The feedback is that the buyers love the downstairs and the garden but the bedrooms are a bit small, which is true. Therefore, the house just is not worth the £260k! They may over look it if it was less! We finally have a realistic offer and he is just about to turn it down! Am I being unreasonable thinking we will probably be on the market for MONTHS waiting for someone to buy our house at £260k?

TIA 

Octothorpe

If you can still afford to buy the next house by accepting the offer then you should go for it. See if EA can get them to come up a little too.

Mmarsenal22

Octothorpe said:

If you can still afford to buy the next house by accepting the offer then you should go for it. See if EA can get them to come up a little too.

Yes we can definitely afford to! This is what I am trying to get him to do but he wants the £260 😒

Owleyes00

Can we see the house? (I’m just nosey really) but it would be interesting to get an idea of what area you are in etc to say whether this is reasonable.

However I do think a house is ultimately only worth what people will pay for it which in your case seems like £250,000. If you can still afford your next house and you want to move soon then either accept the 250 offer or come back with 255 and settle on 252,500.

Owleyes00

Looks to me like both 250 and 260 are probably reasonable (without knowing anything about individual streets etc). There is a house on for 260 which is arguably worse than yours (only one bathroom and it is downstairs) but perhaps it’s on a nice road. I think my previous comment of try and get a few extra thousand still stands. Yours looks like a very nice house, I would make an offer.

Mmarsenal22

Owleyes00 said:

Looks to me like both 250 and 260 are probably reasonable (without knowing anything about individual streets etc). There is a house on for 260 which is arguably worse than yours (only one bathroom and it is downstairs) but perhaps it’s on a nice road. I think my previous comment of try and get a few extra thousand still stands. Yours looks like a very nice house, I would make an offer.

Well that’s good to know and thank you very much. With so many viewings (30) and one second viewing and one offer, I just don’t know what more we can do. I think to get £260k we have to be lucky to get a person willing to offer the asking price. I wonder whether waiting to see during April when banks start introducing the 95% LTV, we may get a higher offer. 

tink_1983

Your house looks immaculate too! And the garden is a massive selling point especially now since lockdown made people value their outdoor space more.
I see both your points tbh. 
But 10k is a big drop to take when you think how handy that money will be towards the new house.. fees /stamp duty etc 

Mmarsenal22

tink_1983 said:

Your house looks immaculate too! And the garden is a massive selling point especially now since lockdown made people value their outdoor space more.
I see both your points tbh. 
But 10k is a big drop to take when you think how handy that money will be towards the new house.. fees /stamp duty etc 

Thank you for this comment. You are right. We will keep it on a while longer and see what we can get. Hopefully something a little bit more reasonable soon. 

leypt1

Mmarsenal22 said:

tink_1983 said:

Your house looks immaculate too! And the garden is a massive selling point especially now since lockdown made people value their outdoor space more.
I see both your points tbh. 
But 10k is a big drop to take when you think how handy that money will be towards the new house.. fees /stamp duty etc 

Thank you for this comment. You are right. We will keep it on a while longer and see what we can get. Hopefully something a little bit more reasonable soon. 

Have you found your next house yet? Do you have a sense of how much you'll need for fees etc.?

Kaysee24

I would hold out for a bit longer, I'm in Norwich and think that's a reasonable price for your house and you've only been on the market a couple of weeks. A lot of initial viewings are from estate agent mail outs which is different from someone spotting on RM etc.
My worry with this offer is if they're compromising a bit they may keep looking.

Mmarsenal22

leypt1 said:

Mmarsenal22 said:

tink_1983 said:

Your house looks immaculate too! And the garden is a massive selling point especially now since lockdown made people value their outdoor space more.
I see both your points tbh. 
But 10k is a big drop to take when you think how handy that money will be towards the new house.. fees /stamp duty etc 

Thank you for this comment. You are right. We will keep it on a while longer and see what we can get. Hopefully something a little bit more reasonable soon. 

Have you found your next house yet? Do you have a sense of how much you'll need for fees etc.?

The house we are looking at buying has just become re available after being on hold for about two weeks. We have also saved up a fair few thousands ourselves which could be put towards solicitor’s and stamp duty.