Rejecting Askin Price Offer

Octothorpe

Okay, don't stone me 🙈

We had our house valued at X to X+15.
We saw other houses on at X+20/25 so agreed with EA to market ours at Offers in region of X.

Had an Open Day 2 weeks after being on market.

Got first time buyers offer X. Have 2nd viewing from another lined up too.

However, 2 houses about a stones throw away with less space and a bit run down were on market for offers over X and X+15. Other houses nearby with a lot less than ours are on at 20k more than ours and are being sold within a week.

We had wanted our open day held straight away but EA couldn't fit it in, hence the 2 week wait. They said they had a waiting list of people to view - it's slim pickings for nice houses in our price range.

But EAs seem to feel job's done as we got 'an asking price offer'. But of course we did as we priced it to encourage bidding!!!
They seem a bit miffed I want them to call up the waiting list and get them to view.

On one side, bird in the hand and all that - on the other, if I sell for a steal and look at land registry down the line and see all these other basic houses got 15k more I'm always going to be pi**ed off!!

We aren't desperate to sell and like our house - have spent a lot doing it up.

I just feel the EAs wanted one easy day to sell it and no incentive to them to push to get the best price.

10k to 15k would make a big difference to us in terms of being able to do work on somewhere new asap as opposed to waiting around. Also everything has increased in price so much, I'd rather sell for less in 6 months but then be able to buy for a lot less too!!!

Thoughts??

JJR45

After 2 weeks on the market and the only offer I would say it is a fair price.
Why market for less if you think it is worth more?

lookstraightahead

If I'd made that asking price offer and then you upped the stakes, I would  just walk. No negotiaton, would be our the door.
first time buyers not in chain. Worth £10k I would say. Your call,

Octothorpe

No one was allowed to view before the open house so first offer from first viewings.

The idea was like how you have offers in excess....wish I'd told them to put it like that not in region of now!

lizabethgell

From an EA pov

ofbwe values your house at X and you said yes that’s fine and got asking price offer. We’d be dead chuffed for you, but If you had put in offers in excess off, we’d then negotiate higher for you if we could. 

If you do want to ruffle feathers and try to get more you are paying you EA a fee for a reason and they should tell you the pros and cons of doing it but in this time of stamp duty etc I would go for CHAIN over price. 

Yea it’s annoying seeing others sell for more etc. But it’s part and parcel.

we have 2 house side by side, very similar one sold 2 months ago for 325 and next door went up 2 months after and sold for 365

what will you do in 2 months if your neighbours sold and got more? Try to up the price again? 

£10-15k is to much of a rise for some people and it’s a risk you need to asses if you want to take and possibly loose your buyers if they fee your greedy 😟

JJR45

Octothorpe said:

No one was allowed to view before the open house so first offer from first viewings.

But Was on the market for 2 weeks so you had 2 weeks worth of viewings in one open day.

With 1 offer, for the asking price you have two choices.
It is better than marketed at £15k higher and no offer.

Octothorpe

Thanks @lizabethgell

Octothorpe

They did 2 hours could have done double that on the day, but couldn't fit it in

JJR45

Octothorpe said:

They did 2 hours could have done double that on the day, but couldn't fit it in

Reject it then, you will only know if it was a good idea or not after you get another offer.
But without 2 offers I can't see how you can push the price up, there is no competition?

Have you got loads more viewings today or tomorrow?

niceguyed

You don't sound like a motivated seller and it sounds like you feel confident you could achieve more. I'm wondering if SDLT has created a bubble where you are and if holding out could see a cooling off just as you are trying to make a premium? You'll know best if that is true in your area. 
I don't think the wording on the listing would have made the difference, it sounds like you're having sellers remorse and FOMO of achieving a better price. 
If you're not happy reject it and up the asking price, otherwise as another poster pointed out you need more than one offer to drive the price up. Just be aware you might get caught out if your buyers valuation downgrades on the accepted offer.  

Capri84

Local EA told me that because at the moment the more saleable houses are in short supply - people are bidding crazy money for them. Like 30k over the home report value. 

Eventually this will run out of steam, as more houses come to market. The EA however said that now some sellers are ‘expecting and holding out’ for these offers and this’ll be their downfall. 

There certainly are houses flying off the shelves with mental offers after 1 day on the market, but I’m also seeing the ones that don’t are now having price reductions as the owners have been greedy and nobody is biting because the houses just aren’t worth it. 

At the moment, up here (Scotland) everything is coming to the market as ‘offers over’ - but that’s not usually the case. EA thinks fixed prices will eventually return. 

I’ll hold onto my hard earnt deposit money and see what happens. No chance I’m panicking and throwing away tens of thousands of quid to some greedy !!!!!! just to make sure none of the other offers can touch mine. 

Easy to secure a house if you just throw common sense and respect for your own money out the window!