Seller increases asking price after 10 months when they have caused the delay in exchange!

TheJP

YoungBlueEyes said:

I agree with that.

When we were selling, our buyers asked all kinds of questions. Some of which (I realise from reading this forum) would have sent some people over the edge. As we were totally inexperienced as sellers we agreed.

EG He wanted to know what was above the ceiling tiles in the lounge :-
Him - Can i take one down and have a look?
Me - I spose so but I haven't got a ladder.
Him - I've one in my van. Would you mind?
Me - Not at all no.

On a different viewing whilst he was measuring up :-
Her - Would you mind showing us how the heating works?
Me - Not at all. I'll switch it on so you can see how quick it all warms up.
Her - That'd be great, I didn't like to ask!
This was on an afternoon when it was 30 odd degrees outside...

They (him + her + 2 wee girls complete with dolls) knocked on the door unannounced fairly early one Sunday morning.
Her - Sorry to come round without an appt but the EA is shut and we were in the area. The girls want to pick their bedrooms so the dollies can see where they'll be sleeping. We'll only be a few minutes, please.
Me - Aye no bother. 

Beyond the beyonds my mother would have called it. I didn't mind a bit because we were serious sellers!

I agree with all of this apart from the unannounced visit at the weekend. If they turned up to me unannounced whilst juggling two young children i wouldn't be happy, the girls can pick their rooms when they move in as @TripleH says they played the emotional card here. 

BV88

Hi,

Just to provide you with a small update. The vendors re-listed the property on Rightmove on 22nd Feb with an asking price of £500,000. As of today, March 5th, it is not showing as SSTC.

Back in the spring of 2021 properties where we are were going to best and final within the first few days of listing, which was the environment we made our full ask offer of £475k.

The property now has competition, it is a 4 bed detached bungalow and on the same street there is now a 2 bed detached bungalow for sale with an asking price of £375k (Listed on 8th Feb) and a 4 bedroom detached house with an asking price at £495k, neither is sold. Within nearby streets there is also available a 3 bed bungalow for £410k and a 5 bed fully modernised bungalow for £460k. The vendors property has not been updated for at least 25/30 years inside. 

During the pandemic I set my Rightmove search to detached, semi detached and bungalows with ‘this area only’, excluding SSTC and on average it would return 24 to 30 results. Today the same search gives 69 results! 

We have not found anywhere yet but we intend to do viewings when we return to the U.K. for a few weeks in May.

UnderOffer

Is it with the same agent?  

GDB2222

Which area is that? There was a boom in some areas during work from home, and that seems to be reversing. 

jenni_fer

Where we are, added on 22nd probably means a viewing day today so I wouldn't write it off as not selling just yet. 

Flugelhorn

looks like some good options for you if you want to stay in that area

BV88

It’s a semi rural coastal town approximately 3 hours drive from London with blue flag beaches. Since COVID it’s been on a number of ‘top places to work from home’, ‘biggest rise in house prices in coastal areas’ etc. type articles which went to vendor and EA’s heads! There was always ‘London money’ buying last year according to the EA’s.

No inference it won’t sell just an observation of fact. Of 27 properties listed since 22nd Feb only 2 are SSTC. This is totally normal for our area pre-Covid but quite different to the sealed bids by end of day situation of last year. However full ask offers were also not normal pre-covid. Vendor has ditched us, a chain free buyer that was ready to exchange and it’s increasingly looking like a bet that is not paying off, especially as more competition comes on everyday. 

Speaking to family and friends still living in the area the prevailing view is the Covid boom is over and cash in now while you can. The average salary where we are is £26.7k and average house price over the last year is £318k. That’s an almost 12x salary to house price ratio. In fact it’s all rather sad, we are in our early 30’s and many of our friends who grew up in the area plus my sister and brother in law have all given up ever buying in the area, it’s just become unaffordable. 

My grandparents have a beautiful home in the town which they could afford on a single earner salary who was an electrician. My sister is a teacher and brother in law a police officer, with no help from ‘the bank of mum and dad’. Increasingly our area is becoming the preserve of wealthy retirees, second home owners and upper middle class professionals. I know it’s already the case in many parts of the U.K. so nothing to complain about. 

getmore4less

Pretty easy to find...... I think,  if it is right

that 4 bed house has a history of price drops

22/10/2021	Price changed from £510,000 to £495,000
15/07/2021	Price changed from £525,000 to £510,000
08/06/2021	Initial entry found: £525,000

Looking at the area and doing the table for "for sale SSTC".

postcode +5m

days	total	for sale	SSTC	%SSTC
all	361	123	238	65.93%
14	54	44	10	18.52%
7	29	29	0	0.00%
7-14	25	15	10	40.00%

Stuff seems to go in the second week on with a 40% hit last week

Flugelhorn

getmore4less said:

Pretty easy to find...... I think,  if it is right

that 4 bed house has a history of price drops

22/10/2021	Price changed from £510,000 to £495,000
15/07/2021	Price changed from £525,000 to £510,000
08/06/2021	Initial entry found: £525,000

Looking at the area and doing the table for "for sale SSTC".

postcode +5m

days	total	for sale	SSTC	%SSTC
all	361	123	238	65.93%
14	54	44	10	18.52%
7	29	29	0	0.00%
7-14	25	15	10	40.00%

Stuff seems to go in the second week on with a 40% hit last week

 with asking price offer histories available the fact that the house was 475 earlier last year and then increased from 475-500 on 22.2.22 would probably make people ask questions about it (or think there are greedy vendors, or something wrong with it.

Slinky

getmore4less said:

Pretty easy to find...... I think,  if it is right

that 4 bed house has a history of price drops

22/10/2021	Price changed from £510,000 to £495,000
15/07/2021	Price changed from £525,000 to £510,000
08/06/2021	Initial entry found: £525,000

Looking at the area and doing the table for "for sale SSTC".

postcode +5m

days	total	for sale	SSTC	%SSTC
all	361	123	238	65.93%
14	54	44	10	18.52%
7	29	29	0	0.00%
7-14	25	15	10	40.00%

Stuff seems to go in the second week on with a 40% hit last week

Doubt this is right, vendor had their offer of £475 asking accepted in April 21