Should I increase the price of my property...

theoretica

One thing to check (apologies if this has already been mentioned) is your contract with the estate agents.  If the result of raising the price is you pull out of the agreed sale at the agreed price at this stage will you still owe them the fees for finding the buyer?  And more fees if they or another EA find another buyer and the sale does go through. 

MobileSaver

theoretica said:

If the result of raising the price is you pull out of the agreed sale at the agreed price at this stage will you still owe them the fees for finding the buyer? 

Good spot but probably no fees due as of now as the buyer has demanded via the EA that they want extra things thrown in for free before they'll exchange; so the buyer is no longer "ready, willing and able".

Of course the OP needs to double check their contract to be sure...

TheJP

OP its highly doubtful that your buyer is going to entertain paying additional £50k on a house where you agree a price previously and based on your own timeline. Let alone their lender likely wont agree this new value.

Pull-out of the sale, let your buyers deal with someone else and re-list. Although i do think you will have reduced your market interest by more than 50% when they see you have relisted with a £50-75k increase in less than a year not to mention when they ask the EA why the previous sale fell through.

Do update the thread as it would be good for the many differing opinions to see what prevails.

BikingBud

Badger14011401 said:

Hi there, 

I sold my property back in October 2021. One of the reasons we went with the buyer was because they were willing to wait until we found our next property. Now that we're close to completion (both on our sale and purchase of new home) they have demanded some additional items from the house that weren't included in the memorandum of sale. This frustrated us because the house is already worth more inline with house price increases, so we weren't willing add more to the buyers pot. This has lead us to get independent valuations on our property to prove a point. However, it turns out (according to both x2 estate agents and an independent valuer) the house is now worth between £50-£75k more. 

The question is should we rock the boat and risk losing our buyer and ask for an increase (less than the lower estimated value), go back to market or continue with the sale with no increase? 

Quite clearly you didn't sell it otherwise there would be no discussion about perceived increase in value. You would have taken the figure agreed in Oct 21 and all would have moved on happy.

We do not know quite what has occurred or why but if the OP feels that a higher price can be achieved despite the agreement on a value in Oct then that is their choice. But I am not sure the OP wanted to hear some of the counter arguments and were merely seeking support to ease their conscience. 

If everyone considered this acceptable and more transactions followed the same principles then the market would collapse.

TonyTeacake

BikingBud said:

Badger14011401 said:

Hi there, 

I sold my property back in October 2021. One of the reasons we went with the buyer was because they were willing to wait until we found our next property. Now that we're close to completion (both on our sale and purchase of new home) they have demanded some additional items from the house that weren't included in the memorandum of sale. This frustrated us because the house is already worth more inline with house price increases, so we weren't willing add more to the buyers pot. This has lead us to get independent valuations on our property to prove a point. However, it turns out (according to both x2 estate agents and an independent valuer) the house is now worth between £50-£75k more. 

The question is should we rock the boat and risk losing our buyer and ask for an increase (less than the lower estimated value), go back to market or continue with the sale with no increase? 

Quite clearly you didn't sell it otherwise there would be no discussion about perceived increase in value. You would have taken the figure agreed in Oct 21 and all would have moved on happy.

We do not know quite what has occurred or why but if the OP feels that a higher price can be achieved despite the agreement on a value in Oct then that is their choice. But I am not sure the OP wanted to hear some of the counter arguments and were merely seeking support to ease their conscience. 

If everyone considered this acceptable and more transactions followed the same principles then the market would collapse.

In the near future the market will collapse, to many red flags in the economy. Economic forces and a stock market crash coming which will take everything down.

All the markets have been on steroids for the last couple of years.