House value increasing while in the process of selling

gazfocus

I’ve posted before that I’ve pretty much got cold feet about selling my house/buying a smaller one with the equity from the house I’m selling. 

I’m still struggling with the decision. I look at houses that are being listed now in my area and the cheapest comparable house is being listed at £20k more than mine was listed for 2 months ago. Yes houses seem to be shifting slower now, but £20k+ is a decent chunk more if it’s realistically achievable. 

I‘ve not discussed my thoughts with the estate agents as I haven’t found them particularly helpful in the past to be honest, seemingly siding with the buyer (who is also selling a house via the same EA) so when somethings come up that I’ve felt the buyer should pay for, the EA has talked me into paying, and when the buyers originally offered, the EA wouldn’t go back to the buyers to see if they’d increase their offer (though I thought at the time that it was because the EA knew the position of the buyers). 

Mrs gazfocus still wants the smaller house and doesn’t share the concerns that I have, but has said she’ll go with whatever I decide (though that too makes me feel like I should stop overthinking everything and just follow through with the sale and purchase that’s in progress). 

Not sure what the point of my post is but guess I’m asking what you would do in my position. I guess there’s a lot of sales that are going through at the moment where the house has increased in value since the offer was accepted, and I assume most just take it on the chin. 

Flugelhorn

I am not sure that it is happening to the degree it was last year - the payoff is that the place you are buying may well have increased at the same time as your house has

MultiFuelBurner

This is why we have never used estate agents and gone for online ones where we do all the offers/agreement of offers and are in control.

We have complete distrust of estate agents and their ways.

gazfocus

Flugelhorn said:

I am not sure that it is happening to the degree it was last year - the payoff is that the place you are buying may well have increased at the same time as your house has

Indeed, that could be the case. I have looked at the houses where we are buying and there’s not really anything comparable to look at at the moment. The particular house we are buying is slightly larger than most in the area (which is why we’ve gone for that particular house) but does make it more difficult to compare haha. 

MFWannabe

So is your concern about selling based on your belief that your property is now worth more than you have accepted? 

Just because a house is listed at a higher price it doesn’t mean it will sell for that 

anselld

Without wishing to get into house price debate, I doubt there are many areas where there is a significant upward trend in sold prices recently, however that is difficult to know for sure until further down the line when the data is posted.

What is absolutely certain is that the EA works for you.  If you want to ask for more instuct them to do it and dont take no for an answer.  Don't let them talk you into paying for things either... too late I guess but I cant think of many things the vendor is expected to pay on a sale except for Leasehold management pack.

silvercar

Are houses similar to your purchase also increasing in value?

bobster2

gazfocus said:

I’ve posted before that I’ve pretty much got cold feet about selling my house/buying a smaller one with the equity from the house I’m selling. 

I’m still struggling with the decision. I look at houses that are being listed now in my area and the cheapest comparable house is being listed at £20k more than mine was listed for 2 months ago. Yes houses seem to be shifting slower now, but £20k+ is a decent chunk more if it’s realistically achievable. 

I‘ve not discussed my thoughts with the estate agents as I haven’t found them particularly helpful in the past to be honest, seemingly siding with the buyer (who is also selling a house via the same EA) so when somethings come up that I’ve felt the buyer should pay for, the EA has talked me into paying, and when the buyers originally offered, the EA wouldn’t go back to the buyers to see if they’d increase their offer (though I thought at the time that it was because the EA knew the position of the buyers). 

Mrs gazfocus still wants the smaller house and doesn’t share the concerns that I have, but has said she’ll go with whatever I decide (though that too makes me feel like I should stop overthinking everything and just follow through with the sale and purchase that’s in progress). 

Not sure what the point of my post is but guess I’m asking what you would do in my position. I guess there’s a lot of sales that are going through at the moment where the house has increased in value since the offer was accepted, and I assume most just take it on the chin. 

What has the estate agent persuaded you to pay for?

youth_leader

I was persuaded to pay for my buyer's damp/timber survey, I had to spend my Christmas food money on it.  Mortgage lender had valued the house at £0 until this was supplied.  My EA said 'oh poor XXXX, he's already spent so much on the survey, it would be a gesture of goodwill - and the bonus is that you will own it'.  Buyer's mortgage lender threw it out as completely inappropriate for a heritage building.  

When I saw the buyer at my house on completion day in his brand new BMW I could have spat nails.

gazfocus

bobster2 said:

gazfocus said:

I’ve posted before that I’ve pretty much got cold feet about selling my house/buying a smaller one with the equity from the house I’m selling. 

I’m still struggling with the decision. I look at houses that are being listed now in my area and the cheapest comparable house is being listed at £20k more than mine was listed for 2 months ago. Yes houses seem to be shifting slower now, but £20k+ is a decent chunk more if it’s realistically achievable. 

I‘ve not discussed my thoughts with the estate agents as I haven’t found them particularly helpful in the past to be honest, seemingly siding with the buyer (who is also selling a house via the same EA) so when somethings come up that I’ve felt the buyer should pay for, the EA has talked me into paying, and when the buyers originally offered, the EA wouldn’t go back to the buyers to see if they’d increase their offer (though I thought at the time that it was because the EA knew the position of the buyers). 

Mrs gazfocus still wants the smaller house and doesn’t share the concerns that I have, but has said she’ll go with whatever I decide (though that too makes me feel like I should stop overthinking everything and just follow through with the sale and purchase that’s in progress). 

Not sure what the point of my post is but guess I’m asking what you would do in my position. I guess there’s a lot of sales that are going through at the moment where the house has increased in value since the offer was accepted, and I assume most just take it on the chin. 

What has the estate agent persuaded you to pay for?

I don’t want to name it specifically in the event the buyer frequents the forums but it was a specific inspection & report that the buyer wanted in order to satisfy their own doubt about something that I’d told them. It ended up cost me a fair amount of money and the report confirmed what I’d said at the start, and when I asked the EA to ask the buyers to pay half (before agreeing to have it done), the EA refused to ask the buyer to pay half as they would likely take issue with it and back out of the sale, even though it was their insecurity that led to them asking for the report in the first place. 

gazfocus

silvercar said:

Are houses similar to your purchase also increasing in value?

There’s nothing come on that’s close enough to what we are buying but the closest is about the same price as the one we are buying (although I believe we are paying a slight premium for slightly bigger room sizes).