What Would You Do?

Speckled_Egg

I put my one bedroom flat on the market in mid-Jan for £169,950. (Pretty expensive I know, but I live in one of the most affluent areas west of London!). I had three viewings but no takers. About two months ago, I reduced the price to £164,950 which resulted in zilch viewings!

This week, a first time buyer has viewed the flat a couple of times and today made an offer of £152k. Now, I know I'm going to take a hit on the price if I want to sell it but I wasn't quite expecting £13k.

What do you all think?

We're getting married in October and want to start a family shortly after (hence one bedroom flat really needs to go!). We were also planning to temporarily move to a relative's bungalow temporarily which is currently sitting empty and will put us in a great position as a potential buyer so no worries there.

I know I sound like a money grabbing southerner but the 3 bed semis in this area are around the £300k to £350k mark so everyone penny counts!

Any advice would be appreciated!

Kez100

sounds like you know the answer. You can wait for more money. It may come it may not. You could negotiate with those offering and push it up a tad....or possibly not. I can't guess anything in this Market. To me it is all about meeting your aims and they seem pretty well covered.

esbo

You can look at it this way.
It is best for you for house prices to fall.
If you lose £13K on your house you can expect to gain £26K on the one you will be
buying so you have made £13K
Go out and buy a bottle of Champagne and hope for further house price declines.

Happy days are here again :beer:

tradetime

£13k isn't a huge hit on a £170k property in the current climate, something like 7% ish. Unfortunately you are in a buyers market, hard to say with no knowledge of your buyers, depends on how much money they have access to, how keen they are on it, and what else is on offer in your area, but most people don't go in with their best price first, so you could indicate through your EA you are willing to negotiate, but £152 is too low and see what happens.

PasturesNew

£13k isn't much of a reduction to be honest.
Especially in today's market for any kind of flat.

The buying public will have great difficulty knowing which flats are better than other flats. Therefore, no matter how wonderful/unique YOUR flat is, it will at present be lumped together with all the new build flats taking a hammering.

Take the money. Go live in the empty place. Deal done. Stress over. That's worth more than £13k.

pickles110564

esbo wrote: »

You can look at it this way.
It is best for you for house prices to fall.
If you lose £13K on your house you can expect to gain £26K on the one you will be
buying so you have made £13K
Go out and buy a bottle of Champagne and hope for further house price declines.

Happy days are here again :beer:

What on a £13k reduction? Please let me have a pint of what you are on.:rotfl:

esbo

As the OP is a buyer as well as a sellar and will be an overall buyer on the transaction
then their is nothing unfortunate about falling house prices, it is very good news all round unless you are planning on moving to a smaller less expensive house which very rarely happens.
So why people think rising house prices is a good thing is a mystery to me.
Well it's not a mystery really, I know 99% of the population are as thick as two short planks.

pickles110564

FTB must be quite keen to view more than once, offer to meet halfway.
You both are then in win win situation.

pickles110564

esbo wrote: »

Well it's not a mystery really, I know 99% of the population are as thick as two short planks.

I know I am thicker than that but hey I dont mind what is in my bank account that has been made by buying cheep then selling high.I wonder why I enjoy a rising market.

Speckled_Egg

Eight replies in the time it took me to go the chip shop! Thanks guys!!!

My lady is a teacher and first time buyer. She seems very keen. Came to see the flat on Monday afternoon. Made an appointment for a second viewing on Tuesday morning. Then came to see the flat again this afternoon and the estate agent called with the offer within the hour. He said she'd pulled out of another flat in a neighbouring village when she viewed mine so that's very hopeful.

Although I'm flexible and prepared to take a drop I would like to get the price up slightly from £152k. What's the best way to negotiate? Suggest a price I'm comfortable with or say £152k is enough, try again? Sorry, not used to this negotiating lark!!!

:rotfl:

esbo

pickles110564 wrote: »

I know I am thicker than that but hey I dont mind what is in my bank account that has been made by buying cheep then selling high.I wonder why I enjoy a rising market.

Because you are deluding yourself, how can you buy cheap when prices are rising?

I bet you are outside Sainsbury toasting with champagne on the news that, bread, butter, milk, cheese and well virtually everything is rocketing in price.
Yes you feel so much better now because you have some of that stuff in your fridge at home.

Well I have a lesson for you, you are not richer you are poorer, and everytime house prices rise you are pooerer too, unless you live in a tent. Even then, rising house prices will have knock on effect on tent prices