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  • FIRST POST
    • ShelboBaggins
    • By ShelboBaggins 14th Jun 19, 11:29 AM
    • 14Posts
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    ShelboBaggins
    Accept offer?
    • #1
    • 14th Jun 19, 11:29 AM
    Accept offer? 14th Jun 19 at 11:29 AM
    We put our house on the market 9 weeks ago and in the first 7 weeks had 7 viewings but no offers despite good feedback from all viewers. We initially marketed at OIEO £160k which was midpoint of our 3 valuations, lowest was £155k and highest £165k. We reduced price last week to OIEO £156.75k to drum up more interest as felt it was getting a little stale and we had to go just over 2% to refresh our Rightmove listing. I'm currently 35 weeks pregnant which is the reason for the move as it's a 2 bed Victorian property but a little too small for us with baby, our initial hopes were that we'd sell quickly and be able to move before baby arrives but that's obviously not going to happen now with 5 weeks until I'm due.

    We had a viewing yesterday from a buy-to-let investor and he initially came in with a low ball offer of £145k but EA has since negotiated with him and now he says the most he can go to is £153k. I commented to EA that this was lower than our lowest valuation (EA were the highest at £165k) and I'd need a couple of hours to think about it. From what I can see the market in my area has been slower than usual and EA thinks it's a good offer and we might not get another anytime soon - but is he just saying that with commission in mind?

    I'm torn as we're eager to move and find our new property but I had in mind £157k would be the lowest we'd go to. Not sure if potential buyer would negotiate further if I went back to EA and said £155k would be our minimum. To be honest am a little stressed about whole selling situation which isn't ideal for my pregnancy as was getting a little upset and worried about not even having any offers on table yet.

    In my situation would you hold out a little longer, accept offer or negotiate for a little more?
Page 2
    • martinbuckley
    • By martinbuckley 15th Jun 19, 7:29 AM
    • 1,083 Posts
    • 867 Thanks
    martinbuckley
    The OP may have "lost" £2K on her house, but when her and her husband buy a property for £375K, there's far more scope to get that £2K back with their offer, as £2K is a smaller fraction of the price
    • ethank
    • By ethank 15th Jun 19, 2:27 PM
    • 2,072 Posts
    • 1,091 Thanks
    ethank
    Brexit is having a weird impact on the housing market. Things are slowing down and therefore generally becoming a sellerís market. Lots of people are looking at prices from a year ago and thinking Ill get that.

    A valuation is an estimation. You should look at recent comparable sold prices for similar houses and price around that.
    • Smellyonion
    • By Smellyonion 17th Jun 19, 7:16 AM
    • 247 Posts
    • 184 Thanks
    Smellyonion
    Our property is selling in the 750 to 800K range. We could try and hang on for a similar price to what we previously had, but have dropped the price by 10K so that we can sell rather than keep the property hanging around. And if we got a good buyer we would take another 10K or possibly more off the price.

    2K is nothing in the context of the house prices the OP is talking about. However, if the 2K is crucial to them, then it matters.
    Originally posted by OldMusicGuy

    750/153 = 4.9 * 2k = 9.8k
    2k in the context of your property would be 9.8k. Is that insignificant?
    • OldMusicGuy
    • By OldMusicGuy 17th Jun 19, 8:02 AM
    • 1,080 Posts
    • 2,262 Thanks
    OldMusicGuy
    750/153 = 4.9 * 2k = 9.8k
    2k in the context of your property would be 9.8k. Is that insignificant?
    Originally posted by Smellyonion
    Absolutely. Neither here nor there when you're selling a 750 to 800K house and actually want to sell.
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