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    • wheelz
    • By wheelz 4th Apr 18, 5:47 PM
    • 295Posts
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    wheelz
    Selling - lowering price
    • #1
    • 4th Apr 18, 5:47 PM
    Selling - lowering price 4th Apr 18 at 5:47 PM
    My flat went on the market at the end of January. So it's just over 2 months, quite early on I lowered the asking price by 20,000. The EA is suggesting that I might want to lower with another 30,000 which would bring the price to 200,000. I am getting viewers but not that many/enough. The service charges are a bit high but I have a new long lease. A flat in the same block sold for 232 in November. I'm all for lowering the price but by 30,000 seems a bit much and I'm not happy doing that. The EA is saying that we leave the "in excess of" in the ad and if we lower the price to 200,000 I would get more. I am not so convinced, is that really possible? He also seems to have forgotten that early on one viewer said that it wasn't worth more than 210. Why would I lower it that much to then "hope" that he can arrange for buyers to offer enough. I had one person who was interested but he had been stung when buying something in the area and found out late in the process of upcoming works. The flat is in a block and they are doing some interior painting to the doors to the floors, this has only recently been done (last week) so might have put some people off as the doors were bare wood (think replaced to do with fire regulations). Is there any point in lowering by 10,000 now, I think 220,000 is a good price. Or would people just wait until I lower it again seeing as I have already lowered the price before. Any views appreciated.
Page 3
    • wheelz
    • By wheelz 14th Apr 18, 7:30 AM
    • 295 Posts
    • 59 Thanks
    wheelz
    I've been getting offers now.
    • Candyapple
    • By Candyapple 14th Apr 18, 7:37 AM
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    Candyapple
    I've been getting offers now.
    Originally posted by wheelz
    Did you lower the price to 220k or 200k as the EA suggested then or did you keep it at 230k?

    Are you going to accept any of the offers?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • wheelz
    • By wheelz 14th Apr 18, 8:35 AM
    • 295 Posts
    • 59 Thanks
    wheelz
    Did you lower the price to 220k or 200k as the EA suggested then or did you keep it at 230k?

    Are you going to accept any of the offers?
    Originally posted by Candyapple
    220k. Offers for 215 and for 220 so far. Repeat viewings now. Fingers crossed. Should have sold a year ago but hey ho.

    Yes I'm looking to accept offers. It's not going to get any better in my opinion.
    • getmore4less
    • By getmore4less 14th Apr 18, 9:01 AM
    • 32,765 Posts
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    getmore4less
    what was it renting for? (or could rent for)

    that gross yield can give a floor for value as investors get interested.
    • wheelz
    • By wheelz 14th Apr 18, 9:08 AM
    • 295 Posts
    • 59 Thanks
    wheelz
    that gross yield can give a floor for value as investors get interested.
    Originally posted by getmore4less
    Yes already had one.
    • Crashy Time
    • By Crashy Time 16th Apr 18, 1:38 PM
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    Crashy Time
    Yes already had one.
    Originally posted by wheelz

    What did they offer?
    • Crashy Time
    • By Crashy Time 18th Apr 18, 7:22 PM
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    Crashy Time
    The reason why you are not getting any viewings is because people think that it isn't worth what you are asking and they can get something better somewhere else. Although a flat in the same block sold for more it doesn't follow that yours will. If someone has viewed and told you that it is not worth more than 210 then that is likely to be the view of anyone looking for a flat.

    Your flat is only worth what someone will pay you for it not what you think it is worth.
    Originally posted by Cakeguts

    Nah, someone else might have a different price in mind, you can`t generalise like that IMO, although many viewers will be looking to get price reductions nowadays.
    • wheelz
    • By wheelz 22nd Apr 18, 8:35 AM
    • 295 Posts
    • 59 Thanks
    wheelz
    I've accepted an offer of 217k also got 217.500 but went with the buyer that was first time and no chain, mortgage in place/approved. Having thought about it I think 250 (guide price up to 260 even) never was the right price. It's just what EAs do, unfortunately also what the surveyor for the lease extension did which was kind of my thinking that it would be ok. But seeing similar properties lowering their prices regularly I think getting something around 220 was reasonable. The market where I'm selling is full of one bed properties, people are still buying but they have a lot to choose from, they sometimes come back to remind themselves which is which. Buyer only made one offer and when asked whether she could go up it was no, asking a few days later to see whether we could meet in the middle there somehow was another 2000 so I settled for that, even though I had an offer of 500 more from a couple in a chain. Tenant is already moving stuff out according to the EA as there is less stuff. There you have it from a seller's point of view. Hope it helps people on this forum. My lesson your EA probably estimates your property 20,000 too much at least.... If no offers after a few weeks (I did 6) then lower it. Later in the process I spoke to the director of the EA (it's a small independent) and asked him what he thought realistically I would be able to get he said 220, 225 or 215. Why originally advise me to market for 250 (guide price) then.... Is it to make me feel better, to see that a higher price didn't give me any offers therefore lowering the price was the right thing to do. I don't know, I hate sales people.
    • dunroving
    • By dunroving 22nd Apr 18, 9:13 AM
    • 1,284 Posts
    • 889 Thanks
    dunroving
    I've accepted an offer of 217k also got 217.500 but went with the buyer that was first time and no chain, mortgage in place/approved. Having thought about it I think 250 (guide price up to 260 even) never was the right price. It's just what EAs do, unfortunately also what the surveyor for the lease extension did which was kind of my thinking that it would be ok. But seeing similar properties lowering their prices regularly I think getting something around 220 was reasonable. The market where I'm selling is full of one bed properties, people are still buying but they have a lot to choose from, they sometimes come back to remind themselves which is which. Buyer only made one offer and when asked whether she could go up it was no, asking a few days later to see whether we could meet in the middle there somehow was another 2000 so I settled for that, even though I had an offer of 500 more from a couple in a chain. Tenant is already moving stuff out according to the EA as there is less stuff. There you have it from a seller's point of view. Hope it helps people on this forum. My lesson your EA probably estimates your property 20,000 too much at least.... If no offers after a few weeks (I did 6) then lower it. Later in the process I spoke to the director of the EA (it's a small independent) and asked him what he thought realistically I would be able to get he said 220, 225 or 215. Why originally advise me to market for 250 (guide price) then.... Is it to make me feel better, to see that a higher price didn't give me any offers therefore lowering the price was the right thing to do. I don't know, I hate sales people.
    Originally posted by wheelz
    That's where I think the Scottish system is better - you start with a ballpark estimate of the house's value from a surveyor, whose reputation is on the line. If he/she overestimates the value of houses consistently, several buyers will hit problems with the lenders. Also, because the survey is public access, you could potentially track the accuracy of survey valuations against sold prices, also thereby being able to assess the surveyor's accuracy, unlike estate agents.

    At least if they aren't exactly right, I gt the feeling they wouldn't be off by 20%, as with your estate agent.

    Congratulations on having a buyer - must feel good!
    (Nearly) dunroving
    • wheelz
    • By wheelz 22nd Apr 18, 9:46 AM
    • 295 Posts
    • 59 Thanks
    wheelz
    That's where I think the Scottish system is better - you start with a ballpark estimate of the house's value from a surveyor, whose reputation is on the line. If he/she overestimates the value of houses consistently, several buyers will hit problems with the lenders. Also, because the survey is public access, you could potentially track the accuracy of survey valuations against sold prices, also thereby being able to assess the surveyor's accuracy, unlike estate agents.

    At least if they aren't exactly right, I gt the feeling they wouldn't be off by 20%, as with your estate agent.

    Congratulations on having a buyer - must feel good!
    Originally posted by dunroving
    Scotland seems a more sensible country than England. I'm a Brexit victim wanting to move back 'to the continent/Europe' (with Irish partner) and move my money back (they can even freeze your bank account if HO immigration make mistakes) after more than 25 years. Doesn't feel good and will not be easy to find jobs over 50 but it doesn't feel right anymore to stay here, plus I want to look after my parents who are in their early eighties now. Scotland is one of our fall back countries as is Ireland.
    • Crashy Time
    • By Crashy Time 22nd Apr 18, 2:20 PM
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    Crashy Time
    Sounds like the OP took the sensible route. Well done.
    • Candyapple
    • By Candyapple 23rd Apr 18, 10:56 AM
    • 2,940 Posts
    • 2,285 Thanks
    Candyapple
    I've accepted an offer of 217k
    Originally posted by wheelz
    220k. Offers for 215 and for 220 so far.
    Originally posted by wheelz
    What happened to the other offer of 220k - why didn't you end up going with that one?

    Has you tenant informed you that they'll be moving out this week then (end April) as per your agreement?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Crashy Time
    • By Crashy Time 23rd Apr 18, 10:46 PM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    What happened to the other offer of 220k - why didn't you end up going with that one?

    Has you tenant informed you that they'll be moving out this week then (end April) as per your agreement?
    Originally posted by Candyapple

    It`s only 3k difference, so good enough?
    • Candyapple
    • By Candyapple 24th Apr 18, 1:01 PM
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    Candyapple
    It`s only 3k difference, so good enough?
    Originally posted by Crashy Time
    I was just curious, given that the OP seemed to want to get as close to that figure as possible stating:

    Buyer only made one offer and when asked whether she could go up it was no, asking a few days later to see whether we could meet in the middle there somehow was another 2000 so I settled for that, even though I had an offer of 500 more from a couple in a chain.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Crashy Time
    • By Crashy Time 24th Apr 18, 10:30 PM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    Not a good market to be mucking about over 3k IMO, the OP is lucky to find a buyer I think.
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