house price/selling question.... opinions welcome
Discussion
Tonker, having read your situation from other posts, this can't be easy, but I've read this post a couple of times and I'm confused.
You reduced the price and received 2 offers,
<1.7m
@1.7m
Where did 1.5m come from?
I believe you're in a position of "cutting your losses/ties and getting the f
k out", so perhaps to reduce to OIEO £1.75m to try and get some interest, then try and sell some F&F, etc.?
ETA: I guess you edited as I was posting and £1.5m became £1.85m?
Makes more sense now.... As you were.
OIEO £1.75m?
You reduced the price and received 2 offers,
<1.7m
@1.7m
Where did 1.5m come from?
I believe you're in a position of "cutting your losses/ties and getting the f
k out", so perhaps to reduce to OIEO £1.75m to try and get some interest, then try and sell some F&F, etc.?==================================================
ETA: I guess you edited as I was posting and £1.5m became £1.85m?
Makes more sense now.... As you were.
OIEO £1.75m?
Edited by RC1807 on Friday 28th October 09:23
Assuming H & W are husband and wife, and both own/live in the house?
I don’t really see why mulling over an offer for 2 days is the end of the world, 2 weeks, yes 2 days is fine.
If H and W are husband and wife, then there is nothing the internet strangers can really do, the W just needs to be convinced to lower expectations by the H, or risk being in the same postision next year.
FWIW, I think 1.8 would be a good middle ground that both parties should be working towards.
I don’t really see why mulling over an offer for 2 days is the end of the world, 2 weeks, yes 2 days is fine.
If H and W are husband and wife, then there is nothing the internet strangers can really do, the W just needs to be convinced to lower expectations by the H, or risk being in the same postision next year.
FWIW, I think 1.8 would be a good middle ground that both parties should be working towards.
Where I am (home counties) the £2m+ market is in a pretty bad way and the price elasticity is huge. Quite simply demand just isn't there and when buyers are so scarce, prices can wildly swing.
When i say it's pretty bad, I think it would be fairer to say values have fallen off a cliff. We've seen vendors of £2m+ properties "getting out" at reduced figures ahead of a falling market. 20-25% off Guide Price isn't unusual anymore.
It's almost impossible to say from behind a PC whether the offer is a reasonable one, but with that said you've been on the market a while and had two similar offers? Viewings started coming in around the £1.9m mark?
If you were on in excess of £2m and didnt get any viewings, reduced to £1.9m and got viewings and then recieved an offer of £1.7m - I don't see that as unusual. I would expect that to be tied up around £1.8m as most people have some flexibility on their first offer.
With the above said, if I was in your shoes I would take a look at sold properties in a similar area circa £1.7m and make your own judgement and also get an agent around for another valuation - ask them to be brutally honest.
I struggled to understand your post completely, but think I got the general gist.
When i say it's pretty bad, I think it would be fairer to say values have fallen off a cliff. We've seen vendors of £2m+ properties "getting out" at reduced figures ahead of a falling market. 20-25% off Guide Price isn't unusual anymore.
It's almost impossible to say from behind a PC whether the offer is a reasonable one, but with that said you've been on the market a while and had two similar offers? Viewings started coming in around the £1.9m mark?
If you were on in excess of £2m and didnt get any viewings, reduced to £1.9m and got viewings and then recieved an offer of £1.7m - I don't see that as unusual. I would expect that to be tied up around £1.8m as most people have some flexibility on their first offer.
With the above said, if I was in your shoes I would take a look at sold properties in a similar area circa £1.7m and make your own judgement and also get an agent around for another valuation - ask them to be brutally honest.
I struggled to understand your post completely, but think I got the general gist.
stty situation.
H can do no right in W's eyes so no matter how sensible your suggestions are they won't be listened to. I suspect you've found the correct level at £1.7m or thereabouts but buggering people about is only going to lower that figure.
Is it worth coming back to her and saying you're prepared to take the hit so aim for £1.75m and offer her an extra £50k over her half? (Probably not, as it may well just encourage her.
Just thinking out loud.)
tty situation. H can do no right in W's eyes so no matter how sensible your suggestions are they won't be listened to. I suspect you've found the correct level at £1.7m or thereabouts but buggering people about is only going to lower that figure.
Is it worth coming back to her and saying you're prepared to take the hit so aim for £1.75m and offer her an extra £50k over her half? (Probably not, as it may well just encourage her.
Just thinking out loud.)anonymous said:
[redacted]
I just ran a report on my applicants, and I have 6 individuals registered since 1st June 2016 who are proceedable and looking in my area above £2m. I have more who registered before then, but I think that shows not many people have woken up in the last 5 months and thought "I fancy buying a big house".
AC43 said:
anonymous said:
[redacted]
This is the fundamental underlying problem. Where I live Brexit killed the £2m+ market stone dead.
If by some happy chance you are divorcing.........I have had clients in your position who have had to go to court, the judge appoints a valuer and then says any offers over £x will be accepted. Usually its the wife punishing husband or she's living in it and doesn't fancy moving.
If you're not divorcing.........
If you're not divorcing.........
On another note, I'm trying to sell a 2bed end terrace. Usually these fly off the market like hot cakes but 4 weeks have passed and no offers despite reasonable pricing- plus the property is immaculate. I rang the agents this morning and have reduced it by £5k with a fixed price to make it competitive. Even the agents are surprised. I think sellers such as myself need to "get out" before they have to be reduced further!
IMO, all properties are going to fall in the New Year and once Brexit is activated.
IMO, all properties are going to fall in the New Year and once Brexit is activated.
Is there any way to encourage your wife to sell faster - restricting / increasing her spending, getting even lower offers put in by friends, turning down the heating, throwing wild parties... ?
Pointing out that the sooner it's sold the sooner you both move on etc
I'm a big fan of a bird in the hand - particularly in your situation where you're only getting half the bird anyway.
Then ideally getting her to agree in writing, to accept say £1.7M so when an offer comes in you already have her consent.
You attract more bees with sugar but sometimes a swatter is required
Pointing out that the sooner it's sold the sooner you both move on etc
I'm a big fan of a bird in the hand - particularly in your situation where you're only getting half the bird anyway.
Then ideally getting her to agree in writing, to accept say £1.7M so when an offer comes in you already have her consent.
You attract more bees with sugar but sometimes a swatter is required
You're not going to like this but...
W is unreasonable. She has decided how much she wants for herself (I assume the house proceeds will be split) and, reading between the lines, won't compromise for whatever reason.
Her bottom line is 1.85M, so her half is .925M. H should sell for 1.75 (or whatever), give W .925 and take the hit to save his sanity. If other assets are being divided, argue about those. At least the house will be sold.
W is unreasonable. She has decided how much she wants for herself (I assume the house proceeds will be split) and, reading between the lines, won't compromise for whatever reason.
Her bottom line is 1.85M, so her half is .925M. H should sell for 1.75 (or whatever), give W .925 and take the hit to save his sanity. If other assets are being divided, argue about those. At least the house will be sold.
mr_spock said:
You're not going to like this but...
W is unreasonable. She has decided how much she wants for herself (I assume the house proceeds will be split) and, reading between the lines, won't compromise for whatever reason.
Her bottom line is 1.85M, so her half is .925M. H should sell for 1.75 (or whatever), give W .925 and take the hit to save his sanity. If other assets are being divided, argue about those. At least the house will be sold.
my thoughts too W is unreasonable. She has decided how much she wants for herself (I assume the house proceeds will be split) and, reading between the lines, won't compromise for whatever reason.
Her bottom line is 1.85M, so her half is .925M. H should sell for 1.75 (or whatever), give W .925 and take the hit to save his sanity. If other assets are being divided, argue about those. At least the house will be sold.
(I was going to post earlier however I kept getting a security warning whilst trying to post on this thread)
ikarl said:
mr_spock said:
You're not going to like this but...
W is unreasonable. She has decided how much she wants for herself (I assume the house proceeds will be split) and, reading between the lines, won't compromise for whatever reason.
Her bottom line is 1.85M, so her half is .925M. H should sell for 1.75 (or whatever), give W .925 and take the hit to save his sanity. If other assets are being divided, argue about those. At least the house will be sold.
my thoughts too W is unreasonable. She has decided how much she wants for herself (I assume the house proceeds will be split) and, reading between the lines, won't compromise for whatever reason.
Her bottom line is 1.85M, so her half is .925M. H should sell for 1.75 (or whatever), give W .925 and take the hit to save his sanity. If other assets are being divided, argue about those. At least the house will be sold.
(I was going to post earlier however I kept getting a security warning whilst trying to post on this thread)
Taking the hit financially is really the only option you have if you want to move on.
FrankAbagnale said:
AC43 said:
anonymous said:
[redacted]
This is the fundamental underlying problem. Where I live Brexit killed the £2m+ market stone dead.
Brexit wasn't solely responsible but the effect was sudden and dramatic. There was a long glide path then an abrupt plummet.
Mark Benson said:
ikarl said:
mr_spock said:
You're not going to like this but...
W is unreasonable. She has decided how much she wants for herself (I assume the house proceeds will be split) and, reading between the lines, won't compromise for whatever reason.
Her bottom line is 1.85M, so her half is .925M. H should sell for 1.75 (or whatever), give W .925 and take the hit to save his sanity. If other assets are being divided, argue about those. At least the house will be sold.
my thoughts too W is unreasonable. She has decided how much she wants for herself (I assume the house proceeds will be split) and, reading between the lines, won't compromise for whatever reason.
Her bottom line is 1.85M, so her half is .925M. H should sell for 1.75 (or whatever), give W .925 and take the hit to save his sanity. If other assets are being divided, argue about those. At least the house will be sold.
(I was going to post earlier however I kept getting a security warning whilst trying to post on this thread)
Taking the hit financially is really the only option you have if you want to move on.
AC43 said:
FrankAbagnale said:
AC43 said:
anonymous said:
[redacted]
This is the fundamental underlying problem. Where I live Brexit killed the £2m+ market stone dead.
Brexit wasn't solely responsible but the effect was sudden and dramatic. There was a long glide path then an abrupt plummet.
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