Should I sell My House?

[skilly1]

I have my house on the market for £190k. This has been lowered from an initial price £210k which admittedly was too high. Everybody (Estate Agents, local people in the area etc) agree £190k is a fair price and it is one of the cheapest prices in the area. I bought it for £165k, and have spent around £10k on it.

I have been offered £180k from a cash buyer, they initially offered £175k. I feel it is too low and I am giving away at least £5k (I would take £185k).

But what are housing prices going to do after the budget, bird in the hand and all that. I am not in a rush to move, I currently live with G/F and was going to rent it while it was on the market, but I would like to sell it so we can buy a bigger house together in the near future. Also I have a kid arriving in 10 weeks...

Any advice which may sway my mind. It has been on the market for 3+ months and this is the 1st offer...

[sday12]

No.

You'll get the right offer sooner or later.

Tell them it's £185 K or do one.

[Reload]

skilly1 said:

I have been offered £180k from a cash buyer, they initially offered £175k. I feel it is too low and I am giving away at least £5k (I would take £185k).

skilly1 said:

Any advice which may sway my mind. It has been on the market for 3+ months and this is the 1st offer...

Ask them for £185k?

[skilly1]

Reload said:

skilly1 said:

I have been offered £180k from a cash buyer, they initially offered £175k. I feel it is too low and I am giving away at least £5k (I would take £185k).

skilly1 said:

Any advice which may sway my mind. It has been on the market for 3+ months and this is the 1st offer...

Ask them for £185k?

I have said I would take £185k and they have said no, and not moved again.

[Chilli]

How long have you had it? Also, if you rented it, would this cover your costs?

[Original Poster]

I am presuming you are in no major rush judging by your initial post so my advice would be to hold off for the £185k.

[Steamer]

I know every bodies situation is different, and every house is unique (to a degree) but I thought, as a rule, buyers usually started with -10% offer if they were 'chain free'.

Is that just a preconception that I've picked up from somewhere?

[SJobson]

Original Poster said:

I am presuming you are in no major rush judging by your initial post so my advice would be to hold off for the £185k.

That depends entirely on whether it'll ever go for £185k.

[Mattt]

It could be easier to just take the £180k, seeing as you have a kid on the way - you don't want to be bothering with house sales with a newborn.

[skilly1]

I have had it 4 years. It is a regency town centre, mid terrace house and it is the only 2 bed house available in the area (all others have sold).

£210k was pushed by me, recommended was around £200k

[cs02rm0]

I think, take it. On the basis that I don't think house prices are going to take off any time soon, you'll have the freedom to move around whereas you could otherwise end up stuck there wishing you had an offer of £180k. All comes down to how you feel though.

[Chilli]

whilst I agree a profit is a profit, and there are plenty of other places to buy/rent at good money, if equity isn't needed and you can more or less cover your expenses, rent it for a few years....or more.

[Moose1978]

Just sold my 3 bed semi and fortunately got the right buyer at the right time etc, but you have to remember that it is only worth what someone is willing to pay for it. It's very hard not to get personal and think that 'your' house is worth £200k+ but if you are not in a rush to move then hold out. The only problem being that I never personally like houses that have had a for sale board up for ages, makes we think what is wrong with them!

I think there is a lot of uncertainty at the moment (from estate agents as well) working out what houses will actually go for and I have personally seen buyers looking at many houses and then just sticking a low offer in to see what kind of reaction they get. We did exactly this with the house we have just bought and whilst the first offer was virtually laughed at, it did give us a real feel for what the buyer would actually accept (ie:- their lowest limit). In your case the person who made the bid now knows that you won't accept any less than £185K, but may come back to you again in a few weeks/months time with an offer of £182/3K if your property has not moved.

...houses may be selling but don't get me started on getting a new mortgage!!!

Edited by Moose1978 on Wednesday 19th May 17:43

[Jasandjules]

Have you put to them that 185k secures it?

[grumbledoak]

I'm expecting stagnation for a year or two, at best. It isn't a great time to sell it, but it won't be for fours years or so. Still, the seller of the bigger house is in the same boat. I'd be looking for that now. If you do find it, take the offer.

[hornetrider]

How can anyone pass judgement unless they know the house/street/area in question?

When was the offer made? How many viewings have you had? And from this particular buyer?

Mind you has to be said - cash buyer is a strong position.

[Grandad Gaz]

hornetrider said:

How can anyone pass judgement unless they know the house/street/area in question?

The fact it has been on the market for 3 months and this is the first offer, is judgement enough.
I would take it. 10k off is not bad.

[edc]

Grandad Gaz said:

hornetrider said:

How can anyone pass judgement unless they know the house/street/area in question?

The fact it has been on the market for 3 months and this is the first offer, is judgement enough.
I would take it. 10k off is not bad.

Got to take those sort of factors into account. With the likes of PropertyBee on Firefox you can see all the history on houses too. When I sold my place last year I was fortunate enough to price above the agent valuation and then get full asking within about 2 weeks. I knew i could get it as the viewings were plentiful and the offers started coming quickly. Also got first time buyers who were probably a bit trigger happy. New house completed in Dec 09 and was about 10% less than the original marketing price. But, the circumstance was 'unique' and the vendor needed a sale. Now Zoopla 'values' my house some 20%+ more than I paid for it a few months ago. Just goes to show the market is still a bit strange.

[scenario8]

edc said:

Grandad Gaz said:

hornetrider said:

How can anyone pass judgement unless they know the house/street/area in question?

The fact it has been on the market for 3 months and this is the first offer, is judgement enough.
I would take it. 10k off is not bad.

Got to take those sort of factors into account. With the likes of PropertyBee on Firefox you can see all the history on houses too. When I sold my place last year I was fortunate enough to price above the agent valuation and then get full asking within about 2 weeks. I knew i could get it as the viewings were plentiful and the offers started coming quickly. Also got first time buyers who were probably a bit trigger happy. New house completed in Dec 09 and was about 10% less than the original marketing price. But, the circumstance was 'unique' and the vendor needed a sale. Now Zoopla 'values' my house some 20%+ more than I paid for it a few months ago. Just goes to show the market is still a bit strange.

And also perhaps that Zoopla is of limited use/credibility?

[edc]

Got to take any data with a pinch of salt but next door but one has been on since we moved in and have apparently agreed a price for more than what Zoopla 'values' there house at. Given I've just moved I'm not too bothered what it says - would be nice though as come remortgage time my equity ratio might go up for doing nothing