To accept this house offer?

(57 Posts)
tiredbutstillsmiling Thu 24-Apr-14 14:55:03

Bit if background: house been on market for nearly 2 years. Am now on with 3rd estate agent after doing around 2k worth of home improvements. We bought the house in 2008 for 152k and on market for 140k - have lowered price 3 times also.

Anyway today we had an offer for 132k. Have rejected it but I think prospective buyers will offer 135k which I want to accept but DH is adamant he wants rhe asking price as we'd originally purchased house for 152k.

I want to move. Our house is small, we have a toddler and I'm heavily pregnant. Also primary schools in our area are poor and I want DD to have the opportunity to go to a good school.

DH's argument is that even if we move we wouldn't be guaranteed a school place in a good school - we checked last year's acceptance records an the farthest student distance from the good schools was 0.8 miles. He also says this offer has come being on market with new estate agents after only 3 weeks and we should wait and see if we have any other viewings.

What do I do? I feel this is one time I can't compromise as I'm not doing this for me but for creating a nice home for our DCs.

Would love any advice or arguments I can place to DH!

LadyMaryLikesCake Thu 24-Apr-14 14:57:23

That's a fairly big loss. Why don't you post some pictures on here so people can give you style tips? Sometimes a second pair of eyes can pick up something you've missed and it may help.

itiswhatitiswhatitis Thu 24-Apr-14 15:01:23

Hmm tough one I can see both points of view tbh a £20000 loss is huge. Are you planning on making your next move your last one for a very long time?

If your DH wants �152K for the house, why is it on the market for �140K? You are wasting viewers' time if your DH won't accept the asking price.

I think you need to look at how much equity you have, and also how much a house in the area you want is going to cost you. Only then can you make an informed decision.

A house is ultimately only worth what someone will pay for it.

tiredbutstillsmiling Thu 24-Apr-14 15:02:22

The next house we move to will be the one where hopefully be for the rest of our lives.

tiredbutstillsmiling Thu 24-Apr-14 15:05:13

The house is on the market at 140k as we bought when house prices were high but the year after they crashed - 140 is on a par with what houses are worth in the area.

We'd be looking at buying a house in region of 170k (can get us a 4 bed in nice area), plus I've got 15k savings so don't think equity is an issue.

Pobblewhohasnotoes Thu 24-Apr-14 15:05:15

Is it really only worth £20k less then you paid for it? That's a lot of money to lose.

tiredbutstillsmiling Thu 24-Apr-14 15:07:22

Our next door neighbours just sold theirs for 138k, another neighbour sold theirs for 120k (but it didn't have central heating).

Did you buy in the first half of 2008? Then you bought at the top of the market.

Bad luck. "Demanding" the price you paid for it is not realistic.

But house prices are going up again, so you could wait it out..... Only you will find the house you want to BUY has gone up too!

Sorry

Lonecatwithkitten Thu 24-Apr-14 15:11:08

Ask your agents how long desirable properties are on the market before they sell in your area. Current your size property in my area is rarely on the market for more than 7 days, if it is longer than that will be on for months.

In the third column you can see average house price was 214k in 2008, 174k now.

It is hard to accept though, but positive for your next house iyswim

shewhowines Thu 24-Apr-14 15:14:04

You can afford to take the hit. You want to. DH doesn't.

When they offer 135 say " no, but we'll accept 136. That has often worked for me in the past.

If that doesn't work, then you'll have to persuade DH that the family will benefit more by moving, than saving a few thousands.

LadyMacmuffintop Thu 24-Apr-14 15:15:29

Have you found a house you want to move to? Can you do the move if you accept this offer? If so then you would be mad not to take it. (see if you can get a few more k's first!)

Was in the same position with a house and yes, we probably could have got more if we waited to sell, but then as someone above said, house we'd want to buy would have gone up and possibly by more..

Thomyorke Thu 24-Apr-14 15:16:15

Can you show him that your house has devalued by the same % as the house you are buying you only loose £20000 if you do not get the same on the house you are buying. Unless cashing in or down sizing you are probably losing nothing.

mrscog Thu 24-Apr-14 15:16:19

We bought in forts half of 2008 and have just sold for 1500k less than we paid. My understanding is that proves have nearly recovered so I don't really understand why yours is going to lose such a large proportion. I would hold out for as near to 140k as you can.

mrscog Thu 24-Apr-14 15:17:10

I mean we lost £1,500 not 1500k! Now that would be a huge loss!

everlong Thu 24-Apr-14 15:17:42

Your house has been on for two years. That's a long time. You could hold out for 140k but you might not get it.

How much longer do you want to wait?

tiredbutstillsmiling Thu 24-Apr-14 15:19:33

Thanks fiscal. We did buy early 2008. I'm not too aggrevied with making a loss as I think it's all relative - we'd get a house worth 200k in 2008 for 170k now. DH thinks I'm talking nonsense.

Our house has been on market for 2 years but next door neighbour sold in 2 days because they were realistic about pricing. They weren't too bothered as been living in that house for 50 years so obviously made a profit!

My worry is if we turn an offer down we won't get another. It took me a year to sell my previous house to move in with DH and I remember him back then telling me to reject a house offer as he considered it too low. I did and I then didn't get an offer for another year and it was less than the original one. I mentioned this earlier and he said "I knew you'd throw that back in my face!"

Bowlersarm Thu 24-Apr-14 15:22:01

As long as you are buying in the same area, the price you will be buying at will have come down the same percentage as the price you are selling at? I.e. you take a drop on the sale price of your house but you make it up because houses you are looking at will have taken a simultaneous drop. So you aren't out of pocket as such.

tiredbutstillsmiling Thu 24-Apr-14 15:26:44

That's my argument bowlers. We're only looking at moving a few miles away but want a 4 bed or a 3 bed we can extend. (No possibility of extending here, have had builders round).

I just can't convince DH. He sees getting the asking price as doin the best for his family. My view is that is rather have a bigger mortgage, live in a house where we may not be able to so improvements for a while, if it means DD can go to a good school and DC2 can have a bedroom rather than lie in a bed and be able to touch all 4 walls!!

Bowlersarm Thu 24-Apr-14 15:30:48

What about presenting him with the perfect house he falls in love with (is there one currently on the market?) and let his heart take over?

It is frustrating if someone lets stubbornness stand in the wag of understanding economics!

People are way too emotional, instead of rational about houses and house prices.

Sorry for you, OP. Does your H get final say?

Bowlersarm Thu 24-Apr-14 15:32:56

Agree, Fiscal. OP just keep repeating to him "a house is only worth what someone is prepared to pay for it" again and again; not the figure which is in his head.

Igggi Thu 24-Apr-14 15:33:06

The price you paid for it is completely irrelevant. That will have zero bearing on what someone will offer now. Tell your dh you need to move! you've waited long enough and it's time you starting living your lives together with your new, bigger family.
..think I'm going to have the same conversation with mine tonight!

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