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When to really slash asking price?

(19 Posts)
mspotatochip Fri 29-Jul-11 17:00:34

We are selling a two bed flat in popular Surrey town, near station, allocated gated parking etc etc. We are selling because we have two kids 4 and 2 and with the four year old starting school (less nursery fees) can afford family house with garden (moving to Hampshire).

These flats are generally considered sought after etc but after a month on the market and a small price drop (5k down from what Dp wanted to what Ea wanted at start) we have had two viewings and zip all other interest.

Both viewers had issues with things we can't change (size of second bedroom, road at front). Both have said are waiting for other flats in block so its not nescessarily the price as ours is priced lower than the larger quieter ones.

The thing is, I'm getting really impatient to finally move as financially I feel like I have waited forever. Realistically, dd starts school here in September so we could and probably should sit it out and wait for the right person but part of me wants to slash the price and get OUT.

Can someone lend me some patience please? I get really hung up on dc not having a garden and getting older by the second. They are not in the least bit bothered as at good nursery with large outside space all week and we take them out to parks etc all weekend.

I know we are lucky to even have flat, mortgage agreed for house etc.

noddyholder Fri 29-Jul-11 17:01:29

I think when you find a place you love as your next home you are prepared to slash the price to get it!

mspotatochip Fri 29-Jul-11 17:03:59

Noddy we aren't really looking that hard as scared to get attached to something before we are under offer. Loads of lovely houses we can afford where we are going which is good as can afford nothing bigger where we are! Maybe we need to be less cautious and find "the house"

mrsravelstein Fri 29-Jul-11 17:06:07

agree with noddy.

we accepted an offer 10% under our (we & estate agents thought) very realistic asking price because we were desperate to move and had found a place we wanted. we moved in 2 weeks ago and it was well worth it rather than hanging around on the market for months and months.

noddyholder Fri 29-Jul-11 17:09:24

I agree. We had a bidding war for ours and it was getting silly and going on for days going up 1k at a time. Once I found somewhere and it had a little old lady in it who was going into sheltered accommodation she wanted immediate fast cash sale so I stopped the agent and took the best buyer iykwim. I could have gone on with these 2 couples for days but I wanted the new place and so settled for less

mspotatochip Fri 29-Jul-11 17:13:52

10% would bring us under what we paid 2003. Not ready for that yet (though wouldn't be put in negative equity or anything). We are not even getting the people through the door to make the cheeky offers sad Congratulations on your new home Ravelstein smile Downstairs (ground floor) have gone under offer for 10k under what we are asking so we kind of know what we need to drop to. I've always thought ground floor flats went for a bit less than others though or am I way off?

noddyholder Fri 29-Jul-11 17:16:06

Does the downstairs have a garden?

mspotatochip Fri 29-Jul-11 17:18:39

sort of, we are "first floor" but at street level, downstairs are "ground floor" but look out at a steep slope up to street. They have a little patio and have planted nicely etc. Its actually all communal but I have yet to send the dcs down with a ball to look in their patio door ;)

SingleMan25b Fri 29-Jul-11 18:55:41

Your priced to high if you've only had 2 viewings in a month.

Karstan Sat 30-Jul-11 09:18:18

What would you 'slash' asking price too if you're not prepared to accept 10% under current asking? confused

EssentialFattyAcid Sat 30-Jul-11 09:39:37

I would suggest you drop the price 10% for a fast sale to a FTB. The reason is that you are likely to save more on the next house than you lose on the first house.

mylovelymonster Sat 30-Jul-11 10:05:06

You have answered your own question a bit by mentioning that your flat, of the flats in your building, is a bit smaller and faces the road, and although the location may be desirable potential buyers are likely to be more interested in the larger quieter flats if & when they come up, so that goes against you.
So, who are your target buyers? Likely FTBs without children or a BTL investor?
Have you taken a look around the area at what similar flats have sold for recently?

If it were me, I wouldn't be thinking about how much I bought for but how much I can realistically achieve in a sale. How much I could financially go down to to still allow me to move. The price of your next home will be very much negotiable - check out which will show you trends in your areas of interest.

How long are you contracted to with your agent? Save some money and market privately if you can? Renegotiate fee?

You want & need to move, so you need to alter your price to allow this to happen. If you cut the price by 5% and see what interest you get in the next couple weeks, then if no good cut another 5%, and so on. You will find a point at which interest improves, and hopefully for you even stir up a bit of competition and achieve near your target. The thing is, you don't need to accept any offers which are unpalatable, but you do need to find the right position for your flat in your local market, and if you're not getting people through the door to view then that is not going to happen any time soon.

Wish you best of luck.

mspotatochip Mon 01-Aug-11 18:42:51

Thank you. Food for thought. 10% of 240k is 24,000. That seems to me a large drop in one go. I think we are aiming for at least the 230k downstairs got. I suspect Dp wont want to reduce any further. I accept slash was the wrong word, I was in a bit of a mood over the whole thing.

CristinaTheAstonishing Mon 01-Aug-11 19:19:24

I'd just sell & go. You want to do it sooner rather than later, save yourself the hassle.

mylovelymonster Mon 01-Aug-11 23:21:53

What if there isn't another buyer out there with the 'at least £230k' wanting to buy your particular flat? How long can you wait for a buyer at your price?
If you can wait, then no issue, but if not then you need to be a bit more proactive in attracting a buyer or you will be stuck.

HeatherSmall Tue 02-Aug-11 09:44:20

If I was you I would rent your flat out and rent a bigger house and sit and wait this one out. As you say time is off the essence you haven't that luxury so it's either going to cost you a fortune to get this flat sold or else you are stuck with it.
If it's rented and you are happy in a house then you can hold out as long as you need to.

bamboostalks Tue 02-Aug-11 09:47:37

August is not the best time for selling.

Hevian Tue 02-Aug-11 09:54:35

I think you know the answer to this yourself. Your flat is overpriced. Why chase the market down and end up losing more (seen the news lately?). Reduce to sell and get on with your lives.

PS You are already selling it at less than what you bought it for ....have you worked out how much you have actually paid over the years in interest ....

mspotatochip Sun 14-Aug-11 21:42:13

Justa little update. We went under offer cash buyer very close to asking price this week so there is a little hope out there! Just have to find next place now!

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