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Re What it is worth thread.

(6 Posts)
saggyhairyarse Mon 20-Oct-08 21:57:59

Background: Our house on market for 12months, have had 3 non-proceedable offers but not heard a peep from prospective buyers as market flat as a pancake.

I haven't reduced the price of the house because we would accept a reasonable offer and I think if we reduce it to what is the current market value, prospective buyers may well offer us far less than that (iyswim).

Our house is on for £234K, using that site mentioned before it said the current value was £218K, we would accept £210K minumum (because we don't need to move right now and we could ride this thing out).

So, should we reduce the price? Or is the market so flat that it wouldn't generate much more interest anyway?

Whaddyathink?

southutsire Tue 21-Oct-08 10:36:16

Well, some questions:

When you say you could ride this thing out, how long are you willing to wait? And do you mean you are waiting for transaction volumes to rise again (so it's just easier to complete chains) or for prices to get back up to 2007 levels?

When you say 'if we reduce it to what is the current market value', you don't currently know its market value, because that is whatever someone else is willing - and able (i.e. your non-proceedable offers don't count) to pay for it.

southutsire Tue 21-Oct-08 10:40:00

Oh, also, what's the reason for settling on 210k as a minimum? Negative equity or something else?

WideWebWitch Tue 21-Oct-08 10:44:14

Depends.

How badly do you want to sell?
What are ACTUAL sold prices for similar recently?

bossykate Tue 21-Oct-08 10:49:24

i agree with your opinion that whatever you reduce it to people will be offering much less than that.

saggyhairyarse Tue 21-Oct-08 21:32:04

Our DS is in Yr 2, and we will probably need to move so that he can go to secondary school with his peers (not actually sure what year they go to secondary), but don't need to move before then. So that is why we don't need to move right away, when I say 'ride this thing out', I mean more buyers coming to market and not neccessarily prices going up dramatically.

We would like £210K min as we would then get the deposite back we put on the house plus moving costs and would not be making money. Yes, non-proceedable offers are fairly close to the asking price but they don't count for much!!!

No house like mine has been on the market in the village since we bought our house. I live on a main road in an end of terrace Victorian house but the houses are all different, that said we are on a corner, have a lane up the side of us that goes to the green and are the only house like ours with off street parking and a hard standing. So can't answer the question about what houses have gone for. The house over from me went for £370K in the summer but it is nothing like my house (obviously!).

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