What asking price would you look up to?

[interstella71]

We are getting our house ready to put on the market (ie trying to clean up the disgusting filth on the walls etc). At the peak the asking price would have been around 370. I am imaging that if we are able to sell eventually we will get max 310 (but definitely not deluded, it may be less- our house is nice but there are a lot of properties for sale around here). We are looking to move out of our area, we would like a bigger garden and cant afford anything around here.

The plan is to keep our mortgage about the same and buy something at around the same price that we manage to sell.

My question is: what asking price should we be looking up to (if we sell our house for 310), my DH breaks into a sweat when I browse at anything over 350! I feel that there will be some properties that we may be able to get at least 10% off.

[bodycolder]

10% ? more like 25!

[missingtheaction]

Realistically certainly 350k and look at up to 380-400k. Honestly! Every seller is in a different situation with a different strategy - some will have had house on market for months and months and be desperate and accept anything from a good buyer. others won't budge and will be looking for the asking price.

I assume you are internet browsing. for each house you covet phone the agent and ask what the seller is looking for/how much movement there is in the price. you may hit lucky with a bargain - BUT you will ONLY hit lucky when you have got a good buyer yourself, and guaranteed finance.

[interstella71]

I cant imagine that if something is fairly new to the market that they would ever consider 25% off! Wouldnt you think more like 15/20% off the peak (2007) price?

The challenge is def. going to be finding the buyer. The trouble is the area we are selling (Brighton) is dropping faster than the areas we are thinking of moving to.

[KatieDD]

If Brighton's dropping then buy in Brighton, we made the mistake of selling in a dropping area and buying in a rising one and haven't ever recovered really, it's very hard.
Buy like for like, I'd be wanting to buy a house that's recently come to the market because it'll be priced correctly, the ones sat in the window at 2007 have some soul searching to do and you might not want to be the bearer of bad news.

[KatieDD]

If Brighton's dropping then buy in Brighton, we made the mistake of selling in a dropping area and buying in a rising one and haven't ever recovered really, it's very hard.
Buy like for like, I'd be wanting to buy a house that's recently come to the market because it'll be priced correctly, the ones sat in the window at 2007 have some soul searching to do and you might not want to be the bearer of bad news.

[Merrylegs]

You live in Brighton? You could actually know the answer to this

[bodycolder]

I completed last friday.I paid 220 for a house in a good area.Last house sold in road in may for 305 and highest price in road summer 2007 was 345.Brighton is falling fast.I bought from a buy to let landlord who had maintained the house top notch but he was honest and said the market is dead and 20% off offers normal.Agent encouraged him to take my offer

[interstella71]

Blimey, - thats 36% - maybe 310 for ours is way to optimistic! But if f I follow that, the we would get 30K less than we paid for it in 2003.

Can I ask what area you are in?

[bodycolder]

We are at 5ways area

[interstella71]

Im Also fiveways.

[bodycolder]

This area has been hugely over priced as up until last year it was a dead cert ticket to the best 2 secondary state schools in brighton.Now that no longer applies no one is going to pay over the odds for a house when you can get the same house somewhere else for much less.I love the area but it is over priced and we were looking in patcham but then this came up A bargain!