Loads of CF making silly offers on my home

[pV5p]

Is anyone else having issues with CF wasting time and making silly offers on houses?

We put ours up for sale end of October as we didn't want to move until next year. A very similar house was snapped up at full asking price within a few days earlier in the year so we waited to put it on the market.

But several people have made very cheeky offers (over 10% less than the asking) for a home that is very well priced and extended and in much better state than the neighbors that sold quickly. One was even at the same price as the neighbors when ours is worth far more and obviously we're not going to sell at that price as in no rush!

We've changed it to fixed price and not even had a viewing in two weeks. IS anyone else noticing problems with CF and weirdness at the moment? (south west)

If everyone has offered a lower price, I'm pretty sure it's priced too high.

EAs all overvalue
It's what they do to get your business
People's offers will be based on how much they can afford, how much they want it and how much they can get a mortgage for on the property.
It's not cheeky

How does anyone know the actual selling price of other properties? Is Zoopla that up to date?

Yeah we’ve had the same problem. People putting, in our opinion, stupidly low offers in. We’ve ended up accepting an okay offer because we want to move fast.

I think a big thing is banks require 15% deposits so people need to go low to be able to afford it.

What did your EA say to the prospective buyers?

We had a couple of low offers but the rest were closer to the asking price and eventually we agreed for a smidge under.

But after the silly offers our EA told people we would not accept under a certain amount which was just shy of asking price and what eventually we sold it for.

There was a housing flurry with the stamp duty holiday announcement. This time of year is always quiet as people are don't want the disruption ahead of Christmas. I would take it off the market and put it back on in January or February.

A house is worth what people are willing to pay. I know you don't want to believe it, but if all the offers you have had were for at least 10% under asking and and since changing to fixed price you have had no interest, your house is overpriced.

I work on the fringes of property. It is slowing depending on what you are trying to sell. Houses in nice villages but still within commuting distance of big cities are doing ok. Flats less so. EA's are known to over value to get your business and then blame, the weather, Brexit, CV19, as to why you cannot get an asking price.

People are even daft enough to take the highest valuation without thinking why. When we sold a fairly substantial house (just over £1m) the first thing the EA asked me is how quickly I wanted to sell.

It was in a nice tree lined road West of London and commutable into London if required. He said until it went on the market it was tricky to work out whether the price was right. All houses were different on the road so there was nothing to measure against.

When I pushed and said realistically what we would end up with he reduced it by 5%. We got some time wasters. At one stage I was asked whether a party of 12 multi generational family could come around en masse along with a couple of children who were frightened of dogs and a demand that we 'hide' the dog. I said no...

In the end we got an offer at 5% less and were very pleased with that (it was 3 years ago). I think the combination of Xmas, Stamp Duty Holiday and Brexit is slowing things down now.

I'd expect the "fixed price" to put potential viewers off too; they'll probably research what's sold in the area, and simply not bother if yours is quite a bit more than the neighbours'

If there's going to be a further slowdown - and there may well be when more and more people lose jobs - it might be wise to take a slightly lower price now

So local to me there is a kinda situation between two house.

Two houses same street both 320k ones a four bed and ones a three bed. I’d buy the three bed because the four bed as a house before you even look inside has zero kerb appeal, the three bed has the potential to expand and looks like a lovely family home straight away from the outside. More money for less house but the house is so much nicer as in its structure.

Just because you deem your house nicer doesn’t mean it is either. Those two houses again both fully refurbished but I’d want to rip out the kitchen and bathroom in the four bed. It doesn’t even have a shower so again might be bigger and “better” but it’s really not.

If every offer is below supposed market value and no new offers it’s you not them.

Take a perfectly normal and reasonable offer of 10% less than asking price or wait indefinitely for someone to offer the asking price.

Your choice and gamble.

The fact you've not had any viewing since you switched to a fixed price, tells you a fair amount about how long you wait might be.

I don't see how the potential buyers are being anymore CF than you tbh.

You could be on my street, this is certainly happening here (SW). One sold immediately, other in better condition and slightly improved is 25% more expensive.

This takes it into a price bracket where nicer houses in nicer areas are available (often larger, better built houses in this area, too). Is this going to be true for you too?

Your house is worth what someone is prepared to pay for it, NOT what a commission-hungry salesman, sorry ‘estate agent’, claims it is worth.

If multiple buyers are viewing you house then offering significantly below the asking price, that indicates that the property is saleable but overpriced.

As others have said, it's only worth what someone will pay for it. If several people have offered 10% less then that's probably what it's worth unfortunately.

10% below ask is normal, I’m not sure why you’re so uppity about it.

The buyers determine the price not the agents, and agents generally overprice to get business.

There was a post lockdown boom where prices were inflated which has burst. There are still many people looking to relocate due to the changes Covid has brought, but anyone with half a brain knows economic pain is coming with Brexit in the new year. The stamp duty holiday may well be extended, so personally I would wait to see how Brexit impacts before buying.

As has been said, it is only worth what someone's willing to pay. It only takes that one, of course, but I know a lovely property that was put on earlier in the year and seemed over-priced has recently gone down £100K and still isn't selling. Another nice house that seemed fairly priced was sold but never finalized and is back on the market.

There is a lot of uncertainty, but on the Kent/Sussex border I haven't seen any evidence of properties getting snapped up as soon as they go on, as I've read is happening elsewhere in the country.

10% under asking price is a pretty standard offer, if somewhat hopeful. Just be glad you're not in any hurry, and maybe in time your 'one' will come along and make a more acceptable offer.

It’s really not being a CF to make a legitimate offer for the property, as long as it’s within say 15 percent of purchase price. WTAF?!

This reminds me of the estate agent who shouted at me aggressively down the phone when we offered at a discount. His colleague called me back the next week asking if my offer still stood. It didn’t - we’d changed our mind at that point and seen a better property.

The stamp duty holiday could be an issue as this caused a surge in the market with people trying to take advantage of it. People looking to buy now are thinking that the purchase is unlikely to go through before March when stamp duty goes back to normal. Therefore any offers are likely to be down on what they were earlier in the year.

Also agree that fixed price is a bad idea- unless you are selling it cheap ( E.g. to cash buyers).

Yep, it's overpriced. Doesn't matter, unfortunately, what you think it should be worth based on extensions or other houses etc etc - if buyers aren't willing to pay that for it, then it isn't worth that.

10% under is standard, and 15% under isn't unusual as an offer. We've just sold a family member's house for 98% of the valuation but that was a huge anomaly - a couple who are desperate to live in the (bvery specific, not-often-available) location the house is in and are cash buyers - but before these unicorn buyers came along, we were getting lots of offers up to 15% below and were about to drop the price accordingly.

It's too high. Things have changed quickly this year and it makes no sense to compare.

We sold for less than asking however we also purchased well under asking.

A house is only worth what someone is prepared to pay for it.

Either ignore, negotiate, withdraw the property or maybe ask your agent not to forward any offers below x amount.

Given you've ground to a halt since going fixed price, you are asking for more than it is worth.

Never offered full price on a house.

Wait as long as you like. You will still only be able to sell your house for what the buyer is willing to pay for it.

I think you’ve missed your window. It was busy but now slowing down, economic situation and of course bad time to sell around Xmas anyway. But as others said it will probably go at the right price. Do you know what they actually paid for the house that’s similar to yours? What it was priced at it probably not what it went for.