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)

So many deluded house sellers in the world!

@pV5p

If anything isn't now better to sell than earlier in the year with all the vaccines reporting good news?

Will brexit really make that much of a difference as we've known about it for years. So that has been hard baked into price of my house.

A house is not with what the EA values it at. It’s worth what someone’s willing to pay. If it was worth what it’s valued at, it would have sold by now. The fact that you are not getting any views is telling. Some houses will sell over asking price, no matter what market, some will struggle even if the market’s on fire. Not all houses are born equal.

A house is worth what someone will pay for it, not what a valuer estimates. Your low offers reflect what those people were willing to pay (no doubt with some room for negotiation). Now no-one is interested now because no-one is willing to pay the fixed price. Much better to be in a position where some negotiation is possible.

The market has changed since the start of the year. If you read the property research from Savills, Right Move, etc, then the market experienced a short and unexpected bounce earlier in the year (lockdown related) which has now disappeared. Everything is predicting sales next year will be lower than even 2019 levels. We live in a very desirable area. Earlier in the year, properties were snapped up in days. Now, there are two nearby that have been on the market for over five months and have had to move from offers over to fixed price. If anything, the properties themselves are better than the ones that went quickly earlier in the year.

10% doesn't sound overly cheeky too me.

It is how bartering works. They ask for 10% off, you meet them somewhere in the middle e.g. 5% off.

OP an estate agents valuation is a best guess - particularly when the market is changing rapidly which it seems to be doing at the moment. If a lot of people are offering less than you were expecting then it could be over priced. Get rid of the fixed price as that suggests you are not willing to negotiate - and in order to sell you do need to be flexible. Has your estate agent suggested that you should really consider any of these offers? If so then you should or come off the market and try again next year when the market might have become more stable - but that cant be guaranteed because of brexit on top of the virus.

In our area (20 miles from Greater London) there are written reports of a price crash and prices not recovering pre-crash until 2022/2023...some some buyers that perhaps aren’t so long term are going to take account of that with their offer. If they give you what the agents asking, you may find the real truth hits home when the bank/mortgage provider undertake their walk-round valuation....sorry!

@FiddlefigOnTheRoof

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?!

It's one of those weird MN beliefs that bear no relation to the real world: on MN, you must ALWAYS offer the asking price and it's an act of extreme rudeness to do anything other

So many people believe there is a definitive 'actual' value that a house is incontrovertibly worth, rather than recognising that estate agents mostly make a best guess on the basis of recent sales, plus a bit extra for luck.

Valuations don't mean anything in the end. They are just a best guess at what your house might be worth on a particular day. If noone wants to pay you what you've been told it's worth, then clearly it isn't worth to a buyer what you've been told.

Another thing to bear in mind is that you've got a very small chance of selling a house at this time of year. You've almost certainly missed the boat for a sale this year now. We priced our house realistically and received a really good offer with a couple of weeks. Moving out next week, but not buying because the only houses still on the market are holding out for entirely unrealistic prices. We'll wait until next spring and let the market rebalance.

But several people have made very cheeky offers (over 10% less than the asking)

I wouldn't consider that particularly cheeky.

We've changed it to fixed price and not even had a viewing in two weeks.

Hence the "cheeky offers".

Yes, in the summer I had a three hour second visit followed by a malicious 25% under offer.

I sacked my estate agent as a result. Sold at full asking price shortly after - like within 3 days.

There is usually a seasonal dip in house prices at this time of year and the housing market tends to slow down. Surprised no-one has told you that OP.
I suspect this year that this effect could be bigger as chains are unlikely to complete before the stamp duty holiday is due to end and general uncertainties in the economy due to brexit and the pandemic.

I think I’d be put off by a fixed price. I’d wonder if the vendors were very inflexible people and the sale would be hard work.

I expect buyers are putting cheeky offers in because the stamp duty holiday end is nearing, it slows down at this time of year anyway, Brexit is also nearing and there is talk of prices decreasing next year.

It's only worth what people want to pay

This & as a home owner myself I'm frequently confused how no one question increases just decreases.

If your in no hurry just leave it, however selling for less may work if what your buying is also for less

Things have changed since earlier in the year when your neighbours house sold.

Sold prices are starting to filter through on my road/s from earlier in the year & everything actually sold for under asking. The houses that then came onto the market when the flurry happened now look very overpriced like 80k plus & sales are started to fall through.

The market was amazing earlier in the year when the stamp duty holiday was announced. Things were flying off the shelves.

But it has now all visibly slowed down everywhere and people are having to reduce their prices. I look regularly where I live and where I used to live and there are many reductions now happening.

There are many, many reports that next year with Brexit and the end of the stamp duty holiday the market is going to drop significantly. I think a lot of people are now aware of that and realise that and are going to wait and see what happens next Spring.

YABU. People can offer whatever they want. You just don't have to accept any.

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

No, there is a lag but people get confused by asking prices.

My friend looked at 2 flats, both identical as maisonettes. Historically they go for around 700k in nice condition, she viewed a doer upper (largely superficial eg old radiators, woodchip, ugly carpets etc. It was on for offers over 630k, she paid 599k which is the cheapest ever on that road. The ones on the market for 800k look way overpriced now hers shows the sold price on zoopla.

But several people have made very cheeky offers (over 10% less than the asking)

That's a very NORMAL offer, hardly cheeky. When I buy a house I start at around 25% under asking price.

Remember: a house is only worth what someone is prepared to pay for it.

I'd bite the hand off anyone only offering 10% less than what you think it's worth. After Christmas you won't get near that.

If you really want the amount you are thinking of, pull it and hold tight until the economy recovers.

10% isn't cheeky. I'd normally start there as a bargaining position. And that's if I really loved the house. In precious moves where I've not been that bothered I've started at 20% and settled at 12%.

After my last house took 3.5 years to sell... going on the market in 2008 and finally selling in 2011 for 20% less than what I paid in 2007,
I would say like the estate agents said to me... a house is only worth what the people buying it are prepared to pay.