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)

I’m sorry it’s over priced. The fact you only had low offers and when you fixed it no one wanted to view proves it, although it didn’t need proving

I get your opinion is your neighbours house wasn’t as good as yours, but that’s subjective, and it is likely others may not share your opinion. People notoriously can’t see their own properties, because they like them and think they habe great taste.

If you want to put a link up people will tell you if it’s the price, or something else.

I don’t think it’s cheeky. It’s what many people think your house is worth.

You think it’s better than your neighbours, but the market is telling you otherwise.

It's the price OP - there can't be that many CFs all targeting your house. Do you know what your neighbours house actually sold for? They may have taken an offer from a 'CF' and sold far below the asking price.

Can you post a Rightmove link, people might be able to give you more specific advice if so.

This is a prime example why people put in offers

www.zoopla.co.uk/for-sale/details/54081701?search_identifier=fe6783758a09bc342b55a48ea1710282

House listed for 1.5m in Jan, reduced by 100k in Oct & then by another 150k in Nov, 250k reduction! I reckon it won't sell for much more than 1m so you would be crazy to not make an offer.

Our sale fell through due to Covid and during lockdown 1 and we have recently accepted a price that was £40k below original offer back in March.
Houses are only worth what people are prepared to pay and we have had covid and uncertainty factored in now

So.. when you find a house, you're just going to start by bidding their asking price? Because that's quite generous of you. I mean I assume you will, given that you're appalled at these offers on your own house.

I'm not saying your house won't go for your asking price, but no one is going to start by offering your asking price unless your local market is shit hot and your house happens to be the exact house they have always dreamt of. Even then I'd expect them to offer slightly less then be told that you want more, etc. It's part of the process.

(Unless you're somewhere where they have the system of all bids going in at once with their best prices etc, that's entirely different and I apologise if that is the case where you live!)

We’ve had cheeky offers on ours, the agent even told one to go away and make a sensible offer as we couldn’t replace our house for what they offered! People are expecting the housing market to drop and don’t want to pay too much now

Unlikely to complete before March now so can’t benefit from stamp duty relief - people want to pay less.
Perhaps having a bit of work to do is appealing. I’m buying a house 40k cheaper than a much nicer one already finished one on the same cul de sac. I didn’t view or consider the other one because I wanted the opportunity to do it myself. Just because you really like your house doesn’t mean someone else wouldn’t want to change it. It’s worth what people will pay.

I wouldn't view a fixed price house. People like to make offers and then negotiate so everyone feels they are getting a good deal. Houses usually only get full price offers when they are in demand our last house sold within a day for asking price due to being close to an amazing school. Estate agent told us to keep marketing as might get a bidding war but we liked the people buying it and trusted our instincts with them.

I’m on the other side of the fence. DD looking for first home that have all been marketed at over 10% than a few months ago because of the stamp duty breaks, even though her price range isn’t affected by it. I think the sellers are CF at the moment.

Ps I can’t be the only person thinking this as house sales in her area have gone from 100% being snapped up to nice ones sitting for sale and either being reduced by at least 10% or not moving.

Maybe the stamp duty holiday was why people snapped up the other one for asking price?
Your house sale won’t be completed by the deadline so they probably don’t want to pay as much .
Just a thought ..

I hope you’re not planning on offering under the asking price for your next property if you thought there would be a chance it might be accepted.

@Strawberrypancakes

It’s always the price

I don’t think that’s always the case. My daughter is in the process of selling and buying and the first offer was well below. They said no and the couple came back with an improved offer, still no, then again. In the meantime someone else came along and offered asking price and cash. The first young couple had obviously been given advice to barter, but in fact the house was worth the asking price, which they eventually offered, but too late so they lost the house.

10% is pretty normal.

On my last purchase I offered 10% below and settled on 5% below.

If you are not getting offers then your expectations are too high

It's a really stupid (sorry) time to put a house on the market.
The house market almost grinds to a half this time of year anyway, despite covid and brexit etc.
Your house is going to look very sad and sorry for itself if it's still hanging around when others come onto the market in early spring (historically the correct/usual time), when it picks up again. In short people will be thinking what is wrong with yours!

....halt not half

If you say you have had LOADS of offers in the same ball park, then it would suggest that is what it is worth, now to the buyers.
A few months ago, would have meant no stamp duty to pay, so there was a bit of a rush on buying. That window has probably passed now so buyers having to be more cautious.
Of course you don't have to sell, and that is your choice, but if LOADS of people offer less, then that is something you should be listening to, and also thinking about how you respond. As others have said, it may be 'an initial offer' and your response might determine if they are able and willing to meet somewhere in the middle.

So if someone doesn't offer the amount you think your house is worth they are a CF?!

A house like any good is only worth what people are to pay for it. CF are those people that get into their head their house is worth X and the look down at offers less than asking

Its worth what people will pay, so I guess its overpriced for the market and the offers are realistic not cheeky. Estate Agents valuations are just a guestimate.

@HaggieMaggie

I’m on the other side of the fence. DD looking for first home that have all been marketed at over 10% than a few months ago because of the stamp duty breaks, even though her price range isn’t affected by it. I think the sellers are CF at the moment.

Ps I can’t be the only person thinking this as house sales in her area have gone from 100% being snapped up to nice ones sitting for sale and either being reduced by at least 10% or not moving.

We are potential buyers and yes I agree. What would be first time buyer price range (bottom end of the market) seems to have increased in price a lot over the last few months even though the stamp duty holiday has no effect on these first time buyer type houses. I am seeing a lot of them being reduced on Rightmove now.

Some of the prices were extraordinary for tiny terraced houses with tiny courtyards, no off road parking and nowhere to even put a dining room table! We are going to keep waiting/saving.

@Fluffybutter

Maybe the stamp duty holiday was why people snapped up the other one for asking price? Your house sale won’t be completed by the deadline so they probably don’t want to pay as much . Just a thought ..

The estate agent we've just engaged to sell our house reckons people have until about the 1st week of December to get the ball rolling to get the stamp duty holiday benefit but any later they'll have missed it.

I thought a decent estate agent would get the offers and wouldn’t send you CF offers? Or at least collate them so you’re not bombarded.

Vet not get