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Property/DIY

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Original poster

Should we lower the price of our house and if so to what?

15 replies

whosiwhatsit · 09/06/2013 19:24

We need to sell quickly if at all possible but our house is in a part of Scotland where there aren't many buyers about. Our home report came back saying the value of our house was £120k and the estate agent put it on at "offers over" this amount. We haven't had any viewings yet although the agent said several people have requested the homebuyers report.

We are thinking of dropping the price. I would want to say "offers in the region of £114k" but my husband thinks that's too low and doesn't really want to lower the price just yet. We bought the house for £115k and would be willing to sell for £110k, possibly slightly less.

It's a detached house in the countryside but only two bedrooms. Big garden and well-built detached double garage with light/power. It does have its original roof and could do with a new one in the next ten years, but the report says the roof is in good condition and a roofer we had to put some slates back up said this too.

So what price should we put, or do we stand our ground? I hate this - so stressful! The house is empty at the moment as we have moved to a new area and have friends looking after it, cutting the lawn, etc. Thanks for any advice and hope you understand that I don't post a link due to the price info being discussed!

OP posts:

mamageekchic · 09/06/2013 19:27

Where are you in scotland? Is there a right move link?

Original poster

whosiwhatsit · 09/06/2013 19:29

A very rural part - and no sorry there isn't a rightmove link

OP posts:

ginmakesitallok · 09/06/2013 19:31

If the homebuyers report says it's worth £120k then you are unlikely to get more than that. ould you put it on at fixed 120, or 118??

Northernlurker · 09/06/2013 19:32

How long has it been on the market? If you've been on for a few weeks without an offer I would drop to offers over £110k and see how you go.

Original poster

whosiwhatsit · 09/06/2013 19:35

Been on about two months.

OP posts:

Christabel3 · 09/06/2013 19:39

look on the property register to see what a house near you went for recently. Then knock 3k off that, and nobody is going to force you of accept offers that are too low, so I wouldn't worry about that.

BimbaBirba · 09/06/2013 20:24

Depends how desperate you are to sell really.

mamageekchic · 09/06/2013 21:04

Only asked as we're in scotland and looking to buy so may have been able to give some feedback. If its not on right move I think that really limits the audience. I'd reckon offers around the homebuyers report value would be about right.

Erlack · 10/06/2013 09:15

Hi, I am in Scotland too. I think you've been badly advised on the pricing- it's very unrealistic to expect people to offer over the home report valuation, even in the property hotspots like Edinburgh. When we sold, we had it on at 10k less than the valuation. People might be looking at the HR valuation and wonder what you are playing at asking more. I'd say it should be on at offers around or fixed price 120k and then people will try to come in under that. If you really want to shift though, you really need to drop the price and be realistic about what you can expect for it. How long have you owned it?

If it's not on Rightmove, is it on Zoopla?

Original poster

whosiwhatsit · 10/06/2013 18:33

Thanks, all, I think we'll put it on at 114k fixed price and see how we go. Yes it's on Zoopla but I don't feel comfortable posting a link as we're discussing price stuff. This has been a big help, much appreciated.

OP posts:

mum23girlys · 10/06/2013 18:57

We sold in Scotland last year. We were also home reported at £120k and kept getting offers of 120k. We'd paid £135k in 2006 and put on an extension. After 4 months we dropped to a fixed price of £109k and had 3 offers within a week. All at 105. Got the 109 though only because there were 3 interested parties.

We were gutted at the amount of money we lost but just kept telling ourselves because we were moving up the property ladder we would make it back on our next house. We ended up getting our current house for 35k under HR valuation.

I think if you're wanting to move quickly I'd go with a fixed price somewhere very close to what you're realistically looking for. I think a lot of buyers would offer £110 at the moment even if you're on at o/o £120. It's a really hard market still and unless you're in Edinburgh or Glasgow you'll likely have to take a hit. Know how you feel though. One of our new neighbours was home reported at £270 and just sold at 215. They'd been in house a long time though so not quite the same

mum23girlys · 10/06/2013 18:58

Sorry 1st paragraph should read we kept getting offers of £100k

Original poster

whosiwhatsit · 10/06/2013 19:09

Thanks mum23. We would be okay with £110 so maybe we should go with £112 fixed price. Just want to sell and move on with our lives!

OP posts:

mum23girlys · 10/06/2013 19:18

Oh I know that feeling so well! It's a horrible and.unsettling time. We've sold 4 houses in our time and have always ended up putting a fixed price on. Every time we've done that we've been sold within a fortnight so my fingers are crossed for you.

Badvoc · 10/06/2013 19:22

Depends how desperate you are tbh.
I think if you are prepared to accept £105k then out it on as Offers in region of £110k.
We sold our house nearly 2 years ago, it was on for £150k and we dropped it to offers over £130k and sold in 3 days.
It was worth it for us to move on.
Good luck x

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