Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

Original poster

Property price help please property gurus

25 replies

Daisypod · 22/09/2015 10:53

We have had our house on the market since mid August with a fair stream of viewings but no offers. We received an offer yesterday of £170k which they then upped to £175k when the first was declined straight away. As this is quite a bit less than the asking rice we had a think about it and decided the lowest we would go is £180k Before we could ring estate agents this morning they rang us with a final best offer of £177,500. Now I don't know what to do.
We are not desperate to sell as haven't found anywhere to buy but we have stuff in storage until we are able to move so obviously this costs quite a bit. I am also aware of the fact that housing market will slow down in the run up to Christmas and I hate the uncertainty of being on the market. DH does not want to go below £180k.
There are a few bits that could do with updating around the house, the garden is a bit of a mess in parts but all the main bits are sound (no damp, recent bathroom and kitchen, boiler quite new, electrics recently done).

Most of the recently sold houses in the neighbouring roads have gone for a max of £175k but three years ago we had the garage converted into a room and utility room (cost £13k) which none of the other houses have. I know however there will be a ceiling price to the area which makes this additional room a loss for us.

So can any of you have a look at ours and how it compares to others that have sold and see if we are being realistic asking for £180k?

Thank you, would most appreciated it as I am going nuts going round in circles in my own head!

Part of me thinks take it, bird in the hand and all that, plus buyers have nothing to sell then the other part thinks it is worth the 180 so bide my time.
Our house: www.rightmove.co.uk/property-for-sale/property-36413214.html

OP posts:

RingDownRingUp · 22/09/2015 11:04

I'd bite their hand off with that offer, so close to the asking price.

NewBallsPlease00 · 22/09/2015 11:08

It's about 2 values
What it's worth to buyers
What it's worth to you ie to sell/ not sell
In your situation is also bite hand off
If you're upsizing the % market price increases will only make your next house proportionately more than the 2.5k increase you gained
The work you did on your house is a nice to have but won't stretch street ceiling prices
Their offer sounds fair

jeee · 22/09/2015 11:08

I think it sounds like a good offer. At the very least think about how many months of storage will add up to £2,500?

And once a house has been on the market for some time it ends up getting a 'reputation' - people assume there must be a problem with it.

NewBallsPlease00 · 22/09/2015 11:09

hadn't realised where you are- I know the area really well
I'd definitely sell there is so much competition in area!!

lalalonglegs · 22/09/2015 11:10

Tell them that you want £180 and see if they will up their offer or meet you at £178500. Having looked at the details, while I'm sure the garagec on version is really useful space, I think the house does look a tiny bit tired so people may be reluctant to go significantly above the ceiling price for the area. Good luck

MummaGiles · 22/09/2015 11:15

If your estate agent is worth it's salt they should be able to advise you whether they think you will get a higher offer than you already have. They valued it at £190k for a reason and they should have had feedback from the previous viewings. Talk to them about it.

suzyrut · 22/09/2015 11:22

Firstly I think I'd be grilling my estate agent about why they upped their offer before you'd even have chance to decline the £175 this sounds like they're quite keen. Anyone can say it's a "best and final offer" so I'd be keen to see what drove the conversation, what questions did he ask etc.

If he really does think it is a best and final offer I would then trying as dispassionately as to ask asking myself is it really worth the £180k or I do I just want it to be (I've been here myself so I do understand this isn't easy to do!). If the recent sales all point to £175k and you don't have an onward purchase driving the price you can sell at then maybe it would be worth reconsidering?

Also could you accept the offer but add some stipulations to make up for the 2.5k that would make your more comfortable e.g. agree that they will give you time to find somewhere yourselves, pay a small deposit up front so you know that they are committed buyers?

I guess it will come down to how much you want to sell it in the end. £2.5k is only a little over 1% of the overall purchase price and if they are good buyers and stop you paying for more storage it could be worth taking the offer and be able to move on.

Good luck, it's very hard to see things in business terms when it's your home and your future

wowfudge · 22/09/2015 11:42

Well your potential buyers seem quite inexperienced if they upped their offer without waiting to hear back from you. They also sound keen. I have had a look at sold prices on your street and the surrounding ones and prices are varied - that's often down to how hard a bargain someone strikes ime and also how long someone has owned a house.

I would speak to the agent and gauge how the conversations went. My first reaction was to bite their hand off, but I think considering the last sale on the street was a house that needed modernisation I think you can push for more. I'd be tempted to say it's on for £190k and you really think it is worth £180k of anyone's money bearing in mind other sales this year and the condition of the house and accommodation on offer. That you wouldn't stop marketing yours with their £177,500 on the table and that if they up their offer to £180k you'll take it off the market.

I think they'll budge despite what they've said. It's upping the offer before you've gone back that makes me think that. You want to be clear they have a mortgage offer in principle before you'll take it off the market though if they go for it.

Original poster

Daisypod · 22/09/2015 11:42

Feedback from previous viewings is there is work to be done, as said it is a bit tired in places also some of the windows have condensation in so need replacing. This would probably only cost about £500-800 but is obviously putting people off. We were getting to the point of looking at doing this ourselves as people seem to think it would cost a lot more than it actually would.
I think the estate agents are keen for us to take the offer, when we put it on the market it was on for £190k with the opinion that we would get £180-185 so it isn't much less than that. The estate agents are offing us a very good deal so we are saving money there. I think the fact there hasn't been any other offers at all are pushing the estate agents towards this offer.

OP posts:

wowfudge · 22/09/2015 12:01

X posts OP - any decisions yet?

poocatcherchampion · 22/09/2015 12:05

I'd hold out

EverydayAnya · 22/09/2015 12:12

I have nothing to contribute that will help. Just wanted to wail that we are looking at similar houses in London for over 500

Original poster

Daisypod · 22/09/2015 12:13

No decisions yet but like the idea of keeping on the market with 177 but will take off for 180. Hard as DH is at work and hard to talk to so decisions are tricky!

OP posts:

wowfudge · 22/09/2015 12:49

Your situation reminds me of ours this time last year - we had an offer before the house was properly marketed and I was very conscious of the things which needed doing round the house. They weren't things we wouldn't get a return on so I just made sure the place was clean and tidy.

I would have accepted the third offer our buyer made, but DP pushed it up by two grand based on sale prices on neighbouring streets. We knew the buyer had been outbid there so we had a good idea of their ceiling.

First offer was the price we wanted offers over so dismissed, the second was a very small increase and the third was acceptable. Your potential buyers aren't saying their latest offer is their maximum so they have some room for manoeuvre I'd say.

Sunnyshores · 22/09/2015 12:56

It sounds as if you may get £180k for it....in time. But not much more. So Id ask if £2500 was worth another 5 months of uncertainty (as sales are more unlikely over the winter period). Personally Id take this offer and concentrate on getting a bargain with your new property.

goldenlilliesdaffodillies · 22/09/2015 17:07

I would take it.

Acer77 · 23/09/2015 02:09

Are they chain free buyers?
Even though you haven't found anywhere you'll be in a stronger position when you do if you are under offer...
I agree they sound keen and I would be tempted to reply to their offer saying you'll take it off the market at £180k. If they say no then I'd accept the £177500....

Original poster

Daisypod · 23/09/2015 10:54

They have nothing to sell but will be buying with part mortgage part cash so not strictly cash buyers but still no chain. Dh it's very keen to get the £180k and rang estate agents last night to say that but she was quite pushy and he agreed we would discuss and get back to them today. I felt like we had made the decision to hold out but not do sure this morning again! I know it's only a couple of grand but it's 13k under asking price. Oh well I guess if they really want it they will get back to us.

OP posts:

Mouthfulofquiz · 23/09/2015 10:59

For the sake of 2.5k I'd get myself out of the uncertainty and having to prep for viewings etc etc.

wowfudge · 23/09/2015 11:07

With the best will in the world, the EA is on the verge of getting a sales commission and the extra £2.5k will not translate to much more commission for her, plus she probably has a target of x number of sales agreed per month and it's a week from the end of the month.

Has the agent actually told them you really want £180k?

SantasLittleMonkeyButler · 23/09/2015 11:12

They've been watching Phil & Kirstie with all this "best & final offer" business .

I'd also say that £177,500 is accepted in principle, but that you would allow viewings to continue until exchange of contracts. For £180,000 you would take it off the market.

Or just that £180,000 is your absolute bottom line. That could be a risky strategy though, as they may not increase their offer & you may end up selling for less than the £177,500 now offered. It all depends what happens with the market in your area.

JeffreySadsacIsUnwell · 23/09/2015 23:41

Looking at the other properties sold in your street, it seems that the highest sold was for £170k, and that was a detached... Personally I'd take the money and run, fast, at this point if you really want to move, because it looks like your agent may have overvalued. What other valuations did you get?

If, otoh, you're not fussed about moving and you need the £180k and can't afford to move without it (eg if you're upsizing), then tell the agent that. If you know you wouldn't be able to fund your next purchase below a certain sale price for your current house, then the house is worth more to you than to the potential purchaser and you'll have to accept that you'll be staying put for longer - eg you want an extra bedroom, you need at least 180k proceeds to be able to buy 4 bedrooms in your desired area, and without that you'd be looking at 2 or 3 bedrooms in your desired area making it not worth your while to move. If the 2.5k isn't crucial, though, think hard about the decision to refuse, given the good position of the buyers, and consider agreeing but keeping it on the market as others have suggested.

wowfudge · 24/09/2015 08:25

Jeffrey where have you got that information from are you even on the right thread? According to Rightmove there was a sale in June this year at 175,300 but that house needed modernisation.

There was one in Nov 2014 at 181,000. Most of the ones which have gone for 170,000 or below have needed work. The OP's house has an extra reception room. I think they're quite right to hold out for £180,000.

IssyStark · 24/09/2015 13:34

Honestly I think you should take it for the sake of £2.5k, but keep the house on the market until exchange if that makes you happier.

Asking prices are just that. In a healthy market, houses should go for 5-10% under the asking price and the offer is well within that.

alasdairhandc · 25/09/2015 16:57

(Agent here)

Based on what I have read and the information provided - take the offer.

£180-£185k was the agents guesstimate, you marketed at £190k to see who would bite. Ignore the asking price, ignore the initial valuation - you already know the Land Registry selling prices, and the offer exceeds the average sale price on the street so you know it's a good deal.

My advice would be to accept and get moving before Christmas.

Best of luck.

Flip