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Original poster

Help me to stand firm on our property price

77 replies

SaturndayNight · 18/12/2017 14:26

We have a property on the market. We don't live in it, we are chain free. It's not an investment property or let out, it was ours, we moved and kept it empty. DH really wants to sell it. I'm not so eager. Buy we have agreed to sell it. It's been hanging around the market a while, which hasn't bothered me, we now have an offer from a very keen buyer.

Prices edited for privacy but this gives the general idea:

On at 495k, reduced after 6 months to 460k. Offer made at 405k then increased to 415k.

We have told agent to take clear message back that we will not sell for less than 435k, a decent discount on original price imo.

The agent is desperate to get this place sold, more desperate than we are. He has come back today with a message from the buyer that they really love and want our property but they do not want to go much higher and he suggests we meet in the middle.

I realise his job is to make the sale happen. But we don't need to sell. I think we should call their bluff and say sorry, 435k is our lowest price. DH wants to make a deal. Am I being a hard ass to try to get buyer to spend more??? I think they are already getting a fantastic place at a good price.

OP posts:
FrustratedTeddyLamp · 18/12/2017 15:11

I think its hard to judge as not real figures someone asking 20k off a 100k house but wanting 50k off a 1m house are different things

twotired · 18/12/2017 15:13

I'd stay firm if that is the minimum you'd want to accept.

I'd also wait until the new year, lots of people look for houses after Christmas.

VivaLeBeaver · 18/12/2017 15:15

I guess there’s two types of buyers.

The ones who love your house and offer X because it’s genuinely all they can afford and if you refuse they will walk away even if they’re broken hearted to lose the house.

The ones who love your house, offer X because they think that’s what it’s worth/or want to see how low they can get it for and if you say no will increase the offer.

Actually maybe a third type as well.

The ones who say they love it to appear like a good buyer but actually just quite like it slightly more than another one they’ve seen. They make an offer but if you say no they will give up and go for the second house which they also love/quite like which is actually on for 10k less.

It’s gambling which sort of buyer they are I suppose.

Battleax · 18/12/2017 15:17

MFR3 I chose to ignore that post. I think the poster would really blow a gasket if I told them the true price of the property wink

It's more than I've said here, but I'm trying to be discreet!

Huh! Southy was commenting (slightly brusquely admittedly) on the ethics of letting property sit unused long term during a housing crisis. NOT on the price. Are you REALLY struggling to follow her meaning? HmmConfused

MikeUniformMike · 18/12/2017 15:17

The buyers are offering a knockdown price because it is a quiet time of year. The agent wants it sold to get his money.

Battleax · 18/12/2017 15:23

I think its hard to judge as not real figures someone asking 20k off a 100k house but wanting 50k off a 1m house are different things

Yes, I was wondering if OP had adjusted % wise or just lopped a lump off. I suspect now that she's not one for nuance or detail and she's looped a lump off.

Also, leaving a house empty has costs and risks of its own, particularly in insurance and maintainence terms, which you need to try to cost for a comparison, not to mention the pure hassle factor.

Original poster
SaturndayNight · 18/12/2017 15:27

I understood the comment thanks battleax (despite my lack of nuance - ouch) I just didn't think itnwas any of her business so chose not to engage.

OP posts:
Battleax · 18/12/2017 15:31

So you randomly did the self-consciously indiscreet "It's more than I've said here, but I'm trying to be discreet!" thing for no relevant reason whatsoever? Confused

This is making less and less sense. Maybe you were just itching to say that? Wink

ObscuredbyFog · 18/12/2017 15:32

I'd say a big No and see what the buyers come back with.

How committed are they, have they had surveys and are trying to reduce the price because of that or are they just on the threshold of trying to agree a subject to survey price?

The agent is desperate to get this place sold, more desperate than we are.
Big. Red. Flag.

Is it one of his mates who wants it or will buy it jointly with him, redecorate then in Spring pop it back on the market at top dollar making about £90k at the prices you've been pressurised into accepting?

JoJoSM2 · 18/12/2017 15:38

VivaLeBeaver, I'd say I've loved some houses and was desperate to buy but equally I'd rather walk away than get fleeced. I wouldn't pay £500 for a dress from H&M and, similarly, wouldn't overpay by 10, 50 or 100k for a house no matter how in love I was with it.

Oly5 · 18/12/2017 15:42

We live in a desirable part of robe sour east and nothing is selling. It doesn’t matter what agents put them on for... people will only pay what they think it’s worth

RestingGrinchFace · 18/12/2017 15:46

In our area estate agents typically drastically over value properties. No one ever sells at asking price. If you do not sell now then there is a good chance that you will not be able to sell for years. If you are willing to take that chance then that's fine but if you need to sell it then I would suggest you accept their price. Aspeople gave said-it clearly isn't worth as much as you think it is and with interest rates rising soon it will very soon be worth even less.

LolitaLempicka · 18/12/2017 15:47

No one cares how much your property is worth. I seriously doubt anyone would blow a gasket over the price just the face that it is empty. If you don't need the money as you are willing to let the property stand empty, why are you nickel and diming over the asking price?

Original poster
SaturndayNight · 18/12/2017 15:55

We do need the money, just not right now.

OP posts:
parkview094 · 18/12/2017 16:11

The actual numbers and %'s are largely irrelevant here.
You have an offer on the table which the potential buyer may or may not increase. As others have pointed out, they may be 'tempted at a price' or genuinely at the top of their budget.
Buying/selling a house is never an exact science and is often a game of poker.
The best result is where both buyer and seller are happy with the agreed price.
If you are happy with the price on the table, then you should accept the offer.
If you are not, then you should consider the advantage of having a genuine offer in hand vs waiting for a future higher offer which may or may not materialise.
It's generally a bad time to be selling a property at the moment. You're likely to have a much larger pool of potential buyers in the spring when you could potentially expect more interest and potentially a higher price.
Of course, in the spring, there will likely be more alternative properties on the market and hence more competition for yours to compete against.
At the end of the day, you I'm sure you know the true value of your property and what you want for it. It all boils down to how soon you need the money and how lucky you are feeling.

Viviennemary · 18/12/2017 16:15

Agents want to sell houses that's their job. If the house is over-priced and you're not that bothered whether you sell it or not, take it off the market after another couple of months. But if those buyers can't afford your house they should look at a house they can afford. If you don't want to drop your price then don't.

NotDavidTennant · 18/12/2017 16:23

Even if I fell in love with a house I would be reluctant to pay much more than the house was actually worth, especially if it had been on the market for quite a while.

anothernetter · 18/12/2017 16:26

This is one of the quietest times of the year on the property market. I would go back with a very firm 'no' and see what happens in the New Year. As for leaving the property empty - that really is no one else's business!

PaxUniversalis · 18/12/2017 16:27

@SouthySa
It’s an empty house. People should be shouting SHAME at you on the streets. Sell the fucking house. Don’t just leave it empty because you can

Why so angry? It may seem bizarre to leave a property empty but what is the difference between OP's property and all the holiday homes/cottages in this country that the owners only visit in the summer holidays or over Christmas?
I know people who own a holiday home in southern Spain and only visit once or twice a year (maximum, I'm guessing - they live and have jobs in the UK). For the rest of the year, their property is sitting empty and is not rented out to others, as far as I know.
Different circumstances but same result. Empty properties.

InvisibleKittenAttack · 18/12/2017 16:33

Take it off the market and re-list it mid January, and between now and then, go have a look again, does it seem cold, damp, dirty, unloved? Can you sort that?

Failing all that, rent it for 6 months and then review prices.

ZigZagandDustin · 18/12/2017 16:38

Well Southy can do one. And it not like the property is going to house a family in need regardless of when she sells it. She's clearly selling something above £600k or maybe £1m.

OP I wouldn't flex down like that unless I needed to sell. And you clearly don't. So hang on for a bit. High end property works differently to the average family home so it can take far more time to find that person who really wants it.

bilbodog · 18/12/2017 16:43

I think property prices will drop in the new year - i would take the offer now, it was obviously over priced at the beginning.

Gammeldragz · 18/12/2017 16:43

First two replies said everything I wanted to...

PaxUniversalis · 18/12/2017 16:44

OP, is the property heated during the winter months? I think you'll need to have some heating in there or the property will get damp and mouldy (musty smells) quite quickly and there also will be a lot of condensation if the house is cold inside.

JD360 · 18/12/2017 16:45

Where is it located have you got a link from the estate agent?