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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:
Gammeldragz · 18/12/2017 16:45

However, December is the worst month to sell, I'd wait until January

FluffyWuffy100 · 18/12/2017 17:05

I’m assuming from your ‘you’d blow a gasjet’ Post you’ve got a prime property. If you’ve got a super expensive house it generally takes longer to find a buyer. Saying that, prime is fucked and is falling.., so..... up to you

Easilyflattered · 18/12/2017 17:07

I wouldn't do anything until January, it doesn't seem that you have much to lose by waiting a month until the market picks up a bit.

It's a bit harder to justify to the agent when the property is empty, but I plan to fob off my agent from doing any more viewings until after New year's by explaining we have family visiting etc. The only interest we're getting at the moment is from people who think we're desperate to sell right now so will put in offers that even the agent is offended by.

Yes our house was priced wrongly too. Again, several agents can up with exact same figure. I have reduced, and will accept slightly lower again, but I don't feel the need to accept a very low offer.

Chocolate254 · 18/12/2017 17:24

Why would the poster blow a gasket if they new the true price of the property?
Is it because you are just sooooo rich. Wow how amazing. Confused

EssentialHummus · 18/12/2017 18:14

It depends on the local market for me, and the urgency with which you need to sell.

InvisibleKittenAttack · 18/12/2017 18:20

If you really don't need to sell, and you are certain it's ok priced for the market, then rent it for 6 months or so and then decide. Does your estate agent also work as a letting agent? Could you ask them how much they realistically think it would rent out for and if they think they could find a tenant?

Believeitornot · 18/12/2017 18:55

It’s onky worth as much as someone is prepared to pay...

House price inflation may have you looking back and wishing you’d sold at this price.

Regularsizedrudy · 18/12/2017 19:08

I think as a buyer few things are less attractive than a house that’s been stood empty. It raises a lot of questions a suspicion.

Kintan · 18/12/2017 19:10

Prices seem to be dropping all over the country at the moment - are you sure you'll get a better offer in the new year? Agree with the pp - it's been on for half a year and you've only had this offer and the one you turned down so I'd agree with your DH. If he is happy to make a deal, is there a specific reason you disagree with him?

PaxUniversalis · 18/12/2017 19:15

@Regularsizedrudy

I think as a buyer few things are less attractive than a house that’s been stood empty. It raises a lot of questions a suspicion.

Why? A property can stand empty for a number of reasons. It is not necessarily suspicious I think. What would you be afraid of?

GETTINGLIKEMYMOTHER · 18/12/2017 20:56

A house is only ever worth what someone is prepared to pay. It's not somehow worth quite a bit more, just because that's what the owner would like to get for it.

I don't know what part of the country you're in, but prices are certainly beginning to come down a bit around here (SW London).

Neighbours of ours who say they need to sell but will not budge on (IMO very optimistic) price have had their house on the market, with very few viewings, for nearly 2 years now.

VivaLeBeaver · 18/12/2017 21:00

Just read an article from zoopla saying prices are on a downwards trend and vendors are having to drop prices.

Mum2jenny · 18/12/2017 21:00

May be better to rent it out for a bit until prices stabilise, although the value may drop due to brexit issues (real or perceived!!)

Angryosaurus · 18/12/2017 21:03

I appreciate these aren’t the actual figures. But the example you gave- 415 is 10% below your 460 asking price. I think in the slowing (London I assume?) market this is entirely reasonable. No One knows for sure what will happen to property prices. But if this was my house, I’d ask for their best and final offer and agree to sell

wednesdayswench · 18/12/2017 21:56

I'm guessing the assumption is that because it's been standing empty for a while it is a bit of an unloved property and you will therefore be willing to drop in price.

I bet they can afford more, they are just chancing their arm (and the agent is willing them on)

I'd hold out for the price you want.

another20 · 18/12/2017 22:23

Its 20K difference - 10K each of you to meet in the middle, pennies in the scheme of things.

Even if the real value is double, meeting in the middle is only a 2% drop for you from bottom price.

They will not come right up to your bottom level - you could counter with £430 so that you have given something.

It will cost you more money and stress to rent it out than you think and will be a good few months before you make up the £10k. Only go through the process of renting if you want to kick into the long grass for the long term (3-5 years min) - I doubt anything is going up in the next two years - staying the same would be optimistic - and this is a loss is real terms given rising inflation.

BackforGood · 18/12/2017 22:54

I was going to say the same as RegularSizedRudy. If a house is standing empty for best part of a year, then it becomes less attractive.... you ask yourself why ?.... it then starts to get cold and potentially damp.... it gets musty...... garden gets out of hand...... all the little repairs people living in the house would do, don't get done......
Of course, if you are still heating it, and airing it, and getting the garden done, etc., then it is costing you money every month you don't sell.

Lonecatwithkitten · 19/12/2017 08:14

I am on the opposite side of the fence we have seen a house that has been empty for a year. We are genuine cash in the bank buyers and could complete in 4 weeks. My DP is an engineer and has identified what needs to be done, so we don't need a survey. We are the only offer in 8months. Yes we are quite a bit below the asking price, but the house would be off their hands.
Frankly the house needs to be sold it is empty, cold and will deteriorate. But it has been their home they can not see what needs to be done so have refused our offer. I suspect they will end up accepting less than our offer some time next year.
If they had accepted the original offer we would have completed probably last week.
I don't know about your area, but houses in the price range we are looking at are moving very, very slowly most of them have been on the market for around 4-6 months.

Lonecatwithkitten · 19/12/2017 08:16

Oh forgot to say we do love the potential of the property, but are not prepared to pay more than we think it is worth.

martellandginger · 19/12/2017 08:18

That is a lot of money to lose on a house. You have set your price now stand firm. Markets change and reasons for buying or not buying your house will change . Come January someone may desperately need to be living on your street - or not. Last thing, are you prepared to lose the current low offer?

rizlett · 19/12/2017 08:29

I think you may have got caught up in the idea that you are 'losing' money with this offer because it's lower than the previous offer which was refused on the poor advice of your EA.

Maybe let go of that idea and reconsider the current offer over a few days.

wherewithal · 19/12/2017 09:16

Like Lonecatwithkitten, we are also not prepared to pay more than we think a house is worth. The market is finally slowing because most simply can’t afford the piles of cash EAs and cheeky sellers desire.

xxxyyyxxx · 19/12/2017 09:43

House prices might be falling but when you have headlines like this

www.standard.co.uk/news/london/homeowners-slash-1m-off-house-after-receiving-no-offers-in-two-years-a3665131.html

It appears on face value we are all doomed.

When you do a little research you find that every other house in the road is only going for the around the same as it is now marketed at.

The house was a million over priced in the first place.

How many more houses are there that are being reduced to match the amount that every other house in the road is on at. Maybe if we discounted those houses then we might see the true amount house prices are falling which I suspect is nowhere near to the 30-50% fall have seen being written about

GETTINGLIKEMYMOTHER · 19/12/2017 10:08

Relatives of mine were selling the house of an aunt who'd had to go into a care home - the money was needed to pay the fees. It was a family house - needing updating but cared for and perfectly liveable - in a very nice and desirable London-commute area.

They turned down several offers, not out of greed but because the EA had told them that was what the house was 'worth' and felt obliged to get the best price for the aunt.
After many months the price was reduced bit by bit, and after over a year eventually sold to someone who'd offered quite a bit more several months previously, and been turned down.
Just saying.

FWIW, I follow more than one housing market quite closely and although Brexit is obviously having some effect, I think the downward trend in many areas is largely down to prices simply having become unaffordable for so many.

peteneras · 19/12/2017 10:22

OP, I'm with you. Stand firm with your own price what you think is the right price. Never mind what the estate agents say - they can go suck stones! Likewise, I see Zoopla has valued my present property (north London, Zone 4) at 'x'-hundred thousand pounds. Believe me, I wouldn't open my door to any prospective buyers for viewing for another £50K more. I'll just tell them kindly to try somewhere else.

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