To sell for less that we bought it for?

[Phoebebuffaybannahammock]

Bought our house 2 years ago for £290k, all sorts of planning permission has happened around us recently and we want to move. It’s currently on at £295k (we’ve spent a few grand on the front and rear garden and also a few jobs inside) we’re at a loss as it is, would you sell for less that you bought it for a quick sale? Been on the market since Jan originally up for over £300k 3 offers but all fell through due to personal reasons. I’m desperate to get out! If we put it on for £290k do people actually offer full asking price any more?

Anyone?

We sold for just under full asking this month but if you’ve been getting offers you may not need to drop yet? See what your estate agent thinks, other option is to use it as part exchange on a new build, obviously that would depend on if there are new build in the location you like but the move could be quicker.

We've paid full asking price but only as up against others. If you've had 3 offers price must be close though 3 offers falling through is odd.

It sounds like you're getting the interest at your current price. 3 offers since January is not bad. The risk of dropping the price much from where you are is that funny zone above stamp duty can be a bit of a dead sales zone. If you went for £270k you might attract offers just under £250k.

If you reduce enough you'd sell quickly. I'd go for a last big push, open house day? before the summer then get new summery photos and ask agents to do a relaunch in September if its not gone by then.

Open house day sounds like a good plan! The 3 offers were 1 dropping out due to the planning permission and the other 2 people’s own sales fell through.

I would be cautious about leaving it to long. Have a good look at your local market to give you an idea. The market in our area started to stagnate a year ago. In the last six months it has almost ground to a halt. We have decided that it has peaked and are expecting an imminent decline. If you can't face living there for the next ten years you may need to get out soon.

Can you keep it as a rental property?

We sold our house for less than we bought it for a couple of years ago. As annoying as it was, it was the right decision for us. We have since moved to a nicer area and we are much happier. Hopefully In a few years you will make money on your next property and it will even itself out. Good luck x

The price at a date in the past has no relevance to today's value.

potentially, yes i would consider selling for less than i paid.

in your position, i would not reduce it. people will make the offer for what they want to pay and £295,000 versus £290,000 is not a vast difference anyway.

i would hold on to get at least what you paid, unless you can afford to make up a short fall. with the approximate values you've stated, the most of a shortfall i'd be prepared to make up would be £2,000 - 3,000 subject to what i could afford.

some areas just jump up and some don't. depends on so many things outside your control.

I wouldn't have thought 290 would make much difference to offers you would get and if you've already had three you will hopefully get more. I think an open house would be worth a try. Maybe also be upfront about planning to avoid things falling through, ask EA advice on that one but if there's more housing and more facilities emphasise the facilitates more. I wouldn't do buy to let unless you can't sell as stamp duty on second properties has skyrocketed but worth considering if you can't.

Who says house prices must march inexorably upwards ? Some go up,some go down,it depends on many circumstances. House price rises are simply inflationary since, unless you are going to sell and downsize or live on the street,well the one you buy will cost more than it did.

What you accept for it depends on what deal is lined up. If you stick out for a sale and your dream purchase falls through, what good is it..

Would it put you in negative equity?

If house prices generally have stalled or fallen in your area it would make little net difference because you would also be paying a lower price for your new house than you would have done 2 years ago.

It sounds as if the planning permission is having a bad effect: that’s very bad luck.