Had an offer for 200k off the asking price

[PhyllisDietrichson]

I mentioned in earlier post that we put our house on the market, but had no viewings in the first week, so dropped the price by 100K immediately. We had an offer after a month at 200K under the asking price! The property market here in South West London is dropping, whereas the rest the country is apparently still rising.

We asked our buyer if they could offer a little more, we're waiting to hear. The house we want to buy is still massively overpriced. This is a downsize, fr us, we need to make the figures work. In a balanced market this 60's 3 bed would be about 300K under the value of ours; a big ol Victorian fully modernised. So not an unreasonable expectation. It's all a bit frustrating I fully expect our offer (which will be about 170k off their asking price) to be rejected. I don't think they have taken onboard the fact the market in the area has dropped. The other end of seller's terrace went for 165k less just 2 years ago! Why the EA lead them to expect that price hike I don't understand?! It needs a new kitchen bathroom and conservatory and serious redec.

I guess will just have to leave our offer on the table until they've adjusted to the reality and are back from abroad. No ones offered on there's.

Anyone got any advice about offering on a very overpriced property please? We're feeling totally in limbo here. Thanks in advance.

What price do you have it on the market for? Any similar sized properties in the area sold recently where actual price data is available?

Sellers don’t have to sell at a lower price, some may be able and willing to wait a long time to see if anyone will offer more.

Ask your buyers Phyllis

200k off the asking price

What percentage is that off your asking price? It sounds insane to me but I suppose if it’s 10% then maybe not so crazy!

We were on the market for 1.2 got an offer of 1m which they may and have offered a little more. At 1m for a house in very good condition is low for the area but we would be willing to sell at that price if the house you want to buy is affordable

Scuse typos trying to do on teeny old phone lol

Is it actually low for the area now though? What have similar properties actually sold for? Data is available on websites.

Sometimes smaller, less desirable property in some people’s eyes may be popular with buyers looking in the area. Or there may not be much on the market of that type, raising prices.

So your original price was 1.3m?

Scuse typos trying to do on teeny old phone lol

Christ, refuse the insulting offer & buy yourself a gold plated new phone with the near quarter of a million you save!

Gold phone lols. A flat round here start at 375k I'm not loaded, I just bought a property as a wreck 15 years ago and slowly did it up. I have family in Wales, so know what a 1m sounds like but that's fr a 4 bed house round here.

No orig price 1.2 offer 1.

You said you dropped by 100k after a week and the offer is 200k under asking.... So is it now on at 1.1?

in SW London here too & market defo dropping big. I assumed it will just take time to ripple out? The area you want to buy in are properties selling?

It might be a bird in the hand situation. Are you going to get another offer? Is it worth taking the offer, or near it, then going in as a cash buyer? How much do you need to move? Can you sit it out for another few years? Can you buy a bit further away? Other people might be more willing to move on price. The house you like cannot be the only house worth looking at in this market. You need to spend money on it so is there a similar priced one that’s actually better? If the suns don’t work I wouldn’t buy it.

Why drop 100k in a week? Thats no time at all. They probs saw the drop and thought you were desperate.

The interest rate thing today won’t help your price either ,,,,,,

You can always remind your sellers about today's interest rate rise. But I think the main thing that would soften them up is time unsold on the market. Someone who allows their house to sit on the market endlessly without selling must have developed some idea that their asking price is simply hopelessly wrong.

Given the OP’s original thread was only a couple of weeks ago, I’d be surprised if the house had been on the market for a month.

Was asked by EA to drop 100 in first week bec had no viewings at all. That's very unusual round here even in depressed market. We act came onto the market fr that house so no others in the frame. Suspect we may well have to walk away from this one; esp as we had planned to downsize lin few years originally. Then saw the house was on.

Is there a reason why you are in a haste to sell? Could you wait it out about 5 years as property prices will go up in SW London probably a year or two after brexit.

Alexalee the post lacks the word original. Our orig price was resisted by 100k 5 days after listing, buyers offered 1m just 3.5 week's after going on mkt- so 200k off 'original' asking price. Phew!

Could you wait it out about 5 years as property prices will go up in SW London probably a year or two after brexit.

A big issue is affordablity & tighter lending though. Plus what will interest rates be in 5 years.

We want that specific house, I've kept my eye on the terrace this one has come up a little early in scheme of things, but didn't want to miss it so quickly put ours on, and price-dropped quickly to secure viewings on ours so we in good position to make an offer

PhyllisDietrichson I think your reaction towards an overpriced house is probably pretty ubiquitous in today's market - it remains unsold. It is best to avoid sellers, who are stubborn fantasists, as they will only take your interest as positive conformation that they have priced their house correctly and do not need to reduce the price.

Bubbles u make v good points. We will look elsewhere too now.