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Original poster

I think I sold my house for too cheap

23 replies

lboogy · 09/12/2020 12:03

I put the house on the market for £615k which seemed a reasonable amount to ask. A house on the same street sold for 600k in 2018. It has an extension but our house doesn't so I thought £615 was a good price which is what the agent said was about the right amount.

Anyway we accepted £640 for it, so I was pretty pleased. I was not driving the price up despite having several over asking offers. In the end we went with the buyer who was in a good position.

FFW a few weeks and ndn has put their house on the market for 675 and it's been snapped up. It's not clear if they have gotten asking price or over asking price. At the time I was thinking they'd have to accept offers because it's quite dated inside so expected it to take a while to be sold. Their house in my view isn't as nice but has a garden 25ft longer than mine, but no garage.

I now can't stop thinking I undersold mine. New house needs a full refurb and we barely have the money to do more than cosmetic repairs. I just keep thinking i might have gotten another 20k-50k if I'd been more bullish.

I know I sound ridiculous but I can't stop thinking about it.

Anyone else gone through this ?

OP posts:

Orangesandlemons82 · 09/12/2020 12:08

Presumably the estate agent gave advice on pricing?

AcornAutumn · 09/12/2020 12:12

do you know if the offer was full asking price?

the garden is significantly bigger.

there could be any number of factors at play here.

Chloemol · 09/12/2020 12:18

You can’t possibly know what they sold for unless you asked them. Also the market has changed a lot with no stamp duty etc , prices hav3 continued to go up

Just get on with your life and move on

wimhoffbreather · 09/12/2020 12:22

You got over your asking price so just try to let it go? You can’t change anything now anyway

Smallsteps88 · 09/12/2020 12:23

It doesn’t really matter now. It’s sold. You can’t go back and say you want more. It sold for what you and the buyer believed it was worth at the time.

Cam2020 · 09/12/2020 12:30

You have no idea what price was accepted and there's no guarantee the sale will complete! You were happy with the price you accepted and went with the buyer who was in the best position - hopefully that means a smooth sale for you. Concentrate on that and not on what you can't change.

Original poster

lboogy · 09/12/2020 12:31

Thanks everyone for giving my head a wobble.

OP posts:

PowerslidePanda · 09/12/2020 12:35

You had several people competing for your house - if anyone was prepared to pay an extra 20K-50K for it, they would have offered that.

burritofan · 09/12/2020 12:37

What’s done is done, OP. I occasionally torture myself that DH and I moved into a London wreck in February to spare ourselves the commute and now both our jobs are permanently remote, but we’ve spent all our money on renovating and stamp duty and costs and can’t afford to move back out again (or finish the reno). Ah, well. That’s life, innit.

Who knows why your neighbour’s was priced more? Maybe the buyer wanted the garden and didn’t need a garage. Maybe they preferred the decor. Plus until you see the actual sold price you only know the asking, they’re two different things.

Channel Frozen and let it goooooooooooo.

ivfbeenbusy · 09/12/2020 12:39

You had some higher offers but you chose to accept the one you did based on the buyers position - that's up to you? 🤷‍♀️
No chain/shorter chain has a value as well depending on how quick you want/need to move yourself

Itscoldouthere · 09/12/2020 13:53

You just have to stop thinking about it, it's always a difficult transaction, we sold earlier in the year, we were held up by the first lockdown, at the time everyone was a bit nervous about what was happening in the market and lots of talk about things crashing. As a result we agreed to a £20,000 reduction on our sale, the following week the government brought in the stamp duty reduction, so our buyers saved another £25,000. We completed end of July, the market just kept on getting stronger and prices going up, we felt we shouldn't have reduced the price, but when we made the decision it was the right thing to do, you just have to live with it.
I'm sure our buyers are very happy.

Original poster

lboogy · 09/12/2020 14:07

I know they say your house is worth what someone will pay for it but don't you think buyers offer you what they think is a reasonable price based on the base price. So they will try to give an offer they think is fair but not insulting. I suppose that's where my mind is.

But yes I will let it go or at least do my best to let it go

OP posts:

Bluntness100 · 09/12/2020 14:21

Honestly I think you’re on a fantasy world, with all due respect. If your house was worth that the agent would have said. And you’ve no idea what rhe neighbours sold for.

This is because you’ve bought a house that needs work and you can’t yet afford it, you’re fantasising you could have got more.

helloxhristmas · 09/12/2020 14:25

It's really irrelevant. You thought it was worth it at the time.

DianaT1969 · 09/12/2020 15:06

Did you make something on the equity? Had a smooth sale? These are the things to focus on. It could have been so different - languishing on the market for months with no offers and losing your new home.

ReceptacleForTheRespectable · 09/12/2020 15:07

How do you know your neighbour didn't accept less than asking price?

Alexalee · 09/12/2020 15:08

We sold our old family house for 250k 20 years ago... now worth over 1m..... what can you do
And you said you had higher offers and chose to go with a lower one so...

PowerslidePanda · 09/12/2020 15:16

The asking price might determine the initial offer, but "fair but not insulting" doesn't cut it when there are other people interested - you need to offer enough to outbid them - up to the most you're willing to pay. As demonstrated by the fact that you got offers ABOVE your asking price! That's not "fair but not insulting"!

tiredwardsister · 09/12/2020 16:38

We've recently sold a house the buyer and his solicitor were a total PITA and at one stage the sale looked like it was falling through. The estate agent said if we remarketed it we would probably get more even 50K more.
Maybe we would have done and yes the extra money would haven nice but the house has gone (I'm an atheist but thank someones God everyday that its going because selling it was driving us round the bend) and we've got the money sitting in our bank account and its enough to buy the house we're now purchasing so that's good enough for us.
Move on OP you'll never know what you "might" have got you only know what you did get. You've been able to purchase another house which presumably you liked more/has more positive features/is an improvement on the one you sold so be happy with it. You'll just have to do the reform over time.

HerFlowersToLove · 09/12/2020 17:05

You could try telling yourself that you got a great deal on the purchase of your new house, and paid less than it's worth. I've done that when in your position OP and it definitely helps

nitsandwormsdodger · 09/12/2020 17:08

You took agents advice
Got over asking price
Let it go
No good will come if this

WombatChocolate · 09/12/2020 18:17

Things change in property markets, sometimes very quickly.

You accepted an offer at the time it was made. Ther is always a possibility that between offer accepted and exchange the market changes and prices rise or fall. Given that you probably also made the offer you did within the same market conditions as you adept Ed an offer in, it all works out really. If you were to put it back on today for a higher price, you’d probably have to pay a higher price elsewhere.

You were happy with the offer when you accepted it. Remember that. Plus remember that falling prices wasn’t an unreasonable expectation and that if you were selling in another 6-9 months the price you accepted might look very good.

The offer was good enough o allow you to move to the next place. That’s the key thing really. You are close to completion which is worth a lot and many people don’t get to that point. You can’t know the price the neighbour has accepted or if it will fall through before completion.

Remember, a bird in the hand is worth 2 in the bush.

boredboredboredboredbored · 09/12/2020 20:05

I have had this recently. I sold in June and it went for over the asking price. Perfect condition as I bought it as a wreck and completely renovated it. Since selling it prices have been going up and smaller / shabbier houses have sold for more on my road. However, I had an offer accepted on another house which is due to complete next week and others on that road have also come onto the market and sold for 40k more than my offer. So for me it has been swings and roundabouts really. My buyers were very patient and there was no way I would've asked for more money.

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