Disappointed with house price

[Sheerdetermination]

I put my London flat on at 600k. Few viewings. Dropped to offers over 550k and reluctantly accepted an offer of 550k, after driving the buyers up from their initial offers of 525k and 540k. They were the only ones to offer. A nearby flat sold for 565k last year.
I think my mistake was to put the flat on the market at too high a price initially. I have a toddler and couldn’t quite face rejecting 550k and re-marketing.And yet I feel I’ve robbed myself of 15k.
Buyers are cash-buyers and in only a small chain, so attractive.
Any one ever felt like this or have any words of comfort? Thanks.

It's best not to think about what you could have got last year for it plus bear in mind the buyers of last years flat likely saved on stamp duty.
Have you made a profit? something to be grateful for. Have you got enough to buy something else?

I think you've done well to drive the buyers up. Personally I think we are in for a tricky economic time so best to secure a sale now.

Ive bought and sold over 20 properties and no matter which side you are on you always feel you could have bought for a little less or sold for a little more. Don't tie yourself up in knots about what ifs, just move on.

Be happy with what you accepted, don’t be thinking about what you think you should have got.

Thanks so much. You’ve already made me feel better. Thanks for sharing your wisdom @tuliplover. And that’s a really good point about stamp duty @gitbag

I bought a London flat last year for £45k less than the last one sold for in autumn 2019 and about the same price as they were in 2017

London flats are not where the housing boom is. They are selling to cash buyers as buy to lets.

Be prepared for a cash investor to try and drop the price just before exchange.

@LittleYellowDog Oh interesting. Thanks.

Hi - I'm making the same point as previous posters really. London flats have dropped in price I'm afraid.
Any property is only worth what people are happy to pay at the time is was for sale. A lot can change in 1 year so it is best not to compare.
Good luck with the move

It doesn't sound like you had people queueing up to buy it so i very much doubt you could have got more for it.

Buyers are cash-buyers and in only a small chain

I'm confused by this statement - cash buyers usually means they are not in any chain, i.e they have the full sum in cash and their purchase is not dependent on selling another property or raising a mortgage.

Sheerdetermination I sold my last house to a friend privately - showed estate agent around and agreed to proceed on the Saturday 10am at £450k, viewing arranged for Monday lunchtime (yep v quick). Friend came round Sat Afternoon (as house was unusually spick and span) as they heard through the grapevine I was selling and offered me £430k on Monday morning. Factoring in no estate agents fees, I agreed. Viewing went ahead Monday lunchtime and received offer of £440 which I rejected as I'd agreed to sell to friends. They then upped the offer to £457k!!!! I'm still sore that my morals wouldn't let me accept the much higher figure but hoping that it means I'm a decent person at heart . Hope it makes you feel better that you aren't alone in feeling the way you do!

Cheer up. You've still got over half a million in your back pocket. Hopefully you'll be able to do something useful with it.

how much did you pay for it, and when

But it was only worth what someone was prepared to pay. You haven't lost 15k because nobody offered 565k (unless I'm mistaken. In which case I apologise!!)

We had to accept over 100k reduction on our London flat! The market is not great everywhere and estate agents often seen to give high valuations just to win the business. I think you should just celebrate your sale.

£15k is less than 3%

It's enabling you to buy somewhere else and move on with your life. Would you rather get £15k more and stay where you are for an additional 6-12 months on top of however long it takes?

A flat we sold in london 4 years ago recently sold for £10k less than we sold it for and the owners had made it look much nicer than we had it. The market for flats has changed a lot. I’m glad we sold when we did but I feel really guilty on our buyers as it was very much a stepping stone type property and I hope they could still afford to move somewhere better.

You speak to my heart💛. No what ifs, just move on.

If it gives you any comfort, the seller of my flat sold it to me at 10% less than what they bought it for. But now the flat next door is also up for sale and the asking price is even less. I think it's really hard to time it perfectly. 15k out of 550k is really not that much. You could have done much worse!

@RandomMess that was part of my calculation - thanks for reminding me

@blobby10 ouch. But you never know, the higher offer people might have tried to knock you down over the survey or tbe sale might have fallen through. And you’re definitely a decent person!

@Twiglets1 you're right and I’m annoyed with myself for falling for the high valuation as I knew the key would be to get people in through the door to fully appreciate the place. But you live and learn!

@AwkwardPaws27 they're selling property to raise the funds but won’t require a mortgage

@Step1234 With a lower asking price, more might have viewed initially and then it really is a lovely flat once you see it. It’s much better in life than in photos

@soundofsilver thanks

@StorminNorma I’m going to buy a yacht

@Okigen Thanks for the perspective
@WhatsHoppening they must have spent some money on it too. Hey ho

She there was the stamp duty holiday buyers were prepared to pay a bit extra. Now it has stopped they are paying stamp duty again.