Would you accept this offer?

[PointersPlease]

Would you accept an offer from a cash buyer 45k under asking price for a 600k-ish house given the interest rate rises to come? Or hold out? The house has been on market for about 6 weeks and its very quiet on the viewings.

It sounds like the house may have been overpriced in the first place to be honest and so I probably would or counter with 575k. Depends how desperate you are to move.

Have you counter offered. Maybe meet in the middle. Is the drop affordable.

Has your estate agent tried to negotiate the price? You could let them sweat it out for a week, if they really dont want to lose your property they will put in a higher price.

After 6 weeks and not many viewings, it's unlikely to get near the asking price however taking 45k under is a bit soon to take that much of a cut.

I'd counter offer first then if thats a no and you're desperate to move and the 45k wont put you out then i would accept

Have you tried giving a counter offer? So if they have suggested 555k you could say you want a minimum of 575k

The offer came in lower and has been negotiated up to 580 max on their side.

We are on at 625

Our agent tells us that there's always a slowdown in the summer, especially for family homes. Can you relaunch in September?

Can you see what similar houses in your location have actually sold for in comparison? Land registry does take a few months to update the figures.

I think the fact it's been 6 wks then yes, I can't see prices going up in sept

Don’t be to concerned on the offer, it’s all about how much it will cost to change, so if you have a purchase in mind, make a reduced offer on that.

less legal fees to pay !

Is it the only offer you have had?

Depends on your position and so many other factors - have you found somewhere you want to go to, how much can you drop to get to your next home, how desperate are you to move.

If I was desperate (school deadline, job move, divorce, nightmare neighbours) and could achieve my next goal, absolutely I would drop that much.

It’s less than 10%. Before house prices went completely bonkers that was pretty standard in a normal market, I suspect it’s about to become the norm again.

If you can get what you want to move to with that then I'd accept it. You're only going to markedly increase viewings by dropping the price anyway and having been on the market six weeks already, I wouldn't bank on getting another offer.

Look at it this way; you're still achieving 92.8% of your asking price, which sounds like it was a bit toppy in the first place. The deal will also be done quickly if it's to a genuine cash buyer. Unless you need every penny of that £625k for your onward move, I'd bite their arm off to accept.

I'd first try counter , but likely to accept !

Just in time for the next 0.75% rate hike? Take the offer now before it goes down.

How desperate are you to sell? Can you afford to lose that much on it?