Viewings but no proceedable offers - what next?
MoneyInTheBananaStand · 28/03/2023 21:49
Selling our 4 bed Victorian terrace to move 3 hours away this summer. We don't have a mortgage and we do have a hefty deposit that means we don't need to sell our current house to move.
It's on for 250k which I thought was too high to start with but all the estate agents we got valuations from gave us the same number.
We've had 10 viewings since mid-Feb. 3 offers - 220k (we counter offered 240k and they didn't come back to us), one full asking whose buyer then dropped out, one who wanted to move in April (?!)
Options: a) take off the market and re-list when interest rates/COL is less off putting (could be ages)
b) rent it out (seems like hassle)
c) drop the price (230k?) and see where we are in a month
d) part-ex with the company we are buying the new house off (likely to be about 200-210k)
Before the estate agents came up with 250k I'd have been happy with 220k and ecstatic about 230k but now that number is in my head 😭
Mark19735 · 28/03/2023 22:09
If you don't need to sell in order to move, what would you do with the money generated from a sale? Chuck a bit into ISAs, chuck a bit into the pension, or what? That's the missing figure you need in your calculation - the opportunity cost of not selling now at a lower price. I mean, you could have got £220k but turned it down, right? So clearly holding out for an extra £20k was important to you (and the EA thought it feasible at the time) so why give up so quickly? It's the Easter holidays soon - the clocks have gone forward, the days are getting longer, gardens will start looking nice again. I'd hold your nerve and see what viewings April and May brings.
Greenfairydust · 28/03/2023 22:39
If your house is not selling, it is overpriced. Simple as that.
Becoming a landlord is not an easy road to take, so I am not quite sure why, as you don' t even need the proceeds of your house to buy a new property, you don't simply reduce the price to get a sale and move on with your life.
Fooksticks · 29/03/2023 00:25
Don't be greedy. You said yourself you thought it was too high.
l agree with a pp about relisting at 235 and be prepared to accept 230. The price you thought it was worth and would have been 'ecstatic' to get.
We've just sold. RE tried to tell me our house was worth more. We sold it before going to market for above what I thought it was worth but slightly below what the RE said.
Could have been greedy and spent the next 6-8 weeks of my life arsing about with viewings, but I want an easy life.
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