Price reductions - need to be proportionate

[ChiquitayouandIKnow]

So we recently saw a house which we put our house on the market for. It is finished perfectly, ticks all our boxes but I didn’t fall in love with it. It’s very affordable, but I would like to spend a bit more to get something bigger. Anyway, a ‘chain free’ buyer came on the scene, but it Turns out said chain free buyer is not actually chain free and needs to sell.

Ours has not yet sold but we have someone coming back for second viewing.

EA rang us today to say what’s the lowest minimum offer we would take on ours to get it sold. The vendor for the other house will only accept about 2% under asking. The same EA valued theirs and ours. In my head we could reduce ours by as much as 10-15% for a quick sale, but why would we, if we aren’t going to make the relative saving on the next house.

i appreciate the EA May have over valued ours but then surely they’ve over valued theirs? Any thoughts on what to do next?

How desperate are the people you are buying from? Sounds like they want to play hard ball.

I’d see what you get offered and go from there? If you are hit with 10% under, then I’d be tempted to go 5-10% under?

Thanks @ThankmelaterOkay i think they need to move for the start of school in September. But you’re right, until we’ve got an offer we are in the dark!

There isn't a 'right' price - either for the house you are buying, or for yours. There is only what a solvent buyer is prepared to pay in order to persuade the seller to sell. That's why the EA can't have overvalued either house, and can't have undervalued it either. It's pure guesswork. There is no science or maths underpinning any of it. Don't offer more for the next house than you are willing to pay - and don't accept less for yours than you can afford. That's all there is to it.

I would imagine people you’re trying to buy from has a better house hence not budging on a big reduction. And you sound you’ve chosen highest valuation possible for your property. So either you need to get real or more likely it won’t sell. Especially if agent is already asking you that question.