Should I hold out for higher offer?

[bottomsup12]

I don't think I have the stomach for this selling property business!

Just received an offer for slightly less than what I bought flat for a few years ago. After about 20 viewings over the last few months

Previous offer fell through (about £10k more than what I bought for so breaking even after fees etc)

Do I accept this offer even though I will be almost £10k down after fees?

It's below market value (flat downstairs also 1 bedroom sold 2 years ago for £60k more than what my current offer is for my 1 bed). My remortgage value is £45k higher than what this current offer is.

It seems ludicrous to sell at this price but I'm just not getting offers! And I need the money sooner rather than later so what would you do?

Bump

How is it below market value if nobody is offering to buy it? Looking at what a flat sold for 2 years ago is irrelevant. How quickly do you need to move and can you afford to absorb the loss? If the answer is quickly and yes then accept it. Otherwise wait I guess, but you may not get a higher one.

If it is the best offer you have received after several months and 20 viewings then I think you have to accept it is the value in the current market, which is not necessarily the same as what it may have sold for 2 years ago.

Have you tried reducing the price to get fresh interest? Or would that bring the price down to the offer you have received?

Unfortunately, if it really was below market value then you would likely be flooded with offers by people who would have spotted a bargain!

If after 20 viewings over several months the offer you have received is likely to be at, or around the current market value.

Prices have dropped since the high two years ago so it probably is market value, especially as you aren’t getting other offers.

If you need the money, sell it - whatever is being offered now is what the current market value is. Downstairs flats are more desirable as post Covid, people want gardens and they want them on the same level. I saw something from an estate agent the other day which said that flats are back to 2017 prices.

Talk to the estate agent.
See if they think it's a first and final offer, or there is some negotiation to be had.
We rejected 2 offers from our buyers, and finally accepted £50 more than we bought for 15 years before.
After several months and viewings, I'd be tempted to accept if the estate agent thinks the purchaser won't go higher.

We accepted a lower offer because we decided that was better than nothing.

A higher offer is a fantasy at this stage, by the sounds of it.

Edited to add: the problem with comparing prices is you’re not factoring in the massive rise in mortgage rates.

Yeah you guys are right. I felt like it was a no no to accept a lower offer but doesn't seem to be that unheard of!

Are you also buying somewhere @bottomsup12 ?

Because if so you should also benefit from this market when you buy

I agree with what other posters have already said.
If your flat has been on the market for several months and this is your best proceedable offer than it is the market value.

Flats in most areas didn't go up that much during the pandemic period and some are lower than they were 8 years ago. People have this idea that house prices only ever go up but it's not always correct. Sometimes they fall, even in nominal terms, never mind in real terms.

If you need the money/need to move, I would accept and proceed as rapidly as you can.

I think flats are harder to sell than houses so I would go with this offer. If you have had 20 viewings over several months, this now now the market value. If you refuse this offer then your flat may go down in value further.