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Original poster

Accepted first offer, now having doubts

26 replies

Whoevenknows79 · 18/04/2024 20:56

House went on the market 3 weeks ago. The agent suggested we test the market by going on slightly high and then dropping if we had little interest. Clearly the price put people off as we only had 2 viewings in 3 weeks and both stated the house was over priced. The first viewer came back for a second viewing and went on to make us an offer. We rejected the first and second offers and then yesterday agreed to a price 15k under what we had it up for. I'm now wondering if this was a mistake and whether we should have lowered the guide price to see if we got a more viewings and a better offer. I'm not unhappy with the price we have agreed as such, just wondering if we accepted too soon without trying to create more competition. Would love to hear people's thoughts?

OP posts:
little0miss0mac · 18/04/2024 21:02

It's a very slow market and you're happy with your price. I wouldn't examine it further than that.

fromtheshires · 18/04/2024 21:03

We need context. 15k on a 100k house is a lot but 15k on a 600k house is peanuts.

If the EA suggested putting it on higher, how much higher did you go? Does this 15k 'reduction' resemble what the EA actually thinks the house is actually worth in reality?

You've accepted an offer and aren't unhappy with it. Some may say I'm an idealist but I'm a man of my word so would run with what I have accepted.

Twiglets1 · 18/04/2024 21:07

Agree with @fromtheshires we need context.

15k doesn't sound like too much of a reduction but then again, it is if the house was only on at 100k in the first place.

ChooksnChicks · 18/04/2024 21:09

Bird in the hand and all that.

If it doesn't stop you from your onward purchase, just let it go. There is so much to stress about with house buying, but you seem to have a committed and keen buyer so don't stress about this bit.

Original poster
Whoevenknows79 · 18/04/2024 21:15

@from @fromtheshires The house was advertised as offers over 475k we've agreed a sale at 460k. We've not found anywhere yet and are looking for something quite specific, so in this market it might take time. The buyer is near completion on her property, then is moving in with her folks and apparently willing to wait for us, which is why the agent encouraged us to accept. I'm not looking to pull out, if she does we will re advertise at a lower price. I'm just wondering if my thoughts are warranted.

OP posts:
RoseBucket · 18/04/2024 21:19

What’s the market like where you are, where I live houses are selling within a couple of weeks.

Original poster
Whoevenknows79 · 18/04/2024 21:21

@RoseBucket feels like not much is coming on the market. Lots of houses getting reduced, but others going quickly.

OP posts:
Twiglets1 · 18/04/2024 21:22

In this current market, I wouldn't be questioning a 15k drop in asking price on a house valued around 475k.

Original poster
Whoevenknows79 · 18/04/2024 21:25

@ChooksnChicks it won't really affect our forward purchase, but a of extra money is always nice 😂

OP posts:
Churchview · 18/04/2024 21:33

That seems a good offer against your asking price especially given the market, that you haven't found and you only had two viewings in three weeks.

Original poster
Whoevenknows79 · 18/04/2024 21:45

Appreciate all your comments.This is my first time selling so it's all very new to me and it has happened really fast, which is great but a little unsettling. I guess I imagined lots of viewings on the first day and offers I could compare.

OP posts:
Welliwould · 18/04/2024 22:01

fewer viewing always indicates a price is a bit high. in my last sale we took the first offer from the first people who viewed, as showing the house and keeping it perfect can be an absolute pain in the proverbial. we just wanted it done and dusted. your estate agent should've taken you through comparable sales in the area to give you a solid idea of price, so if your offer is in the right ball park then there's no need to over think it.

MissCaptain · 18/04/2024 22:24

Realistically if you re advertise at a lower price you are probably not going to get more than 460K. That is a pretty decent offer in the current market AND your buyer will shortly be chain free. Pull out of this and you could well end up accepting 450K with two or three sales below. If one of those fail the chain is broken. YOUR chain is broken. You may lose your purchase. Given that you thought you were priced too high, and you are happy with the price, I would crack open the champagne. You are now bottom of chain and that makes you an attractive buyer. Lots of people believe their house will sell quickly. The majority don’t. Houses that are well priced do get lots of viewings and offers straight away. Two viewings in three weeks says to me your house is not that house. I think you’ve done well. Be happy 😁

Sealover123 · 18/04/2024 22:42

An offer of 3.16% off the asking price is good in this current market, I would take it and run.

Original poster
Whoevenknows79 · 18/04/2024 22:55

@Sealover123 well, when you put it like that......

OP posts:
DrySherry · 19/04/2024 04:07

Sealover123 · 18/04/2024 22:42

An offer of 3.16% off the asking price is good in this current market, I would take it and run.

This. That's a really strong offer. You are fortunate.

Janetime · 19/04/2024 05:19

That’s a really good offer. Don’t be greedy about it as you will lose.

Mercurial123 · 19/04/2024 05:59

It's a perfectly reasonable offer. You're being a bit grabby. Put it back on the market if you think you can get more, but that offer may never come.

LindaDawn · 19/04/2024 09:08

Whoevenknows79 · 18/04/2024 21:45

Appreciate all your comments.This is my first time selling so it's all very new to me and it has happened really fast, which is great but a little unsettling. I guess I imagined lots of viewings on the first day and offers I could compare.

I think that can cause more problems when you get quite a few offers as you then have to choose which buyer to proceed with. It’s going to be good to not have a chain free buyers especially if your onward purchase is quite specific.

LindaDawn · 19/04/2024 09:14

Should say ‘it’s going to be good to have no chain beneath you’. House selling and purchasing is so stressful and you have eliminated a lot of the stress already with your buyers having sold and happy to wait for you to find something which as you say could take time.

Allthegoodnamesarechosen · 19/04/2024 09:17

‘Here’s a gift horse’

’let me look in its mouth….’

Six months later ‘Have you still got that horse?’

Karmatime · 19/04/2024 09:33

Honestly - sounds like a dream buyer and a great price. I would not hesitate to accept. You haven’t had many viewings and most interest is generated in the first couple of weeks of listing. I don’t think you would get a load more than the initial interest unless you dropped the price well below £450.

slippedonabanana · 19/04/2024 10:53

It doesn't sound like you're in an area where houses are selling for over the asking by buyers bidding against each other. So if you drop from the ambitious £475k and list for £460k, won't buyers just assume they can have it for less than that?

Take the £460k and a buyer who seems organised.

comeundone · 19/04/2024 11:06

Agree with above. At 475k guide you're looking at buyers who are stretching themselves to reach above 450k. At 460k guide you'll be getting people who are looking to spend below 450k. Bird in the hand and all that.

Original poster
Whoevenknows79 · 19/04/2024 11:43

Thanks for all the comments they have allayed any doubts. It is a good offer. Will focus on finding a new house now!

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