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Original poster

So basically, my estate agent is going to advise me to sell a any price so he can get the sale, right?

58 replies

beansprout · 09/09/2008 15:11

Which is why he has suggested we drop from 300 to 260k?

I know the 250 threshold is drawing us in too, so no-one is going to offer a penny over that and what with "cheeky offers" being advised, it's all becoming a big waste of time. Gah.

OP posts:
noddyholder · 09/09/2008 15:21

I offered 200 on a place that dropped from 300 to 250.they said no but on the agents advice accepted 213 They have said nothing is selling

BlingLovin · 09/09/2008 15:22

To be fair beansprout, I think your estate agent is not only trying to get the sale for himself, but for you too. He'll be recommending the highest price he can because then he gets more commission - but if you price yourself out of the market, neither he nor you get anything. It's not pretty out there.

Original poster
beansprout · 09/09/2008 15:50

I think I might just pull out of the whole thing until everything calms down....

OP posts:
OliverClothesOff · 09/09/2008 15:51

Newsflash!

houses are not selling

we knocked around 12.5% from ours and it sold (is selling eeeek)

so tbh, you have to drop in this market

do you HAVE to sell?

Original poster
beansprout · 09/09/2008 15:53

Thanks, I do realise that we have to drop the price. This is about being able to afford to move to another house, not make some sort of profit.

OP posts:
OliverClothesOff · 09/09/2008 15:55

can you sit where you are for now and hold off for a few years?

I would only sell in this market if I absolutely had to tbh

TheFallenMadonna · 09/09/2008 15:56

If you drop to 260K as an asking price, then you are automatically dropping to 250K or under on a selling price IMO. The stamp duty boundary does mess up prices around it.

CashmereKate · 09/09/2008 15:59

But if the house is only recently on the market then the original price will be realistic (or should be). Any further reduction suggested by the agent is probably an attempt by him to keep his job. And much as I feel sorry for them in this climate (not) it is not your role to provide him with job security. IMHO.

I'd stay put unless I had to move I think.

fiodyl · 09/09/2008 16:01

Why is it considered 'cheeky' for a buyer to offer less than the seller asks, but fine for the seller to ask for more than the buyer wants to pay?

IMO you should ask £250k now and be prepared to accept £225k, cos this time next year you won't get £150k for it.

MissKubelik · 09/09/2008 16:05

Agree nothing is shifting at the moment. Several houses on my street have been on the market for ages, which is unusual for this area.

Bear in mind that if you are having to drop your price then many other sellers will too, so you may still be able to afford a bigger house. Having said that, I reckon I would stay put for a year or two if possible.

noddyholder · 09/09/2008 16:06

fiodyl is right nationwide says prices will fall 25% by next yr so better to sell now at 250 than next yr at 150

NotDoingTheHousework · 09/09/2008 16:09

This reply has been deleted

Message withdrawn

DaisySteiner · 09/09/2008 16:14

But if it's to move to a more expensive house then you will also benefit by house prices falling as the gap between the two will narrow. If you do want to move somewhere bigger it probably is worth holding on until house prices fall a bit more. If you're going to hold on until they start rising then be prepared to wait a long tim!

WideWebWitch · 09/09/2008 16:20

I'd offer £210 on somewhere on at £300k
let's face it market is overvalued by at least 30%

WideWebWitch · 09/09/2008 16:22

Agree, WHY is it cheeky to offer what someone thinks it is worth. It is only worth hat someone will pay for it

Upwind · 09/09/2008 16:33

Would you rather he advised you to keep the price absurdly high, knowing you are extremely unlikely to sell? That would waste his time and yours.

Original poster
beansprout · 09/09/2008 17:05

No, of course not, but whereas the main aim of an EA used to be to get the best possible price, they now want to sell at any price to keep themselves afloat.

Anyway, I think we are going to stay put for now. We have two boys and live in a 2 bedroom flat so it's a bit tight but we can manage. That feels like a relief to be honest so it must be the right decision!

OP posts:
KatieDD · 09/09/2008 17:07

£250k for a 2 bedroomed flat ? I think that just goes to prove the world has gone mad !

Original poster
beansprout · 09/09/2008 17:40

That's London for you!!

OP posts:
MaryBS · 09/09/2008 17:41

You could perhaps offer to pay the stamp duty instead?

fishnet · 09/09/2008 17:53

Just bear in mind that the prices are only going to continue to drop and that there is unlikely to be a recovery for a good few years. Do you have enough space where you are to be there for the next 5-10 years?

If not you should take whatever you can get now and then negotiate hard on your purchase.

Upwind · 09/09/2008 18:29

agree with fishnet - is your two bedroom flat a fairly newbuild? Because those seem to be the most vulnerable to price drops.

If you are intending to move to a house I would consider renting and saving for a while.

CashmereKate · 09/09/2008 18:35

I'd be very surprised if renting would enable you to save much at all. Rental properties are in demand and rentals have shot up (which is why so many buy to let landlords aren't suffering as much as they might).

FWIW I think the doom and gloom merchants are wrong but I do think that there will be a correction in the market over the next couple of years. The other thing to bear in mind is that mortgage offers are extremely hard to come by right now, even if you have a good LTV and you might find yourself with a mortgage rate that's quite a bit above base.

Stay put and just hide all your children's toys under the bed.

noddyholder · 09/09/2008 18:45

who are the doom and gloom merchants?

CashmereKate · 09/09/2008 18:50

Listen to the radio, read the papers, watch tv, go on-line there are plenty of them around....

I've owned various properties for 20 years now and we've seen it all before. Sure there will be further falls (or corrections ) but as a long term prospect property prices have always been pretty stable. Besides, as beansprout says, she's not looking to make a profit.

It's her home, not a get rich quick scheme.