Reduce to Sell? Or Rent It Out?

[JandLandG]

Advice sought please.

Great 4 bed semi in leafy suburb. Good schools, shops, restuarants, transport etc. V Nice house and location.

House valued at £312500 last August.

On Market

We moved away with work, renting a temporary place. Luckily able to do this because we don't have much of a mortgage on said house.

World financial collapse as you know.

No one really interested, only couples trying to sell City centre flats for £250000. No chance of proceeding.

House reduced to £279000.

Anyway, we're moving upwards in terms of rental...paying over a grand a month, so a little bit of a financial impetus been added.

Along comes someone who doesn't want to pay over the £250k stamp duty limit.

Initially we dismissed it, but have started to think...

In short, should we try to sell quickly for £50 odd grand less than we thought we might do?

Or get a rental sorted, probably for about £800/900 a month?

What do you reckon?

Sell it. That's only a twenty per cent drop which means its the correct price for the current market. People are now predicting 35 - 40 per cent drops as standard. The rpuecs will not go up again in a hurry and renting a property out is a pain and expensive when you have gaps with no tenants.

It really is a good offer. Its full asking price at today's prices. take it!

rpuecs = prices. god knows how I managed that typo!

Where abouts are you, how is property generally priced around you?

in think you might well be right, fishy.

brass in pocket.

we paid £200k for it in 2004 and put in a v nice en suite loft conversion for £23k.

so still a bit of real profit at £250k.

god position to but this time next year.

not too fussed on renting ourselves - feel like a student but with 3 nippers. hopefully the new expensive place will be better. it's nice and looking forward to it...moving next week.

Honestly sell it now and then play the waiting game. That's what we're doing. Kills me to know that the rent we pay at the moment is double what our old martgage was but at least we've released the equity in the house and now we sit and wait until the right house at the right price comes along. If prices do drop 40 per cent from top of market then you'll have saved a good amount

house in liverpool.

now living in wiltshire.

as far as i can see, not much is selling - still overpriced and at £250k we'd be undercutting the competition.

there are plenty of nice 300k houses still on the market. and plenty of fairly average 250 k houses lingering around too.

2004 you had to fight to get these places. hee hee! however 200k seemed a bargain even at the time...i remember thinking we would have paid an extra 10-15 thou if we would have needed to.

aaah, you give yourself away fishy...an agenda of your own!

i think we'll go for it though..selling i mean.

although nothing's been officially offered yet...but the tickle of interest i had was from an independent ad i have out..no chain and no estate agents' fee to pay.

ha ha....another enquiry on houseladder today.

things are looking up

300k here we come!

Grab the offer & sell! You're not making a loss which is great news. Believe me - we even considered making a loss but had to mitigate the mortgage in the end after 6 mths of paying both mortgage AND rent. We put ours on the market last spring, deliberately undercutting the competition by 40K. Loads of interest and 4 second viewings but no offers (interested buyers couldn't get a mortgage). Went for broke and reduced it 6 wks later by another £20K - Nada for 4 more mths. Gave in and instructed same agents to let the house. It went within 2 days AND I had a choice of tenants to choose from - suffice to say - I would have preferred to sell (even for a slight loss)and bank my money. Instead, we're making a loss every month (too expensive to change the mortgage from repayment to interest only in order to offset totally against the rental income for income tax purposes)and there's the decreasing equity issue but needs must....

hope things improve for you this spring, selbs....unbelievably, one survey today reported a house price rise in january today...cant believe that!

howevere, newsnight said that house prices might be bumping along the bottom...doubt it, but...

anyway, armed with that info, we've a viewing on saturday.

sounds like a nice couple, i presume they'll do the decent thing and offer the full asking price immediately.

mortgage in place....no chain...its a great house so hopefully...

had a good viewing on saturday - the boy was a lad from my school (and year); though i'd never have recognised him in a million years...more grey than me! hee hee

please phone me up this week and come again. PLEEEEEAAAAASSSSSSEEEEEE!