We currently have for sale a detached house in Clarkston. For many years now it’s known that houses go for around 15-20% above the home report value and often more. We put it on the market early last month.
We have had a few offers and we even went to closing after a few notes of interest. All offers were between 5-8% above home report.
We didn’t accept the highest offer at closing. We did go back and say we would accept 10% over but they wouldn’t go up to that. We thought we were being extremely fair at 10% over. We received yet another offer now which was the same as the previous highest offer we had before 8% above.
Estate agent is telling us this is now a decent offer. He said there aren’t as many buyers just now due to war and fluctuations in interest rates and banks are pulling or changing mortgage offers. We were told just a couple of months ago to expect 20% above home report. It’s nearly £60k difference from what we were expecting. Even if we get 10% above that’s still almost 50k drop.
So my question is, is my estate agent just telling me this to get me to sell or is the market slower just now and we should be expecting a lot less above home report than usual. I know a house is only worth what someone is willing to pay, so I don’t want to just keep refusing offers thinking I can get more.