Do you have a property on the market - if so, how accepting are you that the price needs to drop?

Question

Im finding it very hard to knock the 40k off the property that the estate agent is suggesting

Answer 1

I have just been offered 50,000 less for my property I have asked for a week to think about it as I have 6 other viewers next week, if I am not offered more I will accept as I too wish to down size, but I will rent for a a few months to see where the house prices are going.

Answer 2

no I don't, but I am looking to buy, there are some teriffif bargains out there.

Answer 3

two options here, either leave it at the price you want - and it wont sell,  or rent it out???  and wait for the market to improve

Answer 4

You will find that only those that NEED to move are doing so at the moment, most are holding thier nerve.

I'm sure your place is fantastic, but I see the majority of the housing stock for sale is not good quality. People with good houses are not willing to accept the drop.

Answer 5

your property is only worth what someone is willing to pay for it not what the estate agents say its worth, if you have had no interest or offers it is too high, houses round us are selling if they are a realistic price, if not they stay on the market, its simple if you want to sell you will have to sell at a price ppl are prepared to pay.

Answer 6

Don't do it! Stay put! Wait for 2 years - that, if you can survive without selling, will be the end of this problem. In the meantime, don't forget that there will be people out there who cannot afford full flat rentals and may be very interested in renting a room in your home - look at that possibility - this will become more and more widespread  - children and students still need to fly the nest! Maybe you can actually make money in this new market place. I'm going to. Our home can be subdivided to give us an extra income of £900.00 per month with adjustments for council tax which should see us clear around £780.00 per month! We have friends who are emigrating to Australia, she's going in September and he's going in January. Their house sale fell through the day that Darling didn't acknowledge the reduction proposed in stamp duty and the 'buyer' offered them £200k less! saying you'll be glad to accept this in a months time! B*****d! But actually they didn't need to sell financially and told him to sling his hook! - he's been back twice with upwardly revised offers but they've decided not to sell but rent their propery and  to wait for 2 years and then evaluate the housing market here again. In the meantime their home in Perth has risen by 20%!

Don't forget that some people will thumb down on here in the hope they can continue to make a quick buck at your or my expense! - TOUGH!

Answer 7

Why? It's hardly 40k you've earnt.

The solution is simple. Work out the %age that the 40k represents in your property and knock that same %age off the price you offer for the nexxt property.

||edit|| Well just knock a bit more %age off what you offer on the next smaller property. Seriously your options are limited and you need to be relaistic about this if you really want to move. Good luck anyway. :)

||edit2|| whatever you do DONT listen to Helen S. If you wait 2 years to move you will be looking at 40% off your houses present value not 40k. As I said you only REAL option is what I have suggested.

Answer 8

ouch! ..i would love to move but i can't afford to lose money on the house we have, we bought it 2years ago and have done lots and lots ..and its just about keeping above what we paid... mind if you bought it years ago and have a healthy profit..that would be fine if you are looking to buy another property to .. good luck!

Answer 9

It is difficult because prices increased to ridiculous amounts so quickly and I think it depends on how long you have lived somewhere and how much you paid.  If you are not in a hurry don't be bullied into dropping to much.  If you have to move for work of family reasons then you may have to do a deal.  The trouble is the buy to let brigade have pushed the prices up and are now coming unstuck as some of them have over stretched themselves.

Good luck with your sale.  

Answer 10

Anything whatever it may be, is worth only what people will pay for it.

Your valuation is just an educated guess.

In a market where there are few buyers and lots of sellers the buyer is the one with the upper hand.

Answer 11

My estate agent has recommended that I accept an offer that is £13,000 below the asking price and £3,000 less than what I am actually looking for. I said that I would accept if the estate agent also reduced her fee by the £3,000 difference. Surprisingly, she declined. Given that the property has only been on the market for three weeks, and she stands to receive around £6,000 for all of her hard work, what would YOU do?

Answer 12

Boy, don't the punters like free market capitalism in the raw when prices are rising. Now they're falling............listen to the screams of pain and now everybody wants a helping hand, including the banks, from public money. FACT : average salary in UK £ 25000 ish , average house price was £ 180000 ish. Don't add up, does it ? The 2 figures are too out of sync, either prices fall or wages rise dramatically. Well, wages ain't going to rise because people are going to start losing jobs. So house prices must fall, and they may take years to recover because there are a lot of complex variables in this situation. The world's wealth is moving eastward, something the west is in denial about. India is in the midst of a massive house price boom, Russia and China are running huge current account surpluses while Britain is mired in debt and government borrowing. Things may NEVER be the same again. The government know this but won't tell you.