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thejaksie

Advice Needed On Selling

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hi all

Would appreciate a bit of advice on "marketing" (as my EA calls it) my flat - long story short I am STR my 1 bed in Wapping (London) which has been on the market for around 8 weeks now and received one offer at 95% of asking price 5 weeks ago. That buyer has recently changed his mind however and wants to buy a 2 bed instead. Viewing numbers were good but now been dropping off with an average of 1 a week or less past 3-4 weeks.

I was unfortunate enough to buy in April 2007 so pretty much peak of market and will be looking at a tidy loss. The market in Wapping has as I am told by various EA's remained fairly OK (don't understand why but it seems to be the case), and am therefore logically trying to minimise my loss. My asking price was essentially 2007 price including purchase of freehold I did , and upgrades like kichten. This seems to be roughly in line with the london average price movements (which are pretty pointless as a guidance), but was in line with what most EAs considered it could go for.

I don't want to sell at too big a loss (as alternative I could stay for another or could BTL (which I don't want) but do want to rent something bigger. My question is therefore as follows:

-shall I stick to my original price (which did attract around 20 viewers and 1 offer, but less interest recently) and stick it out for another 3 months to see what happens (I expect lower prices)

-shall I reduce to 95% of asking now (where i would sell despite it being a cash loss).

and if I reduce my price is it better to make "Offers in excess of" , "Fixed Price", or Guide price ?? I have no real idea what would be the best

I know this is a HPC forum and I am arguably a deluded seller , however I am nervous because as I am not going to be buying I am really taking a risk if very high inflation hits and my equity is then not in a house but in cash (or equivalent). Also as an exception to most I am selling at an actual cash loss (not book value) not because I need to but because I believe renting is the way forward for the next years at least. The worst case would be sell at a loss now and then have to buy back into an ever more inflated market 5 years from now whioh is why I'd appreciate advise on the above

thanks!

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People can't really advise you what to do. It's your debt, you have to make the decisions.

The essential question you need to answer is: where do you think house prices will be in 5 years time? My personal view is they are going to half in real terms. But I could be wrong. (And prices could half in real terms while staying the same or even rising in nominal terms, if the pound fell fast enough and wages doubled)

If you do decide to sell, my only advice would be: don't over-price it in a falling market. If you do, the property just sits there. Most EAs tend to overprice in order to get the business.

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hi all

Would appreciate a bit of advice on "marketing" (as my EA calls it) my flat - long story short I am STR my 1 bed in Wapping (London) which has been on the market for around 8 weeks now and received one offer at 95% of asking price 5 weeks ago. That buyer has recently changed his mind however and wants to buy a 2 bed instead. Viewing numbers were good but now been dropping off with an average of 1 a week or less past 3-4 weeks.

I was unfortunate enough to buy in April 2007 so pretty much peak of market and will be looking at a tidy loss. The market in Wapping has as I am told by various EA's remained fairly OK (don't understand why but it seems to be the case), and am therefore logically trying to minimise my loss. My asking price was essentially 2007 price including purchase of freehold I did , and upgrades like kichten. This seems to be roughly in line with the london average price movements (which are pretty pointless as a guidance), but was in line with what most EAs considered it could go for.

I don't want to sell at too big a loss (as alternative I could stay for another or could BTL (which I don't want) but do want to rent something bigger. My question is therefore as follows:

-shall I stick to my original price (which did attract around 20 viewers and 1 offer, but less interest recently) and stick it out for another 3 months to see what happens (I expect lower prices)

-shall I reduce to 95% of asking now (where i would sell despite it being a cash loss).

and if I reduce my price is it better to make "Offers in excess of" , "Fixed Price", or Guide price ?? I have no real idea what would be the best

I know this is a HPC forum and I am arguably a deluded seller , however I am nervous because as I am not going to be buying I am really taking a risk if very high inflation hits and my equity is then not in a house but in cash (or equivalent). Also as an exception to most I am selling at an actual cash loss (not book value) not because I need to but because I believe renting is the way forward for the next years at least. The worst case would be sell at a loss now and then have to buy back into an ever more inflated market 5 years from now whioh is why I'd appreciate advise on the above

thanks!

OFFERS UNDER :D

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hi all

Would appreciate a bit of advice on "marketing" (as my EA calls it) my flat - long story short I am STR my 1 bed in Wapping (London) which has been on the market for around 8 weeks now and received one offer at 95% of asking price 5 weeks ago. That buyer has recently changed his mind however and wants to buy a 2 bed instead. Viewing numbers were good but now been dropping off with an average of 1 a week or less past 3-4 weeks.

I was unfortunate enough to buy in April 2007 so pretty much peak of market and will be looking at a tidy loss. The market in Wapping has as I am told by various EA's remained fairly OK (don't understand why but it seems to be the case), and am therefore logically trying to minimise my loss. My asking price was essentially 2007 price including purchase of freehold I did , and upgrades like kichten. This seems to be roughly in line with the london average price movements (which are pretty pointless as a guidance), but was in line with what most EAs considered it could go for.

I don't want to sell at too big a loss (as alternative I could stay for another or could BTL (which I don't want) but do want to rent something bigger. My question is therefore as follows:

-shall I stick to my original price (which did attract around 20 viewers and 1 offer, but less interest recently) and stick it out for another 3 months to see what happens (I expect lower prices)

-shall I reduce to 95% of asking now (where i would sell despite it being a cash loss).

and if I reduce my price is it better to make "Offers in excess of" , "Fixed Price", or Guide price ?? I have no real idea what would be the best

I know this is a HPC forum and I am arguably a deluded seller , however I am nervous because as I am not going to be buying I am really taking a risk if very high inflation hits and my equity is then not in a house but in cash (or equivalent). Also as an exception to most I am selling at an actual cash loss (not book value) not because I need to but because I believe renting is the way forward for the next years at least. The worst case would be sell at a loss now and then have to buy back into an ever more inflated market 5 years from now whioh is why I'd appreciate advise on the above

thanks!

After only 8 weeks on the market I wouldn't rush to cut your price yet, it looks a bit desperate. If you haven't seen any interest by the end of the summer (i.e. early september) then take 5 -10% off. I'd go for a guide price as people don't expect to pay full price. Your estate agent will be able to advise as they know the area better.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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