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TryingToSell

To Sell Or Not To Sell

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My first post on here though I've been lurking in the wings for a while now. We've been trying to sell for 7 months. riginally hoped for 90% of the starting price. We're now advertising at 83% of the original price and we're still here. We have three potential buyers - two with incomplete chains and one BTL'er offering us 75% of the original asking price. Sorry for doing it all as % - I don't want Mrs BTL reading this!

So, on balance, do we leg it or listen to the agents who say that's something of a giveaway at that price?

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If I was in your position I wouldn't sell to the BTL just on principle (cos I'm like that).

Financially, I'm not sure - have you asked about how other houses/ flats in your area are doing, how long the have been on the market for, and what state they are in.

Might be worh just having a look at these to see exactly where you stand - then make a decition.

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If I was in your position I wouldn't sell to the BTL just on principle (cos I'm like that).

I know, but there's a good chance we'll end up with less in the spring, and we need to move asap for family / work reasons.

Financially, I'm not sure - have you asked about how other houses/ flats in your area are doing, how long the have been on the market for, and what state they are in.

Might be worh just having a look at these to see exactly where you stand - then make a decition.

Several have been trying to sell for longer than us and are only just reducing their prices now. We've been ratcheting ours down all summer and we're the cheapest by a long way at the moment. Others held out into Aug or Sept and then took the for sale boards down and gave up.

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I know, but there's a good chance we'll end up with less in the spring, and we need to move asap for family / work reasons.

Several have been trying to sell for longer than us and are only just reducing their prices now. We've been ratcheting ours down all summer and we're the cheapest by a long way at the moment. Others held out into Aug or Sept and then took the for sale boards down and gave up.

If it's not selling, it's overpriced.

My sister has had her house on the market for about 6 months, about 10% below EA valuations (she wanted a quick sale). Not a single offer. She hasn't yet accepted that even that is overpriced.

If you want my advice, take the 75% offer. If that's from a BTL, it's unlikely that anyone buying to live would offer more.

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My first post on here though I've been lurking in the wings for a while now. We've been trying to sell for 7 months. riginally hoped for 90% of the starting price. We're now advertising at 83% of the original price and we're still here. We have three potential buyers - two with incomplete chains and one BTL'er offering us 75% of the original asking price. Sorry for doing it all as % - I don't want Mrs BTL reading this!

So, on balance, do we leg it or listen to the agents who say that's something of a giveaway at that price?

I would ignore these %ges and concentrate on the starting price.

Where did it come from? Was an estate agent valuing it high to get the business? Was it your estimate based on other asking prices locally?

Look at what similar properties in the area have actually sold for recently and there's your real starting price. Then you can take 5% off to get a quick sale.

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Look at what similar properties in the area have actually sold for recently and there's your real starting price. Then you can take 5% off to get a quick sale.

I was going to say too, if you put your postcode into one of the house price sold prices sites, can you find anything that's sold near you to compare it with?

Thing about incomplete chains is they are an unknown of course, could all work out but then again....

I too wouldn't much like to sell to a BTL but you've got to be sensible. What are you planning to do with the equity that you get out? Buy again or rent? If you are going to be putting the money away in the bank, how long would it take you to make up the difference betweent the 75% and 83% with interest being earned on it beyond inflation (my presumption here is that house prices won't be going up beyond inflation in the short term - indeed my personal view is that rises will fall below inflation but that's not one you might want to risk).

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I was going to say too, if you put your postcode into one of the house price sold prices sites, can you find anything that's sold near you to compare it with?

Thing about incomplete chains is they are an unknown of course, could all work out but then again....

I too wouldn't much like to sell to a BTL but you've got to be sensible. What are you planning to do with the equity that you get out? Buy again or rent? If you are going to be putting the money away in the bank, how long would it take you to make up the difference betweent the 75% and 83% with interest being earned on it beyond inflation (my presumption here is that house prices won't be going up beyond inflation in the short term - indeed my personal view is that rises will fall below inflation but that's not one you might want to risk).

Have done that. Most recent sale of a similar property was £25k above what we're now asking for, and that sold nearly two years ago.

Without doubt property prices are falling around here, and by at least 20% since the spring. Having lead the way by lowering our price, and still not sold, do we sit tight, stay ahead of other price drops, and hope a buyer with a complete chain comes along, or do we bail out now but suffer another 10% drop from where we are? Having suffered about 20%, will the crash be bigger than that?

We are intending to buy elsewhere, and given that we're ahead of the crash our funds are tight. We may even rent for a while and see what happens.

Edited by TryingToSell

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My first post on here though I've been lurking in the wings for a while now. We've been trying to sell for 7 months. riginally hoped for 90% of the starting price. We're now advertising at 83% of the original price and we're still here. We have three potential buyers - two with incomplete chains and one BTL'er offering us 75% of the original asking price. Sorry for doing it all as % - I don't want Mrs BTL reading this!

So, on balance, do we leg it or listen to the agents who say that's something of a giveaway at that price?

Similar position with property in North London. Was told by Ea a few months ago that a 30% cut off asking would do the trick. Since that time few viewings let alone any offers. I know all the statistics seem to say otherwise but I reckon property has fallen 20% last 3 months for those having to sell.

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this may seem to be counter intuitive, but perhaps your house is not selling because the price is too low?

when i check out the house prices in our area, if i see one that is too low my first thought is that there must be something wrong with it, or it is on a dodgy street, or the current owners know something is about to happen to drastically affect property prices on that street and want to get out fast.

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search for a user called 'terrified' she sold for well under the asking price on the advice of people on this forum. A friend of the estate agent bought it, did they place up and flipped it for 100k profit a few months later! You should always try and sell for as much as possible, it could be too high but check out the competition and check on sold prices of equivalent properties with the website below:

http://houseprices.co.uk/

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Depends on how quickly you need to sell. The reality is that the EA may be right that it's a 'giveaway' price, but if you need to sell asap then you may have to accept a 'giveaway' price in the current market.

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Similar position with property in North London. Was told by Ea a few months ago that a 30% cut off asking would do the trick. Since that time few viewings let alone any offers. I know all the statistics seem to say otherwise but I reckon property has fallen 20% last 3 months for those having to sell.

I thought N. London was up 20%? If you live in Enfield that may explain it. :blink:

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search for a user called 'terrified' she sold for well under the asking price on the advice of people on this forum. A friend of the estate agent bought it, did they place up and flipped it for 100k profit a few months later!

I think in today's climate this site a good place to get advice. :ph34r:

Oct 2007

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My first post on here though I've been lurking in the wings for a while now. We've been trying to sell for 7 months. riginally hoped for 90% of the starting price. We're now advertising at 83% of the original price and we're still here. We have three potential buyers - two with incomplete chains and one BTL'er offering us 75% of the original asking price. Sorry for doing it all as % - I don't want Mrs BTL reading this!

So, on balance, do we leg it or listen to the agents who say that's something of a giveaway at that price?

Reason for no sale could be price or crappy EA.

Do your own research, knock on doors and asked people in your area about the EA your using and research other EA's don' just assume they are doing there job !

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