Offer on house

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bambam

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We have an offer on our house, on the market for 3 months. It is 8% less than we were asking. A booking deposit is due today with a very quick closing. We are obvioulsy a little disappointed. Commonsense tells us take it, but are just a little edgy that we are making a mistake.

There are at least 8 other houses on the road for sale at the moment. Three have dropped their price, not a low as we have been offered but not too far off.

We think that the market is unlikley to rise rapidly and in the face of such competition in the development that it would take off to the extent that we would reach the original asking price. There are other houses waiting to go on the market on the road as well.

It just seems that to sell at the offered price is a steal, but we want to trade up so maybe we would be lucky trading up as well.

It is the sensible decision, isn't it?
 
From the Irish Indo this morning

UP to 35,000 households face the prospect of falling into negative equity after a new report warned house prices will plummet by 8pc next year.

Condiser that the other properties for sale in the street may have to drop their prices next year by an additional 8 % below what you are accepting. In a falling market you will be at an advantage if you are able to hold off a while before buying your new home.
 
Sounds to me that, while the offer is lower than you hoped to achieve, it is still "reasonable". As you say yourself, there's a lot for sale in your area. I think you're right to accept the offer.

At the end of the day it's your decision. If you do accept, hopefully you'll have luck with your next purchase. You'll be in a good position to bargain as you will not be in a chain and ready to purchase straight away. Nowadays, vendors are willing to accept lower offers from cash buyers rather than take a higher offer from someone who is still trying to sell their own property.
 
I would take the offer, a lot of people are having difficulty selling and if there a lot of houses for sale in your housing estate then it's likely somebody will bring down their price and the rest will follow. Buyers are more cautious so when they see loads of houses for sale in one estate they will find the people that are prepared to drop their price!
 
I've been trying to sell my place for about 9 months now and if someone offered me 8% below my asking price, that I have already reduced substantially, I would bite both of their hands off and probably their head as well. In the current market that's a really good offer!
 
I would ay you will do very well to get the price that has been offered. Take the advice of Thomas22.

I hope the sale goes through for you.
 
Besides, look to knock at least 15% off the asking price if you are selling to move to another house. Lower prices mean you win even if you sell lower.
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I don't quite see the sense in that conclusion. The main factors to consider is the level of competition in your estate. 8 houses seems alot but how many houses are actually in your estate? 3 months on the market isn't that long considering that the market was quite for such a long stretch with it only starting to wake up in some areas in the last 6/8 weeks. The choice you have now is to sit tight for up to 2 years to see does the market stablise or sell at your current offer. If you take the offer now you should try to make it as painless as possible and try and secure a good buying price on your trade up, but you are not garaunteed that either. Be aware that you won't see a high level decrease in price across the board.
 
How can you say this with such authority? You are simply speculating that there will not be a high level decrease.
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You have misinterpreted my post, I mean you won't now, I wasn't speculating just presenting the facts. Interesting though that positive speculation would produce a questioning response yet the on going ever present negative speculation gathers great almost exhuberant momentum.
 
Hi. You are very lucky. I have seen a house I love but can't do anything until I put my own on the market. Our house is our dream house, it's just been extended and newly refurbished. I hate the thought of selling it at a 'loss', but we really need to move and can't afford to keep two going for a while. It's about 17 miles from Galway city and has all the mod cons, broadband, electric gates, fully alarmed, ntl, and all the creature comforts you would need. Our garden is fully matured even thought the house is only 6 years old. Whatever we did with it, we thought we were investing in for life and go top quality everything.

I hope whoever gets it (and please god they do), they will appreciate it as a great deal at the moment.
 
LovelyHome, Unfortunately the market doesn't work the way you would expect. Your dream home might not be everybody's dream home. The Galway market is as flat as a pancake. If you really want to sell, you will have to reduce the price -- simple as that.
 


I appreciate your probably under pressure to sell your home but in how many more threads are you intending on advetising your "Lovely Home" which is for sale? This is not Daft or MyHome.
 
Hi Mercman,
Thanks for your advice about the price of the house. We took your advice and priced the house at about 30,000 under asking. The first couple looked at it and bought it!!! It was sold in August. We are delighted. In response to the other poster who thought it was strange that we were selling our dream home. The reason we made the decision was that we had a baby and needed to move into town where my family lives for help with the baby and because I am a townie and just couldn't really settle in the quiet country life. If we could have lifted the house ino town, we would have! So much happier in town now. I was just posting another thread and came across this one, so I thought I would give an update. How the market has changed since!!!!
 
MrMan said:
Interesting though that positive speculation would produce a questioning response yet the on going ever present negative speculation gathers great almost exhuberant momentum.
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Looking back now, who was right? There should be some balance in every thread, but you cant expect to be unchallenged when your points go against facts and market sentiments.
 
Well done lovelyhome, you made the right decision for you and it's great to get an update. I hope the OP sold at the time he originally posted too.
 
Senna said:
Looking back now, who was right? There should be some balance in every thread, but you cant expect to be unchallenged when your points go against facts and market sentiments.
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I don't expect to ever go unchallenged, I just feel that that people making categoric statements about what the future holds cannot claim to be 100% correct. I was presenting my argument on the back drop of what I was experiencing first hand at the time of writing and that was factual information. I do agree that you have been right on alot of what you have said since I have joined AAM.

I still can't predict what the next 2-5 years holds and would like the possibility of an up turn or leveling out to be considered as just that, a possibility. Speculation on becomes fact in time.
 
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