Should I sell House?

SophieX

I've had my house on the market for a long time now and was ecstatic to hear the estate agent has today found a buyer. The couple who are buying are really interested and have full mortgage approval.

The only problem is the house has dropped by 130k to attract buyers.

I know big prices are unrealistic and besides I need to access money to pay off bank loans I have mounting.

I just have a nagging feeling I'm making the wrong decision.

I'm living in the Rockfield estate and the offer made by buyers was below 300k.

Am I making the right decision?

ytareh

If by below 300kyou mean 299,SELL SELL SELL!

SophieX

Its just slightly below 280k. Is it still a runner at that?

Thanks for your reply.

Moonbeam

It depends on the house and how desprete you are to sell and how many similar house are for sale there.
If it is a 4 bed I would probably hold out for a better offer.
There are some lovely big 4 and 5 beds for sale there atm with high asking prices and the market is begining to pick up but only you know what is right for you to do.

granturismo

SophieX wrote: »

I've had my house on the market for a long time now..The only problem is the house has dropped by 130k to attract buyers..besides I need to access money to pay off bank loans I have mounting.

I just have a nagging feeling I'm making the wrong decision.

I'm sure you know that the value of your house is determined by what a buyer will pay.

You have a buyer - is your need for cash the determining factor in selling?

Looking at the asking prices for similar houses is irrelevant. No one has a crystal ball, so if you can make an extra 10-20k by waiting for 3 months you are almost as likely to lose money as well, also what bills will you be paying on the house each month you keep it.

How badly do you need cash?

SophieX

At the moment my need for cash is a big factor. Most of the houses in the area that's asking for big prices are just not moving and have been on the market for a long time. Some of the neighbors were in shock when they heard the offer made!! But it's true your house is only worth what people are willing to pay. I think we just have to come to terms with that. It's a hard one to call.

Annasopra

Will they negotiate, If you were to say - you're not selling at that price and would they consider upping it by 10k

SophieX

Hi Johnny, buyer didn't have mortgage approval for any higher.

In the end we fully agreed. Got one or two funny looks from neighbors; as much as to say your bringing the area down with such low prices:rolleyes:

chughes

You've made the deal, now you can pay your bills and move on.

As a previous poster said, it's only worth what someone is willing to pay for it. There are many houses around the country that are practically worthless because there is no one to buy them. If you have a buyer and it will clear your debts then just go with it and don't have any regrets and don't mind the neighbours.

91011

if the OP ios moving to a new house themselves, the price of the new house will have dropped to so in theory there would be little difference between doing deal now or waiting.

If OP is selling and moving to rented accom or if hosue was an investemnt property, then it is a different scenario.

SophieX

Chuges, I totally agree. I was weary at the start but as the days go by I know I have made the right decision.

91011, I think I'll rent for a short time and then hopefully buy something a lot less expensive.

Michael B

Is that Rockfield in Maynooth? Nice houses alright but don't mind your neighbours, they have to realise that times have changed and the houses there aren't worth what they used to be. Hope you're happy with your decision.

Blizzard

Good luck SophieX. Dont be worried about anyone else's opinion. Hindsight is a brilliant thing, but unfortunately no one knows what to do at the time so be happy that you've agreed the sale, can pay your bills, rent a house and then get a bargain when you do purchase again. Sincerely wishing you the best and hope all goes smoothly for you.:D

SophieX

Michael, yes its Rockfield in Maynooth. Delighted a sale has finally come my way. A weight off my shoulders to say the least. Thanks for taking the time out to reply.

Blizzard, thanks for your lovely comments. I've since spoken to one or two estate agents in the area and they said the right decision was made. Thankfully I've no regrets now.