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I tend to agree with the last two posts on this one and say don't rule it out totally. Obviously how big a drop of £20k is depends on how much you have your property up for sale for but as a guide this is what has happened to us:-
House was valued at between £550 and £500k when valued and put on market in May 07.
Put in on for month at £525k, bucket loads of viewers and with hindsight should have accepted one of the offers. Month later reduced to £500k. Between Aug and Nov we had 4 buyers at £490k all of which we accepted but each and every one of them couldn't get mortgage agreed (despite some saying all had been agreed in principle). 5th buyer came along at £465k but they too couldn't get a mortgage (it also appeared at that stage that lenders were also getting picky about the type of property they would lend on too!?!?! - nothing wrong with our house as we had our own survey done after this buyer).
We have now accepted an offer of £440k from a cash buyer. It breaks my heart to sell at this price but the reality is we are struggling financially now and it would cost more to keep it than to sell at this price and get out, if you know what I mean. This also means that we have sold it for less than a similar house a few doors up which was sold 2 years ago despite ours being bigger, much better and with more land - not my words by the way!!! I was aware that property had not risen much at all in our area over the last few years but am also aware that the next year is going to get very rocky so we are having to grit out teeth and accept this is the best option.
Lyn xx
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