It has been valued at £560,000, I have been made an offer £6000 less than this but have heard teh market is to go up by xmas, should i wait to sell it?
2006-06-25 07:11:01 · 8 answers · asked by Soso 1 in Business & Finance ➔ Renting & Real Estate
not a good time to sell at 7.30 pm on a Sunday
2006-06-25 07:30:35 · answer #1 · answered by Anonymous · 0⤊ 1⤋
That depends entirely upon the area where the property is. Property values in the US and UK alike have been going up at an irrational rate in many areas. Eventually the bubble is going to burst in some areas if not nationwide. If this happens between now and Christmas, you'll be left holding the bag. Possibly for a very long time.
A number of years ago, my Dad was selling his home in the US. He was asking $450,000.00 for it. Property values had been skyrocketing for a couple of years. He had an all cash offer to hand for $440,000 and rejected it. Within a couple of months, the housing market collapsed. It took him a little over 2 more years to sell the property and he only got $295,000 for it. Interestingly, the party that purchased the home was the one who had tendered the $440,000 offer 2 years earlier. This was in an extremely desireable, exclusive, upscale area that had previously never seen a property value collapse.
You have £554,000 in hand right now. You MIGHT have more by Christmas and then again you MIGHT have a LOT less. What does your Estate Agent say?
2006-06-25 14:31:36 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Interest rates will go up this year almost certainly, this will slow the market, so yes now is a good time to sell plus the HIPS pack will be with us in the next year or so and will cost you between £600 and £800, every house seller must have one. So if I were you I would sell now rather than later.
2006-06-25 17:01:37 · answer #3 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
Summer is always the prime time to sell houses. People get far better impressions of houses when it's sunny. Also people tend to prefer to move in the summer. Just before xmas is a nightmare time. NO ONE wants to move then!!
I'd say given it's only June reject the offer. If we were at the end of September I might be tempted to accept. People usually put in a cheeky low offer at first in the faint hope you'll accept. If you reject they'll often come back with something higher. Remember your valuation is only someones opinion. If it was done by an estate agent they often falsely inflate their valuation a little to encourage you to work with them. Take everything any estate agent says with a pinch of salt.... they're nearly a bad as lawyers!!!
2006-06-29 12:05:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should never sell your primary residence to go rent somewhere else. In fact, I believe you should never sell a property unless that was your exit strategy in obtaining it.
Regards
2006-06-25 14:30:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I am an expert on real estate, but if you live in England I am afraid I can be no help to you! Try moving to the U.S. and then I will be happy to help you sell your home!
2006-06-25 14:15:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If we knew the answer to this I would be a very rich man.
2006-06-25 14:25:16 · answer #7 · answered by Yorkie 2 · 0⤊ 0⤋
yes waite. This is sellar market
2006-06-25 16:14:18 · answer #8 · answered by cody814 1 · 0⤊ 0⤋