Help! To sell, or to hang on?

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Topic started by Patrick Says Free Your Neck (think.up)

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A topic from Home & Garden: Buying and Selling

think.upWed 14/11/07 16:19

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I'd like to get a sense of the general mood out there amongst you savvy outers.
My house (ex-council, not a great area but very convenient for central Oxford) has been on the market since 24th June.

It was on at £219,950. About 6 weeks ago I dropped it to £214,950 because that was the way local properties were going.
After the Northern Rock thing, so about 2 weeks ago, I dropped it a whole further £10k and said OIEO £204,950.

I've only lived there a year, in which time I've spent about £13k on a new boiler and kitchen, some rewiring, a utility area at the back of the garage and a new garage roof.

To sell will cost me about £7k and the market value should have increased by about 8% if I'm following local trends. This means that having bought at £170k, if I sell at £205k I'm just a little worse off in real terms of buying power than I was. But I could just about live with that.

My last two offers were £191k and £193k. The estate agent who suggested £219k in September and swore 10 days ago it would go quickly at £205k has recommended I accept - but unless things are really going tits up, it seems to me he is bullshitting and I can't trust his judgement any longer.

Is the market going into a real slide, or just going quiet? I'm anxious that I'll either get trapped here, or take the offer then find I can't afford anything half decent.

Whaddya reckon, gals and guys?

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