Looking for some hopeful stories
So Im one of these sad sack vendors who is in the position of trying to sell their PPOR with the worst timing ever. Melbourne, inner SE. Selling due to divorce.
As part of the divorce settlement, had our house valued by professional valuers late last year at 4M. Seemed legit, was very thorough and based on comparable sales in the local area.
The house went on the market about 2 months ago, just as things started going to shit with Trump, Iran, interest rate rises and then the flagged CGT changes etc. REA had said we’d put a range of 3.2M - 3.5, “priced to get the punters through the door”, which then became 3.1-3.4M. Auction was delayed so we could get a permit from council approved to put in a driveway, which was knocked back at the 11th hour (don’t ask that’s a saga for another day!)
So the range went down again to 3.0-3.3. This is now 700K-1M lower than the valuation 7 months ago. Auction passed in, no bids, after what seemed like lots of interest during the campaign.
Only offer since then was from a party who had done B&P, got their finance approved, showed up to auction, didn’t bid. They offered 2.9 with conditions a few days later, even though the agent had told them the offer needed to be over 3 to get any interest at all.
I know the narrative at the moment is that vendors who won’t come down to meet the buyers are stupid or greedy. But the fact is that I have already dropped price expectation by 25%. I know the 3-5M market is really fragile too, as it’s not a FHB market. But it’s very frustrating seeking other properties that are similar (but not really comparable) selling while ours has not after 2 months.
Any friendly advice or hopeful stories?