Part Exchange on house WWYD?

[Dillie]

We have seen 2 lovely new houses. One from Bloor Homes and one from Barrats.

Our house has been on the market for about 10 months and we have had 2 viewings!

I was expecting a wait, since it is possibly the worst time to sell in history, but 10 months is starting to hack me off just a little. The 2 viewings we have had have both come back positive, and no negatives were given.

I have been thinking about going the part exchange route. I know that I can only expect 90-95% of the market value, but both companies have said there is room for discussion on deals etc.

Bloor Homes are currently offering 100% px market value and the house is ready to go, all carpeted etc. The sales lady said we could be in the new house within a month.

Barretts are being far more cagey about the px and will not give me a figure ie 90% or 95% even when I asked them outright. The house is still being built and is approx 3 or 4 months away from being completed.

I am also wondering about changing my agent too to help things along a little.

So I feel that I am stuck between a rock and a hard place. Do I sit tight and wait possibly another year to move? Or should I see what Bloor Homes come up with and px?

Has anyone had any experience with part exchange or indeed the two companies?

Many thanks

[lalalonglegs]

No experience but, providing there are no upfront costs, it can't do any harm to get a price from Bloor. However, their market value is likely to be less than the value it is currently being marketed at, iyswim.

Hope it works out. If it doesn't, I would definitely consider another agent - two viewings in 10 months is rubbish and is probably down to a lot of factors that they should be discussing with you.

[crazycarol]

We looked at part exchange a few years ago and were offered a ridiculous price that we couldn't afford to accept - just £500 more than we had paid for the house 7 years previous. Also they would only px on certain house plots in the estate. We said no, but a week later we got an asking price offer, went back to the builder and picked the best plot, because that was a house that we really wanted.

When we did some digging the so called valuation wasn't really independent. They were instructed along the lines of "what value to market the property at to obtain a sale within 6 weeks"

My advice is be careful, do your sums, and accept that the market is rubbish at the moment.

[MaryMungo]

Also, look here and see if they're selling any homes in your area. Might give you a guide to what they'll pay.