Should we sell to rent

We have our house up for sale, 3 bed terrace in very nice estate in Clondalkin/ Newlands Cross. We had an asking price of 320k (deliberately priced lower than anything else in the area to attract interest, which we did…5 viewings in one week!) and have been offered 285k which we’ve just accepted.
We plan to rent for at least a year and then buy when the market hopefully drops. Any advice? Are we doing the right thing? I’m a bit nervous about accepting an offer so much lower than the asking price, as the asking price was already quite a bit lower than anything else in the area. Part of me thinks ‘take what we can and go’ (we need to move to a bigger house in the future). Another part of me is scared of the unknown.
Any advice gratefully received. We have a very small mortgage left on the property and bought it for 220k in 2002.
Thanks :question:

You’ve already accepted the offer. You are now honour bound.

Yes, and we will probably go ahead but any opinions on the figures.

I really admire your bravery,what you are doing is absolutely the right thing to do,you are not only brave but also v.lucky to have had any offer.Go for it and good luck.Also close the deal ASAP.

Hopefully it goes from ‘sale agreed’ to ‘sold’. If you needed to sell, then you did the right thing. Best of luck.

Hopefully indeed! We only agreed the sale today, so fingers crossed it actually completes. Pretty nervewrecking stuff to be packing up the family home with 4 kids in tow. Hope we are doing the right thing.

I’d wait to pack until the bank’s valuer has been round…

You might be waiting a long time until you see significant falls in house prices. So far, we’ve had about two years of the property crash. It wouldn’t surprise me to see the crash dragged out for another four or five years.

It’s really important you suss out your buyer’s financial situation to make sure they can come up with the money. If they are FTBs then hound your solicitor to keep on it till you hear they have gotten the mortgage. If they still have a sale of their own to go through with no contracts signed yet, then the sale is very likely to fall through. It’s important to not have your house off the market due to people fobbing you off while they try to get the money together. It’s getting the sale through ASAP before prices fall further is what I’d be worrying about. In two or three months time when the sale closes the 285k will be looking just fine.

The buyer is a first time buyer and their bank valuer is coming out this week. Mortgage approved pending that. We’ll see…hopefully they don’t get cold feet. Thanks for the replies.

285k for a 3 bed terrace in clondalkin sounds pretty good to me

Did the same in May and have only felt relief since. Good luck with the sale!

Same here (November). +1 to that.