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Houses not selling yet sellers not reducing price!
Comments
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We looked at a house in July 2006. We thought it was overpriced, and suggested to the agent a figure that we might be interested at. This was just under 90% of the asking price. The agent didn’t exactly laugh, but he told us that the house would be snapped up within 7 days, at the asking price.
Over the past year or so, the house has been ‘sold’ twice, falling through each time; has been offered for rent; and the price slowly whittled down to the price that we suggested, back in the summer of 2006.
We would have bought at that price then, but not now. I can see very little prospect of prices increasing in the near future, whereas I can see a big potential downside.0 -
budget_counsellor_shaz wrote: »This looks good.......or is really only £40 000? or is this 3 bedroom semi incorrectly priced?
http://www.rightmove.co.uk/viewdetails-9509550.rsp?pa_n=1&tr_t=buy
Don't give up, be patient, put in offers you will get a house:rolleyes:
Shaz
Just shows the effects a pylon can have0 -
And continued for many years - there was never a shortage of "goods news" ("green shoots of recovery", "never been a better time to buy" etc). Not a problem if you can wait long enough - next door went for the originally advertised price in the late 90s after around 6 years...Exactly the same thing happened at the start of the last crash in the early 90s.0 -
We were desperate to move out of a high rise flat on grim estae in 1989....my clever dad said "wait" as, though prices were falling a bit by then, he said they would go much lower over time. EA etc all said they wouldn't drop. The max mortgage we could get was 60k.....sitting in EA office, saw house for 70k..requested a viewing..EA said "oooh..this won't go lower than 70k..has just been "re-priced" from 85k.".
Went to view and chatted to owner...accepted 61k.
We then renovated it over 6 yrs and watched prices fall...and sold it for 60k....we could have waited but i couldn't bear to stay in the grim flat.
The EA was pretty miffed about it at the time.
We gained massively on the next house as we then traded up so it all evened out over 2 decades.
Don't be afraid of nicely asking if the owner will accept a lower price...but ask the owner not the EA. They can only say no...or maybe yes...depends on the sellers circumstances.0 -
budget_counsellor_shaz wrote: »This looks good.......or is really only £40 000? or is this 3 bedroom semi incorrectly priced?
http://www.rightmove.co.uk/viewdetails-9509550.rsp?pa_n=1&tr_t=buy
Its shared ownership
As well as the pylon. 0 -
The real crunch will come early next year when current unsold houses are joined by many new to the market. The difference between now and the last big slump is the economy is still doing well; less forced sales means many will stay put until prices rise again.
An unusual detached house round here failed to sell for £250,000 and is now up for auction with a guide of £160,000+. Be interesting to see what it goes for.Been away for a while.0 -
Running_Horse wrote: »The real crunch will come early next year when current unsold houses are joined by many new to the market. The difference between now and the last big slump is the economy is still doing well; less forced sales means many will stay put until prices rise again.
All the predictions are pointing downwards though. This good economy has been built on a sea of debt.
I don't see any difference between Gordon borrowing money to fund pointless civil servants and the people who come on DFW borrowing money to fund holidays, new cars and plasma TVs. :rolleyes:0 -
Have a look at what is happening in the USA.Property is on the slide there.Australia,Eire and Spain,like us,will go the same way.What will be interesting as far as I am concerned is the Spanish market.On a recent visit I felt that,like the UK,sellers are in denial and are hanging in for top dollarMasses are up for sell yet the developers keep on building.
Take that there are a lot of second,- homes,UK owned,this will muddy the waters.With IRs going up many will find it tough to finance the second home and will,like with btl,rushing to the exit at the same time.My feelings are it is all going to start quarter 1,2008.0 -
we took a drop of £8000 from 150k to sell ours , at the end of the day after 30 viewings and only 2 offers we could not be choosey, you either want or need to move or you don't. We needed to move to a bigger house as we have a baby on the way and wanted a better area then where we currently are and time was not on our side as we have a mortage offer that times out in november at a goodish rate.
A house is only worth what you can get for it at that given time, unless you are prepared to wait a long time0 -
we took a drop of £8000 from 150k to sell ours , at the end of the day after 30 viewings and only 2 offers we could not be choosey, you either want or need to move or you don't. We needed to move to a bigger house as we have a baby on the way and wanted a better area then where we currently are and time was not on our side as we have a mortage offer that times out in november at a goodish rate.
A house is only worth what you can get for it at that given time, unless you are prepared to wait a long time
Well said, dsp. So many people fail to realise that for most people a house is primarily a home and as such their decisions are largely influenced by circumstances rather than purely financial motives.0
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