How long on average for offers

ReadingTim · 15 May 2017 at 10:08AM

The first picture showing the gravel drive and path stopping/starting half way up makes the place look like an unfinished building site - it's only when you go to streetview, click a couple of times to find your place does the picture make sense. If someone can be bothered to do that.

The main problem is the price - numbers 8, 10 and 12 sold for £150k, £148k and £150k respectively 2 years ago. You're looking for 26% more. Have prices in Norfolk really gone up that much? I find it hard to believe.

If I had £190k to spend, I'd be looking at this place, this one, or if I wanted a real challenge, this one.

Sorry OP, I think the EA overpriced it to win your business. I'd suggest £170k might be nearer the mark.

Crashy_Time · 15 May 2017 at 12:22PM

ReadingTim wrote: »

The first picture showing the gravel drive and path stopping/starting half way up makes the place look like an unfinished building site - it's only when you go to streetview, click a couple of times to find your place does the picture make sense. If someone can be bothered to do that.

The main problem is the price - numbers 8, 10 and 12 sold for £150k, £148k and £150k respectively 2 years ago. You're looking for 26% more. Have prices in Norfolk really gone up that much? I find it hard to believe.

If I had £190k to spend, I'd be looking at this place, this one, or if I wanted a real challenge, this one.

Sorry OP, I think the EA overpriced it to win your business. I'd suggest £170k might be nearer the mark.

Let`s face it, all the links you show are from kite flyers, the last one has been kicking around unsold for a while I think?

Crashy_Time · 15 May 2017 at 12:42PM

Is this just another Mickey Mouse value?

http://www.mouseprice.com/property-for-sale/ha5?SortBy=5

According to the HPC Hive Mind the 41% price drop doesn`t even get back to original Bubble prices, before even more intervention was thrown at the market:rotfl: But at least in this case the seller is getting more real with their expectations.

SHM87 · 15 May 2017 at 1:28PM

I think in some respects the process will be slower simply because you are in a less populated area so less potential buyers than say, London and the South East.

I would wait 3 weeks and then look at reducing the price. By then, anyone who is seriously looking will have seen it advertised.
How many viewings have you had? That's a good indicator.

Looks like a good property, shame it's not in Hertfordshire!

Crashy_Time · 15 May 2017 at 2:08PM

Save yourself a lot of stress, just accept that you are not owed a 42k "bonus" from property just for holding it a couple of years (not anymore) and put it on the market at a starting price of 150k, and be prepared to cut a bit. Just my tuppence worth.

samsam89 · 15 May 2017 at 2:15PM

One would assume offers would come in at a price a buyer would consider acceptable regardless of list price? Or are buyers immediately put off by list price. I for one would always offer what I thought a property was worth.

To previous poster ^ Thank you for the compliment

We have had 4 viewings since Wednesday but they were booked in on Wednesday & Thursday. We had no further viewings requested since Thursday evening. EA rung earlier to reassure that they intend to follow up with weekend viewers today. Hard to assess interest.

samsam89 · 15 May 2017 at 2:16PM

Crashy_Time wrote: »

Save yourself a lot of stress, just accept that you are not owed a 42k "bonus" from property just for holding it a couple of years (not anymore) and put it on the market at a starting price of 150k, and be prepared to cut a bit. Just my tuppence worth.

Have property prices decreased in the last 2 years to warrant this?

I certainly don't believe I'm owed any form of bonus, what I do believe however, is that property prices have risen over the last 2 years. Every property I've looked at has demonstrated this and I don't think my property is exempt from this. Is my property worth £42k more than 2 years ago? I don't know, and I'll only know truly it's value when it sells. All I know is that I followed the advice of three EA's who are experts in this area and they priced in the same region as the stats online.

Thanks for your perspective.

Cakeguts · 15 May 2017 at 4:29PM

samsam89 wrote: »

One would assume offers would come in at a price a buyer would consider acceptable regardless of list price? Or are buyers immediately put off by list price. I for one would always offer what I thought a property was worth.

To previous poster ^ Thank you for the compliment

We have had 4 viewings since Wednesday but they were booked in on Wednesday & Thursday. We had no further viewings requested since Thursday evening. EA rung earlier to reassure that they intend to follow up with weekend viewers today. Hard to assess interest.

It isn't the list price as such it is the comparison of list prices of available houses. Generally if someone can get a 3 bed house for less than a 2 bed they will do that. A 2 bed is often a starter home so it has to be in the range of what a fist time buyer can afford. Was it your first house? People with children are not generally looking for a 2 bed house. So you have to work out what your target buyer is going to be and then price it so that the target buyer can afford it. Could you afford to buy it at the price you are asking?

Crashy_Time · 15 May 2017 at 4:36PM

samsam89 wrote: »

Have property prices decreased in the last 2 years to warrant this?

I certainly don't believe I'm owed any form of bonus, what I do believe however, is that property prices have risen over the last 2 years. Every property I've looked at has demonstrated this and I don't think my property is exempt from this. Is my property worth £42k more than 2 years ago? I don't know, and I'll only know truly it's value when it sells. All I know is that I followed the advice of three EA's who are experts in this area and they priced in the same region as the stats online.

Thanks for your perspective.

What has decreased is people`s willingness and ability to borrow the kind of money "Getting on the ladder" now entails, and this sentiment is one of the most important drivers of the property market. Stats and averages can still appear high/positive even on tiny sales volumes, but they are not an accurate guide to how much you should market your house for, the only true guide is - Are people actually viewing and making serious offers to buy?

samsam89 · 15 May 2017 at 4:47PM

Cakeguts wrote: »

It isn't the list price as such it is the comparison of list prices of available houses. Generally if someone can get a 3 bed house for less than a 2 bed they will do that. A 2 bed is often a starter home so it has to be in the range of what a fist time buyer can afford. Was it your first house? People with children are not generally looking for a 2 bed house. So you have to work out what your target buyer is going to be and then price it so that the target buyer can afford it. Could you afford to buy it at the price you are asking?

You are right. It was my first time home. I could afford to buy it at the price it is listed at - but appreciate it may be on the more expensive side of the FTB target audience. It has only been on for 4 days (the day being the 4th) so of course I will leave it priced as is and consider reviewing the price of further down the line we're without offers. Is 180-190k a totally unrealistic price for a first time buyer?

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How long on average for offers

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