Should i drop my price again ?

ruggedtoast

There seem to be a lot of sellers around who assume that there are millions of first time buyers sitting on pots of cash and large mortgage offers just biding their time, and if you give them long enough they will emerge, like cautious voles at feeding time, and descend upon all unsold properties in a frenzy of buying; providing one just waits long enough and doesnt frighten them.

As has been endlessly pointed out by property bulls for years, the UK is a small island, there is a shortage of housing, there is a lot of pent up demand.

Nothing has changed, the demand for housing is as high as it ever was, pretty much every single man woman and child out there wants to own their own place or move to a bigger nicer one.

There are however, very few people who can now afford the current prices so you can either drop your prices to a level your customers can service, or not sell. If you are selling an FTB property and an average wage in your area is £25k then your customer demographic can afford £95k - £110k for your property.

You can price your own property to sell very well by using these metrics.

Doozergirl

LandyAndy wrote: »

How is your perpendicular access road by the way? (see, I stalked you first;) )

Ah, thanks for asking.

Well, I haven't had a letter yet but it's showing on the Council's website as having been approved! We were told that it would almost certainly go to commitee because of the number of complaints (13 and bizarrely, still growing weeks after consultation finished) but I think that if it hasn't, that it does all fall under permitted development, including the major road safety hazard driveway. You'd think we were pulling straight out onto the M5 from the drive, the way they made it sound!

The planners will let anything through these days :rolleyes:

dopester

ruggedtoast wrote: »

If you are selling an FTB property and an average wage in your area is £25k then your customer demographic can afford £95k - £110k for your property.

You can price your own property to sell very well by using these metrics.

You should also factor in the real carnage coming in employment. The UK has no automatic right to easy wealth for all the luxuries when so many other countries and their people work hard for their money and live in the real world.

The magical £25K average salary, which some posters here assume is an absolute right for all, will be tested. Funds for public services will be cut, all the people in the worthless or phoney public sector jobs TB and GB created need firing.

http://business.timesonline.co.uk/tol/business/economics/article4297341.ece

Evidence is piling up that the job market is turning towards slump. After years in which unemployment has steadily fallen, the benign trend is turning nasty as layoffs from hard-pressed businesses start to send the jobless count climbing.

The Organisation for Economic Cooperation and Development predicted in a recent report that 100,000 jobs could be lost in Britain over the next two years. Roger Bootle, of Capital Economics, predicts an eventual rise in unemployment of as much as a million.

And this time the Government is skint after a 12 year throw-money-at-it spend-hard party.

LandyAndy

LandyAndy wrote: »

Now I re-read your post it's obvious what you meant.

You're right she did become a bit of a pet hate of mine. I just wanted her to get on with her life instead of asking how to.:D

I always welcome stalkers so stalk away.:eek:

How is your perpendicular access road by the way? (see, I stalked you first;) )

:rotfl: :rotfl: I just realised how rude this might sound to anyone who doesn't know the back story.:rotfl: :rotfl:

LandyAndy

Doozergirl wrote: »

Ah, thanks for asking.

Well, I haven't had a letter yet but it's showing on the Council's website as having been approved! We were told that it would almost certainly go to commitee because of the number of complaints (13 and bizarrely, still growing weeks after consultation finished) but I think that if it hasn't, that it does all fall under permitted development, including the major road safety hazard driveway. You'd think we were pulling straight out onto the M5 from the drive, the way they made it sound!

The planners will let anything through these days :rolleyes:

Glad to hear the evil developers are getting their way;) .

kunekune

Going back to OP (sorry!), one thing that struck me is that as a buyer I might not think you had reduced your price. If the original was a straight £169,000 or thereabouts and you are now saying offers over £160,000, you are indicating that you originally actually expected to get over £165,000. That close to asking price has never been the norm except in unusual markets. If I saw a place on at £169K, automatically I would say "not a penny over £160K" - and my guess is that that's not unusual. You have now indicated that it is "not a penny less than £160K". Can't see much difference - in fact, I might regard this as a house at a higher price than how you originally marketed it.