To those selling in these difficult times

IT_nerd

6 months. 6 viewings. 1 offer. 22% odd under.

geoffky

willythecarthorse wrote: »

I have worked as an Estate Agent for a number of years and in my opinion prices are set to correct to about 2006 levels.
Sellers in general do (understandably) not want to face up to falling prices and in my opinion are not being realistic about asking prices.
Builders in my area are reducing by up to 40K on 3-4 bed detached properties and offering packages of incentives so we are losing a lot of traditional business to them.

You must of not been a good one..prices are already 2006 with a hell of a lot lower to go..what makes you think the biggest boom in history is going to be followed by the smallest bust?

Davesnave

willythecarthorse wrote: »

I have worked as an Estate Agent for a number of years and in my opinion prices are set to correct to about 2006 levels.

I'm afraid working for an estate agent doesn't make you an economist, any more than my working with children made me a psychologist, but thanks for your contribution. If people look at Nethouseprices for their road/area, they'll get an idea of where prices have gone back to. In my area, we are already back to mid-2005, but here I'm talking sold prices, not asking, though those too are becoming realistic. The problem is knowing what people are selling for, as there is less incentive to crow when you've just taken a large financial hit, and not many people are selling! If you trust your agent, they'll tell you though.

Nobody, not even estate agents, has the definitive answer to where the economy is headed next. We are all gambling; even Gordon & Mervyn. My bet is on something worse than a recession and prices going back to 2002. As that's when the 'system' began thwarting me, when I attempted to relocate my rural business in rather unfair competition with yuppies heading west, I shall not lose sleep if that happens.

Luckily, I did sell my other house in 2006!

pawpurrs

One more viewing booked in for tomorrow.

danivtec

Put mine up for sale in June 2007, had an average of 1 viewer per month.

Saw a house this June that was offering part ex as they were buying new build so put in an offer and was accepted.

My house has since been sold but at considerably less than I was paid for it.

ElleWoods

I've been on the market since the end of July, so 3 months, and in that time I've had a grand total of 2 viewings and no offers! I started off marketing it at £119,950, then about a month ago I knocked 5k off the price and last week knocked another 5k off. It's now on at £109,950 and is going in the local property guide this Friday, so fingers crossed.

Finding it all really stressfull though, as I don't have a lot of equity in the house so I want to sell it before the price drops so much that I can't afford to move, or even worse, go into negative equity. I'm also seriously considering renting rather than buying when (I'm determined it will be 'when' and not 'if'!) I move areas, as I doubt I'll be able to afford to buy a property. Even been thinking of putting it on at auction just to get a sale.

CC

pawpurrs

Fingers crossed the price drop brings in some more viewers for you.
How long have you owned the property?
My house is on for less than I paid for it, and I have also done quite a bit to it, but I bought in 2006, luckily I have quite a bit of equity as it isnt my first house.
I got an offer the first week it was on the market, but she pulled out :mad:
So its been on the market properley for about 8 weeks, including the two viewings booked in, I have had 12 viewings. But it is priced to sell and a lot lower than comparable properties.
I have now got it on for the minimum I am prepared to accept, and hope that someone will be prepared to pay that price, risky, but at least it gets people in the door. What I have found is that people seem to just want a bargain, rarther than viewing it because its actually the kind of property that they really want. As its a period house, I was hoping some one would love it, for all its period features.

rs82uk

Pawpurrs have you got a rightmove link to your property?

pawpurrs

I have but I would rarther not post it.

GDB2222

Cuba_Cat wrote: »

I've been on the market since the end of July, so 3 months, and in that time I've had a grand total of 2 viewings and no offers! I started off marketing it at £119,950, then about a month ago I knocked 5k off the price and last week knocked another 5k off. It's now on at £109,950 and is going in the local property guide this Friday, so fingers crossed.

Bearing in mind your position, I would put it on the market at the lowest price you can possibly take. You don't have to take offers below that price. Doing that, you will generate the maximum interest in your property. If you still don't get much interest, then at least you know where you stand.