what price are people looking at?

confused31_2

Thats a good sign people coming through the door, we have got our house for sale but we have refused buyers who have not sold their own properties, has we had a couple of rubber kneckers round, who just liked to be nosey.

The worst thing about it is you tidy your house so its splotless, hoping to find a buyer and they are in no position to buy.

We even had one viewing and it was neighbour from the top of the road, who wasnt interested in buying and just wanted to compare our house to theirs.

I think a lot of people will not be in a position to buy yours as they wont have sold theirs, but thats the thing sellers are in denial, if they did lower their price and sold theirs, would they expect you to take off what they had to take of theirs?

I mean you say you would drop 50,000 or maybe 70,000 pound down to 480,000 pound, now thats about a 10% drop.

If you havent seen the news they are talking of houses falling by 50%, maybe not yours but you are only saying you will lower your 10% which is not a lot at all.

I never noticed that but you have been on the market 10 months and lowered it 14000 pounds, just lower it to 450,000 and see if you have any offers, i guess you wont but if you do and you dont like it you can always say no.

I think if your happy where you are and you dont need to move i would stay there and ride out the storm.

confused

mayzie

Dave_®f© wrote: »

You've been on the market since January 08. How many viewers have you had through the door? It does look a lovely house in a fantastic location and very tastefully decorated! The only drawback is the price......ouch!

We have had a fair number of veiwers but only two that were in a position to buy (one having sold and the other didn't need to sell before buying!) One of these came back for a second veiwing but decided on another property.All the other had to sell there own first.

Two couples expressed interest and asked the agent to keep them informed but one has since taken theirs off the market. The other wants to downsize to this, so theirs is even more expensive!

It is interesting to see the history.
We reduced it when we find a property we liked that we could still afford. This is why I originally posted to see if we should do it again. But we would need £480,000 to afford our next prop. It sounds as though we would be best keeping it at the current price if people are looking in brackets that they hope to reduce.

confused31_2

Why dont you put it up for offers in the region of 480,000, if you dont get any offers then so what if you do and its too low say no.

But like i said if you drop it to 480,000 it will only be about a 10% drop in nearly a year when houses have fell 15% from this time last year nationally.

It doesnt matter where your house is they have all dropped in all areas, if you look in your area there are some cracking house for around 400,000 pound

And they are a lot bigger

http://www.rightmove.co.uk/viewdetails-4899290.rsp?pa_n=4&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-21450239.rsp?pa_n=3&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-17199521.rsp?pa_n=3&tr_t=buy&mam_disp=true

confused

PasturesNew

I had 30 viewers for mine, Jun 06 to Jan 07.

In the first 3 months about 4 developers made offers 9% under asking price and I declined. As early as Nov 06 though I had a couple who'd just gone on the market the week before. They offered, I declined as they weren't in a position to offer and their offer was 9% down. I reduced the price in Jan 07 by £13k and got a buyer, who pulled out. Then in Apr 07 the original couple came back, they'd sold theirs and made the same original offer, I said if they matched the previous buyer's price we could proceed and they did. Sold 1 year after going to market.

Final selling price was 95.25% of original asking price, at a time that I thought the game was over .... nearly 18 months ago.

1 year. 30 viewers. People who bought hadn't sold theirs when they first viewed. To be honest they viewed about 5 times, I even refused them 1-2 viewings. They wanted it, but they hadn't sold; by continually viewing it was a nuisance I thought. You can never tell who will end up buying until the money's banked. It's just a pain in the *** to keep tidying and smiling.

mayzie

confused31 wrote: »

Thats a good sign people coming through the door, we have got our house for sale but we have refused buyers who have not sold their own properties,

I think a lot of people will not be in a position to buy yours as they wont have sold theirs, but thats the thing sellers are in denial, if they did lower their price and sold theirs, would they expect you to take off what they had to take of theirs?

just lower it to 450,000 and see if you have any offers, i guess you wont but if you do and you dont like it you can always say no.

I think if your happy where you are and you dont need to move i would stay there and ride out the storm.

confused

My property is with Sarah Beeny's

http://www.completingchains.com/

She belives in getting people interested forming the chain then discussing the price reduction, so that it is affordable to the first time buyer.I think price reductions down the line is the way to go.
But accepting an low offer without knowing what you can get the new prop.for is a gamble. This is why I like the above site.

If you do not let people who have not sold, around your prop., then you are excluding this possibility.

The problem with reducing it to £450000 is that if you can not afford the next prop. you have to refuse and possibly put it up again.This does not look good and we have already done it once!

mayzie

confused31 wrote: »

Why dont you put it up for offers in the region of 480,000, if you dont get any offers then so what if you do and its too low say no.


***But my original question was: if people are looking in this bracket are they then expecting a 10%-15% reduction.If so I would not be targeting the right people

But like i said if you drop it to 480,000 it will only be about a 10% drop in nearly a year when houses have fell 15% from this time last year nationally.

*** Where are you getting this figure from?

It doesnt matter where your house is they have all dropped in all areas, if you look in your area there are some cracking house for around 400,000 pound

And they are a lot bigger

confused

*** They are fine if you want to live on busy roads.Size is not everything.

Must sign off.

confused31_2

Im sorry if you dont believe me about the 15% drops but its true and most of these are reporting another 15% drop by next year
http://news.bbc.co.uk/1/hi/business/7698393.stm
http://www.newbusiness.co.uk/news/annual-house-price-fall-15
http://www.mirror.co.uk/advice/money/mirror-money/2008/10/31/house-prices-suffer-record-15-per-cent-fall-in-a-year-115875-20855533/
http://www.belfasttelegraph.co.uk/news/local-national/house-prices-lsquoto-fall-another-15rsquo-14003496.html
http://www.thisislondon.co.uk/standard/article-23573433-details/House+prices+%27to+fall+another+15+per+cent%27/article.do
http://www.independent.co.uk/life-style/house-and-home/property/house-price-fall-fastest-for-15-years-864174.html

these are just a few the way i work it out is this your house was up for sale nearly a year ago at 550,000 pounds, now if you reduced it 10% it would mean reducing it 55000 pounds, but if you reduce it 15% which most people are reporting drops from this time last year it would mean reducing it 82500 pound, which would mean if you had took the full 15% drop everyone has said as happened since last year, your house should be up for £467,500.

If you read the reports they reckon they are going to drop again another 15% by this time next year, so if you are still on the market this time next year and houses have fell 30% your house should be marketed at £385,000.

Its hard but people have just got to realise their houses are not worth what they was 2 years ago, like you say your not desperate to sell, so it doesnt matter as long as you are willing to wait a good few years before you will get what you are asking for your property.

confused

mayzie

confused31 wrote: »

these are just a few the way i work it out is this your house was up for sale nearly a year ago at 550,000 pounds, now if you reduced it 10% it would mean reducing it 55000 pounds, but if you reduce it 15% which most people are reporting drops from this time last year it would mean reducing it 82500 pound, which would mean if you had took the full 15% drop everyone has said as happened since last year, your house should be up for £467,500.

If you read the reports they reckon they are going to drop again another 15% by this time next year, so if you are still on the market this time next year and houses have fell 30% your house should be marketed at £385,000.

confused

My question was not how much should my house be,just which price band should I market it under! The starting figure or what I would accept .(Which do people look under?)

I believe my starting figure to be £565000 reducing 15% (£84750)bringing it to £480250 .Hence the original question do I market it at this as a fixed price or leave it at current price because the people who will look in the £550000-£600000 and the £500000-£550000 will knock want to knock off the 15%
I trust you are looking at it from a different angle, having sold and are waiting for the market to drop even more before buying again

PasturesNew

There's definitely a mental barrier with the £500k because of the stamp duty and so I think most people will probably not look over £500k just because of that.

So, price wise, I think it's important to get it under the £500k in the listings just to get it viewed by more people.

hostman

I cant comment on the price, I don't know the area.

But the house and its setting look gorgeous.