Unrealistic sellers raise prices - latest rightmove survey

adr0ck

http://miranda.hemscott.com/static/cms/5/2/8/2/binary/7562123118/335760.pdf

Xinpei

I do get the general feeling in my region that prices are still kept artifically high (i.e 2007 levels). Those who do price realistically, however, go like hot cakes. I am not surprised with what Rightmove has found. A lot of houses seem to be have been snatched up in my region rather quickly, which may have encouraged sellers that the fall is ending so increased their asking prices!

Mini_Bear

i think much of the Jan figures were a "dead cat bounce" reaction.
I agree with Xinpei - in our area we too are seeing huge disparities in prices on near identical properties sometimes in the same street - one is chain free and priced more realistically, the other is a "motivated seller" and pricing at peak!

lostinrates

Lots new coming on that interests me is less optimistically priced, things that came on and stuck at peak are still sticking. I popped into see a local estate agent -although not looking to buy locally I know, and - shock- quite respect this guy who seems to understand his market relatively well. We were talking specifically about three properties and he was mentioning the improvments...dramatic improvments that had lead to their substantial increas in value over 5 years ish....but nothing has come along to replace them in the kind of form they were in at last point of sale...and now can it really. These three were quaint period properties, neither tiny nor huge, with a little land. Even if new build were to get planning they will not be the smae types of house as these were prior to expansion.

slipthru

lostinrates wrote: »

Lots new coming on that interests me is less optimistically priced, things that came on and stuck at peak are still sticking.

I have noticed the same thing in the area i am looking to buy in.

Not sure why people are still sticking with there pricing from oct-nov time. Seems silly as they obviously have no real interest in selling. So why bother.

MrDT

#1 - Asking price set at 115k in July 2008. No change since then.
http://www.rightmove.co.uk/property-for-sale/property-15450343.html

#2 - A carbon copy house, could be next door, but with the added benefit of a little conservatory - came to market this month asking price 98k.
http://www.rightmove.co.uk/property-for-sale/property-11608191.html

House #1 has a new price, they just don't know it yet. I bet they won't be thanking their neighbours lol

Of course, there could be cosmetic differences, but #2 looks pretty decent. The lack of interior photos in the #1 listing suggests that house #2 might even be the nicer of the two.

My thoughts - The sellers of #1 are living in cloud cuckoo land. The sellers of #2 are in with a shot of selling within a month or two.

Doing nothing while the competition undercuts you leaves you with no sale. Worse than doing nothing - some refuse to accept that they need to cut their asking prices and go as far as increase the asking prices They must be avin a giraffe. The houses just won't sell. If the vendors really need to sell a little later on down the line the price they achieve will inevitably be lower than what they could achieve with a realistic price right now. Bonkers! :rotfl:

lostinrates

MrDT wrote: »

#1 - Asking price set at 115k in July 2008. No change since then.
http://www.rightmove.co.uk/property-for-sale/property-15450343.html

#2 - A carbon copy house, could be next door, but with the added benefit of a little conservatory - came to market this month asking price 98k.
http://www.rightmove.co.uk/property-for-sale/property-11608191.html

House #1 has a new price, they just don't know it yet. I bet they won't be thanking their neighbours lol

Of course, there could be cosmetic differences, but #2 looks pretty decent. The lack of interior photos in the #1 listing suggests that house #2 might even be the nicer of the two.

My thoughts - The sellers of #1 are living in cloud cuckoo land. The sellers of #2 are in with a shot of selling within a month or two.

Doing nothing while the competition undercuts you leaves you with no sale. Worse than doing nothing - some refuse to accept that they need to cut their asking prices and go as far as increase the asking prices They must be avin a giraffe. The houses just won't sell. If the vendors really need to sell a little later on down the line the price they achieve will inevitably be lower than what they could achieve with a realistic price right now. Bonkers! :rotfl:

Agree. It gets very difficult though looking at non standard houses with no set layout/expected layout. Very few of the places I look at have such true comparables....then it gets harder to work out what I perceive the value to be.

tonygee_3

There is a reluctance in my area to drop prices
The 2 properies for sale in my street are asking 16% more than 2006 peak
reports suggest they have fallen by 15% ish
Great that people arent panicking
Could be false economy since both are unoccupied and may remain unsold for some time
Better to reduce price and use cash or rent out surely

Graham_Devon

Theres a couple of people at work who are both selling their homes. Both of them will not lower the price, and have been for sale, one for around 6 months, the other for about a year.

Was actually talking to them not long back as they were saying they didnt have much interest. They state they will not lower their prices as it eats into their equity. One said it's good that house prices are falling though as it means she will be able to get a better one for cheaper when she sells hers, maybe having some money left over.

Go figure.

It seems that everyone elses houses are dropping in price, apart from some of the people selling, cus obviously their can't drop in price....

All seems a bit "have the cake and eat it" after seeing rampant upward prices and ever growing equity, and possibly getting used to it.

Cozworth806

I am buying a house for 160k that sold for £174k in 2004.

There are 4 other similar houses on the street that are on for at least £197k
Rightmove

Its a wonder they aren't selling, and even at 160k I am concerned that prices drop further! The survey did come up to value so we are going ahead fingers crossed

Mini_Bear

Price disparities on the same street are my pet hates. without giving away our postcode and making it extremely obvious (our neighbours will hate us) we are looking to market our 4bed/3bath townhouse for 175k (losing 25k equity in 18months - but hey-ho!) the house opposite ours (2bed/1bath) is currently up for 185k on rightmove - been on for more than 400 days.
some people seem utterly reluctant to change their price despite being able to move to another house for less!