Unrealistic sellers

Richard_Webster · 17 February 2009 at 8:32AM

Agreed - there are a wide variety of house pricing websites out there (including the Nationwide one) and they seem to completely disagree with one another... :rolleyes:

Zoople does seem particularly on the pesimistic side... I have a feeling that the first offer on our house was gazundered courtesy of Zoopla (since the gazundered value seemed strangely to be spot on the Zoopla value...) .

They can only ever give you overall average National Trends and local prices will vary with local conditions and discounts needed to achieve a sale will vary from place to place and type of proeprty to type of property (anyone want a new flat?). For instance, in my area, fairly ordinary properties near the University are holding their values better because of the relatively high income that can be obtained from student lets.

Another scewing factor is that if you have a number of people in an area with similar houses whose pride is hurt at making substantial reductions and who simply won't budge, they may find someone come along who is desperate to buy in that area (e.g. school catchment, be near aged parents etc) who pays nearly what they want. Once that happens the estate agents think they were mighty lucky to get away with it but then find it difficult to suggest price reductions to the remaining people with similar houses that didn't sell. They get told things like: "Mrs Snooks sold hers for £XXX,XXX and ours is much better..." The fact that the other houses aren't selling doesn't affect their owners' belief that their houses are worth £XXX,XXX!

confused31_2 · 17 February 2009 at 5:25PM

brit1234 wrote: »

Its far above true market value. Remember this housing boom was fueled by cheap credit, over lending and fraud. True prices are well below 2002 prices, you have to go back to 3 times salary for these.

If they aren't prepared to sell and want to hang on they are in for a big shock. Bank losses are big and getting bigger. They are simply not going to lend at overvalued prices, the sooner sellers work this out the better. They are just going to chase the market down rather than get a better price before it falls further.

We will have to wait and see but by me people are not dropping hardly, anything and if its right from todays reports that house have dropped 10% since this time last year its not really that much on a house that was valued at 170000 pound last year.

And on this report, which i also seen on tv ealier some experts are saying its just reaching the bottom now.

Im not one of these experts but i think you are still gong to struggle to get a family home with 3 times your sallary eevn at the bottom.

And another thing is people are just not putting their houses on the market, i suppose you will get the odd one that is forced to sell their house but then you will get a few people chasing the bargain.

If it wasnt for the hip i would consider taking mine off the market, and its been seen people using housenetwork and pricing there houses at1.75 million, when they are worth 200,000 pound, just so they havent got to renew their hip, when they decide to market their house later on.

http://news.sky.com/skynews/Home/Business/Property-Slump-House-Prices-Fall-By-102-Percent-For-2008-New-Figures-Show-As-Recession-Bites/Article/200902315224308?lpos=Business_First_Buisness_Article_Teaser_Region_7&lid=ARTICLE_15224308_Property_Slump%3A_House_Prices_Fall_By_10.2_Percent_For_2008_New_Figures_Show_As_Recession_Bites

Wickedkitten · 17 February 2009 at 5:57PM

ESTATE agents have identified a "tipping point" that they claim will bring buyers flooding onto the property market.Homeowners willing to price their property at least 25 per cent below its peak value are swamped with offers, agency Savills said.
The company's Putney branch said that this month it had seen several "realistically" priced homes go to sealed bids after each spent only a week on the market.
Now the properties are expected to fetch more than the sellers asked.
Savills director Caroline Bell said: "The reaction is extraordinary when you get the price right. We're getting more than 10 viewings within a week of the price change in many cases, and then several offers. It's a situation people had stopped expecting.
"Properties sell when they are priced at their true value, which the market believes they're worth. That appears to be 25 per cent below a property's top price in the summer of 2007. There's a clear tipping point and people are increasingly putting their home up for sale at that price."
She said vendors were more willing to drop their prices after a year of stagnation in the property market.

http://www.thisislondon.co.uk/standard/article-23644573-details/25+per+cent+-+that%27s+how+much+you+need+to+cut+your+asking+price+to+sell+your+home/article.do

Doomcow · 17 February 2009 at 6:23PM

driver85 wrote: »

Hi all, FTB here just negotiating my way into the property market (yes I must be mad I know but I've made my decision!)

Anyway...just wondered if other people are experiencing unrealistic sellers? Just had an offer turned down - £135k for a property up at £145k, more than reasonable offer we thought! We're also waiting to hear back on a £120k offer on a £130k property, but it's dragged on for weeks now so doubt anythings going to happen.

I wouldn't mind if we were going in with silly offers but we've been offering a fair price. Oh well...back to the property hunt. Just viewed one at £150k, think we'll offer £130 and see where it get us.

ya know, if someone wants 150k for it, then they want 150k for it. its not "unrealisitc sellers" its "unrealistic buyers wanting more than their money is worth"

sorry to sound offensive, but if i wanted 100k for my house id put it up for 100k and sell it for 100k and would hold out till i got 100k.

also i guess if people keep lowering their asking price and people keep offering lower, it turns out to be a self-fulfilling prophecy in a self-perpetuating fall in property prices, benefitting noone except the landlord with 100s of houses to let.

so think about that before you offer

confused31_2 · 17 February 2009 at 6:27PM

Wickedkitten wrote: »

http://www.thisislondon.co.uk/standard/article-23644573-details/25+per+cent+-+that%27s+how+much+you+need+to+cut+your+asking+price+to+sell+your+home/article.do

did you get 25% of the asking price of the house your buying??

Wickedkitten · 17 February 2009 at 6:48PM

confused31 wrote: »

did you get 25% of the asking price of the house your buying??

Have you sold your house yet after having it on the market since last April?

No wait: December of 2007 really.

To answer your question though, compared to other houses in the area, our house is about 35% less mainly because we aren't buying it from a private seller so there is complete emotional detachment and they just want to get rid of it.

confused31_2 · 17 February 2009 at 10:53PM

confused31 wrote: »

did you get 25% of the asking price of the house your buying??

was it to hard to answer??

what was the asking price on your property and what did you get it for??

confused31_2 · 17 February 2009 at 10:54PM

Wickedkitten wrote: »

Have you sold your house yet after having it on the market since last April?

No wait: December of 2007 really.

To answer your question though, compared to other houses in the area, our house is about 35% less mainly because we aren't buying it from a private seller so there is complete emotional detachment and they just want to get rid of it.

i will answer you no i havent sold our house. why dont you answer the questions i ask you?

Wickedkitten · 17 February 2009 at 11:32PM

confused31 wrote: »

i will answer you no i havent sold our house. why dont you answer the questions i ask you?

If you spent less time obsessing about our house purchase whenever I post something and more time doing research on the area you actually live in, you might be able to price your own house accordingly, sell it finally, and then get on with buying one yourself.

confused31_2 · 17 February 2009 at 11:41PM

Wickedkitten wrote: »

If you spent less time obsessing about our house purchase whenever I post something and more time doing research on the area you actually live in, you might be able to price your own house accordingly, sell it finally, and then get on with buying one yourself.

Unrealistic sellers

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