Estate Agent asks sellers to drop prices 40-50%

bo_drinker

"This house was worth X and it just sold for Y last week."

"This house was worth X and it just sold for Y last week"

Not rocket science the houses were never worth X in the first place, they just sold for Y and in all probability are not worth that either. Six months time they will be less not more.

brit1234

I'm looking forward to the Feb Halifax figures to kill off the spring bounce ramping and we can get down to normal prices again.

Price your house reasonably and it will sell.

geoffky

lesley74 wrote: »

We are in Scotland and we have reduced our price to see if it helps. We only put it on in October, got 3 viewers first week then nothing. Xmas is also a bad time of year. We price dropped about 3 or 4 weeks ago and got another bunch of viewers, one even lower offer, and 2 notes of interest. Yes, it may seem that either the market has picked up or our lower price is helping.

I know two other people who are trying to sell and it doesn't seem to have picked up for them.

It sounds like you will end up chasing the market down and then end up thinking what went wrong..This market is going one way for the foreseeable future and that is down..soon your offers will be less and less as the market falls more.....its all about what is a good offer now and how bad will those offers be in the future and i reckon any offer around 20% off 2007 prices in this market is a bloody good offer and should be jumped at..

JasonLVC

brit1234 wrote: »

NI Estate agent asks sellers to drop prices 40-50% to sell. Prices have already fallen there 28%. It seems common sense on house prices is returning fast.:beer:

Common sense..... or an estate agent acting in their own self-interest....no sale, no commission, no BMW Z3 on their drive?;)

Perhaps if said estate agents hadn't over-priced houses (or be led to over-price by over zealous venderos) in the first place then maybe we wouldn't be in quite as much trouble today?:D

ad9898_3

I was listening to a podcast yesterday with Stephen Nolan about NI house prices, Financial Planner was on (HPC.co.uk ex-spokesman), he said last year NI prices would be down 40%, he was laughed at, yet now they are indeed down 35-40%, when Nolan asked what do you think will happen from now on, FP said, down another 30%, the property developer who rang in nearly had a coronary.

tara747

ad9898 wrote: »

I was listening to a podcast yesterday with Stephen Nolan about NI house prices, Financial Planner was on (HPC.co.uk ex-spokesman), he said last year NI prices would be down 40%, he was laughed at, yet now they are indeed down 35-40%, when Nolan asked what do you think will happen from now on, FP said, down another 30%, the property developer who rang in nearly had a coronary.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

tara747

Do you have a link to the podcast ad9898? Thanks.

ad9898_3

tara747 wrote: »

Do you have a link to the podcast ad9898? Thanks.

I was looking earlier, I'll have another look then edit this post if I can find it.


Edit..... Ok got it, look down, it's about the 4th podcast down and begins with 'Have house prices really dropped 50%'..........Enjoy.:D

http://www.bbc.co.uk/radio/podcasts/nolan/

skap7309

ad9898 wrote: »

I was looking earlier, I'll have another look then edit this post if I can find it.


Edit..... Ok got it, look down, it's about the 4th podcast down and begins with 'Have house prices really dropped 50%'..........Enjoy.:D

http://www.bbc.co.uk/radio/podcasts/nolan/

Good podcast there ad9898. Funny thing is - just listening to the Estate Agent who worked through the 90's crash and what i believe in he is saying down to a tee. I get slated often enough in my predicitions but he has professional, first hand experience. He seems to think anyone thinking the market will rise next year is in cloud cuckoo land and we are looking at another 3-5 years of price drops.

besonders1

The thing is, it could take a good 5 years for a price correction, as many people at the moment won't budge probably because they still think of their house as a cash cow hoping the market will shoot back up to 2007/8 prices and many people can't reduce at the moment because the seller of house they want to buy thinks the same way.