Estate agents advise NI sellers to drop prices 40-50%!

tara747

Borrowed from house prices and economy board, with thanks to brit1234:

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:

Great BBC video on house prices in the area, under 3 minutes.

http://news.bbc.co.uk/1/hi/northern_ireland/7908962.stm

leftieM

Let us know if sellers start to listen. I want to buy, have a 40% deposit but I haven't viewed a house for a year because I come face to face with fantasists, the main ones being those who think that, somehow, their area is untouched by the price drops. Duh!

Wolverine77

tara747 good video and it shows now that estate agents are now listening to what the house values should be??

I do agree that sellers who have their property on the market for some time now (like me) have to drop their asking price but it still does not stop a buyer viewing the property and making a below the asking price offer when it a buyer’s market at the moment!

My estate agent did not approach me to drop my price but i have dropped it £70,000 from it first went on in May 07 and it may be required to drop more but I want to wait to the correct time to do so!

I still have to attract my first viewing which I think will be a start!

leftieM

Wolverine77 wrote: »

tara747 good video and it shows now that estate agents are now listening to what the house values should be??

I do agree that sellers who have their property on the market for some time now (like me) have to drop their asking price but it still does not stop a buyer viewing the property and making a below the asking price offer when it a buyer’s market at the moment!

It's not worth viewing a house that's on for way too much. Say, in your case, the 70k you've dropped might only represent a 15% drop from the peak price if it was 460k, so a buyer would need to offer a further 25% below the peak price (more than 100k) to pay the market value of the house. And, if a seller is willing to accept that kind of offer, they'd have dropped their asking price to lure the buyers in imo.

nozzadamozza

I cannot wait for the prices to drop and for me and hubby to be able to afford our own home- so will keep saving our deposit until that happens!

Wolverine77

nozzadamozza wrote: »

I cannot wait for the prices to drop and for me and hubby to be able to afford our own home- so will keep saving our deposit until that happens!

Sorry but this is what i mean when i say buyer's making offers below wasking prices!

Why do you and your hubby not find a property that you like and make an offer below asking price?? After all people need to sell.

tara747

Wolverine77 wrote: »

Sorry but this is what i mean when i say buyer's making offers below wasking prices!

Why do you and your hubby not find a property that you like and make an offer below asking price?? After all people need to sell.

Conversely, why do sellers not lower their prices if they would accept less than current asking price, instead of expecting buyers to be mind readers?

Sorry if that sounded a little harsh, it wasn't mean that way - just trying to play Devil's advocate.

Some sellers may be willing to accept a lower offer but others won't (they just know that their beloved 'property' hasn't fallen in value), buyers have so much choice these days that they are unlikely to waste their time looking at houses way out of their price range.

Wolverine77

I have to agree with you here tara747 but I think until an offer is made sellers have nothing, if you know what i mean??

If a property is on the market for £400,000 and offer of £320,000 was made if it was me I would seriously consider it!!

nozzadamozza

Well we need to save a good deposit which we have started in earnest, so that will take the guts of the year to put together...and want to make sure we dont buy now and realise we should have waited...to me house prices still need to come down by quite a bit...i mean ive seen houses in really rough areas of enniskillen etc (not that i am buying there, its just that im originally from there and am nosy!!) and they are £120,000 :eek: - but its the deposit is the thing holding me up at the mo!

Wolverine77 wrote: »

Sorry but this is what i mean when i say buyer's making offers below wasking prices!

Why do you and your hubby not find a property that you like and make an offer below asking price?? After all people need to sell.

mofopants

House prices have dropped a scary amount - we were looking at a flat in downpatrick and it was on the market for £129,950 in January last year, and they have now dropped to £64,950 - i feel sorry for those who did buy at the higher price and thank goodness we decided against it.

rjh090384

i just dropped mine by 58000 yikes!