Still trying to sell

cupid_s

I know several current FTBs (all with good deposits). Houses they are looking at are generally about 15% lower than they were in august (here anyway). And then they're making offers well below that to factor in further falls. One couple have just had an offer accepted 18% lower than advertised price which was in turn almost 15% less than equivalent prices were last year.

There are bargains to be had out there and FTBs can afford to be fussy. Maybe they think a reduction of 9% is too little. Could you afford to reduce the price further?

ciano125

I wont comment on the price, as others have said, I dont know the area etc etc. However, my experience is that as a FTB, I am finding that some sellers havent accepted the fact that houses are now not worth what they were.

As an example, I'm currently looking at one house, which was on the market in April 2008 at £190k. Its now £176k. This price is more or less in line with other similiar houses in the area. However, if we look at averages, over the past year, the average house price has dropped by 17.7% (source - various, Halifax, Nationwide, Land Registry, RICS). This house in particular has been dropped by approx 8%. 17.7% off makes it "worth" £156,370. However, there is an argument that it wasnt worth £190k in the first place. If it was, it would have sold. So that, along with that fact that several houses on this particular street have sold in 2004 and 2005 for no more than £148k, means to me that this one isnt worth what is being asked.

I dont want to publicise what job I do (i'm not an estate agent!) but its fair to say that it does involve the valuation of property.

There is also the fact that if i did offer, say, £160k for this house, I know how the mortgage company will value it and they will say "its not worth more than £X".

Sellers need to realise that prices have dropped significantly, and that yes, they will take a hit on theirs, but if they are looking at moving up the ladder, the next step has come a lot closer - a 20% decrease on £300k is a lot more pound notes in your pocket than a 20% decrease on £190k.

Just looking at the OP's figures (figures only, remember I dont know the area so cant comment on its value!) it doesnt appear too far out of line with average reductions. People will still try and knock you down a bit, but you'll be able to do the same.

I hope that helps someone anyway.
Cheers.

Claremac

What you are describing OP sounds like a family house so having gravel instead of a lawn could be a big problem for families who want a garden for their kids to play football in etc. When we were selling last year (an extended 3-bed semi) the most common feedback was that the house was a lovely big house but that the garden was too small. Of course, the garden was small because the house was a lovely big house.............

elli1_2

I am finding it really tough also (London), I am thinking of taking the property off the market.

4Chickens

Thanks for all your comments.

I would like the CHANCE to consider an offer below the asking price. I would probably accept £110,000 which according to my counting beans is further 12% reduction. We are going up the ladder. Mortgage lender will give us £202,000 which is 90%, so we could buy a house at £224,444. Selling at £110,000 would give us equity of £55,000 (shed loads:p). However, we are thinking of buying something between £170,000 and £210,000 (still shed loads left:p). Sorry I am not being smug, lets face it, shed loads of what if I can't sell the flippin house.

I should get all my feed back by Monday. If I don't get an offer am going to give the EA a wedgy.
I will keep you posted:cool:

ilovecheese

You last post about giving the EA a wedgy really made me laugh! would like to see a picture of that please!!!!:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

Good luck with the viewings!

SouthCoast

Somebody thought that this property was worth £165k back in September.
With thanks to Property-Bee.


History

dateevent24 January 2009

• Price changed: from '£134,950' to '£129,950'

17 December 2008

• Subtitle changed: from '2 bedroom terraced' to '2 bedroom terraced house '

07 November 2008

• Price changed: from '£148,950' to '£134,950'

13 October 2008

• Price changed: from '£164,950' to '£148,950'

13 September 2008

• Initial entry found.

JayZed

cindiedunkley wrote: »

If I don't get an offer am going to give the EA a wedgy.

Please post a photo!

Wickedkitten

cindiedunkley wrote: »

Thanks for all your comments.

I would like the CHANCE to consider an offer below the asking price. I would probably accept £110,000 which according to my counting beans is further 12% reduction. We are going up the ladder. Mortgage lender will give us £202,000 which is 90%, so we could buy a house at £224,444. Selling at £110,000 would give us equity of £55,000 (shed loads:p). However, we are thinking of buying something between £170,000 and £210,000 (still shed loads left:p). Sorry I am not being smug, lets face it, shed loads of what if I can't sell the flippin house.

I should get all my feed back by Monday. If I don't get an offer am going to give the EA a wedgy.
I will keep you posted:cool:

If you would accept 110, then you may as well just lower the price closer to that rather than have it lingering for ages at 124k

besonders1

EA gets a big wedgy!

snap, OUch:money:!!!:rotfl::rotfl::rotfl::T