Static House Prices

carefullycautious

I just dont get it. In My area I have been watching for months now and the same houses are shown on Rightmove without any variation in price. There seems to be only a few flats which have sold and some repos. Just what is the point of putting your house on the market and letting it sit there for all this time at the same price. Is it because interest rates have been so low that they can afford to sit this out?

I would have expected some movement down or is our area in Worcs immune. Any ideas

Swipe

It's because nobody offers the asking price these days, so the more you drop your price the lower the offers will be. Have you tried making any offers yet?

poppysarah

Because not everyone is desperate to sell.

Those that have been hoodwinked by 6 years of property !!!!!! will think house prices will recover quick enough when Gordon waves his magic wand.

Debt, divorce, dementia, death, are the main 4 reasons why house prices get reduced to sell.

besonders1

Very good question often asked frequently. I would imagine that the people who have their houses set too high are hoping to get lucky and someone such as a cash buyer will pay the full asking price. I suppose we are only just recovering from the "crazy prices" era but time will tell though, when people realize that its just not gonna happen.
Not everyone can put their life on hold though, and that applies to both buyers and sellers. If sellers have their house listed for sale they must want to sell it and get the house they really really want (without referring to the spice girls song!).

besonders1

poppysarah wrote: »

Because not everyone is desperate to sell.

Those that have been hoodwinked by 6 years of property !!!!!! will think house prices will recover quick enough when Gordon waves his magic wand.

Debt, divorce, dementia, death, are the main 4 reasons why house prices get reduced to sell.

The biggest ones would be people who have a second unwanted home that they need to sell as in your response. In this case its a race against time to get the best price for it sadly it will be worth less tomorrow than what its worth today. Its a pity because many inheritance houses are left standing empty cold and damp because the children still see their mother's house as a cash cow and if they do reduce it, they insist on chasing the market downwards and only take of £5K from a £100K house therefore are still unable to sell it.

carefullycautious

If they arent in any hurry to sell why bother to leave them on indefianetly. I would have thought it would be better to remove for a few months and then try again. At least that way your house would appear as if it was newly up for selling. I look through daily and am now thoroughly sick of the sight of the same houses appearing at the same prices that I wouldnt want to view them. None of them appear fresh to the market if you know what I mean. WHen one or two do pop up I am much more interested to look at them albeit at the same inflated prices. Doesnt make sense. Do any other feel like this

besonders1

The sellers are a bit greedy

TopKat*1

carefully cautious - I totally agree, I am househunting at the mo, we put an offer in for a repo and then were gazumped, we have seen another one so started low then went up slowly and it came to nothing as the estate agent told us the owner would only knock 4k off asking price-our final offer was 8k under asking price. Apart from that there is hardly no choice its the same old houses up for the same price. Im getting bored of looking

besonders1

I agree. Theres hardly any choice out, the only houses for sale are the repossessions that everyone seems to go mad for (which end up almost back to 2007 levels by the time they get sold) as for the others there are complete ripoff prices.

Swipe

I think you just need to be patient. I think things will be very different in 6 months time

ukcarper

Divorce can also be the reason people put houses on market and don't drop one wants to sell one don't.

Also everbody seems to want to offer 15 to 20% off asking price so why drop to what you really want only for someone to offer 15% of that.

It's not only the sellers who are gready

As for lack of property why sell if you don't have to after all if prices keep falling when you sell you won't have to pay so much extra for your new house if you are moving up the property ladder