How long before people have reduced prices?

brit1234

Mr_P wrote: »

I don't know where you have the figure of £90k but that is way off! the property on our street is the same as ours but converted into a 3bed and therefore has 2 small bed rooms + 1 large! also ours has off street parking and is a corner plot... we have also added a porch and a much better kitchen includes for fitted items!

Its quite easy. If the average person in the area is earning £40,000 a year then you will be fine. However I doubt this, it looks like a first time buyer property so is over priced. Remember people have to get a mortgage for it and mortgage lending is reverting back to traditional lending ie 3 to 4 times salary. Your talking a £15,000 minimum deposit.

When a first time buyer can get a auction property for £70,000 in Leeds your going to have to price it attractively.

As someone said we are down to 2004 prices and now going into 2003 prices with 2% falls every month. This is set to continue well into next year.

Be careful not to chase the market down.

Mr_P_5

Crikey ---- ATTTACK!!!! everyone after me!! only asked a simple question.

TBH i don't mind what we get for our house as long as it is reflected in the property we go for (which it should be). i don't think our house is unrealisticly priced as we have had the interest and as you look slightly further than a 30 second walk round the corner our house is priced OK... and i mean OK.. i Know that prices are coming down and therefore ours will have to do the same.

i think the comment on salary vs lending isn't correct as people now know a deposit is needed anyway.. and as said houses are selling on our street for around what ours is on at (ie we lost one buyer as they went for a 3 bedroom on our estate which was up at £135).

i am not being stupid and unrealistic.. you could even say on the basis house prices are falling ALL houses are overpriced but then it doesn't work like that.

interestingly the house i am after has moved agents and is now going to be on at £10k more than previous and has been on the market 6months and not sold - explain that??

We are going to look at what ours is on for but as everyone who has looked round havn't said it was overpriced and that wasn't the issue i don't feel it has been put up at the wrong price but may need amending.

*rant mode off*

pawpurrs

The reason they have put the price up, is proberley because people are making such low offers, I have mine now at basically the minimum I can accept, thinking it would at least get people through the door, but have thought perhaps that was silly as people allways want to make an offer. Its hard to know, at the moment.

Mr_P_5

pawpurrs wrote: »

The reason they have put the price up, is proberley because people are making such low offers, I have mine now at basically the minimum I can accept, thinking it would at least get people through the door, but have thought perhaps that was silly as people allways want to make an offer. Its hard to know, at the moment.

A concern of mine also!

chickmug

Mr_P wrote: »

Crikey ---- ATTTACK!!!! everyone after me!! only asked a simple question.*rant mode off*

So true - you have to be thick skinned to post on this board.

I think those that post links to their house need to be even thicker skinned.

So many experts on here and their opinions differ even more than a dozen agents valuations. Yet they all think they are right and using reference sources, to back up their point of view, that most agents have never even heard of.

Mr_P_5

Ha Ha.

i know... like said previous a house can't be overpriced if others around it very similar (they all can't be exactly the same), are selling.

on one hand people think its fine, others think its not.. depends on area and in turn finding a buyer who REALLY wants your house and can buy it!!

got a number of prices when looking and actually went with the cheapest valuation! (some were silly) i also spoke to my agent who apart from new publicity said it wouldn't really affect the buyers looking around that price as people are making cheeky offers anyway! i will look at it over the next week or so and maybe do a reduction (afterall only had last viewer less than 7days ago) that will be it then - leave around another 3 months max then stay put if not viable!

thanks again for comments guys.

Mr_P_5

YEAH!! - Just got another viewing booked in tonight... lets see how it goes! - hopefully get some form of offer!

chickmug

Mr_P wrote: »

YEAH!! - Just got another viewing booked in tonight... lets see how it goes! - hopefully get some form of offer!

Good to hear and hope you get an early sale at a good price to stick a few fingers up to some of those opinionated folks who have given you the benefit of their advice;)

princessamy86

Good Luck Mr_P!! Hope it goes well for you

ukjoel

Its a good question.

The honest answer is it comes down to value for money in the area.
Your house may be great value but if there is one other that is better value then that will probably sell first.

In the days of the boom, all you needed to do was wait a month and yours would eventually become the value property. Now it doesnt work that way.

You are getting viewings so shows the agent is marketing it well - but challenge them on feedback and comments. Anyone can show a house, but they are paid to SELL IT.

If you reduce it - remember that it doesnt mean the person you are buying from will do the same.