To those selling in these difficult times Part Deux. AKA sellers support network!

tyllwyd

silly_sausage wrote: »

just a quick question - as just pop by on this thread from time to time (a grabbit girl!) - house been on market for 3 months for £145k, at what point have people dropped price? ...

I'd say it depends very much on your location. What does your estate agent say? Are other similar houses locally reducing prices? Was the original price competitive or optimistic? How urgently do you need to sell?

silly_sausage_4

tyllwyd wrote: »

I'd say it depends very much on your location. What does your estate agent say? Are other similar houses locally reducing prices? Was the original price competitive or optimistic? How urgently do you need to sell?

Many thanks, EA said we would prob get £140K for it, hence why started at £145K. Spoke to EA last week who were the ones who suggested lowering price but since then have had 2 bookings without as yet dropping price. Location is convenient, near 2 excellent primary schools and folk dont tend to move very often from estate. One sold a few montsh ago for £140k but didnt have conservatory nor porch (ours does) and wasnt as modern, hence why thought would have sold ok around asking price. Think will wait till end of week and then drop by 5K if no further viewings booked. Also no chain involved as we are going to rent for a period of time.

Thanks for replying...:)

NEH

dvds2000 wrote: »

Hi all

first time posting in here, and can't really bring myself to read 4000+ posts lol.
My house has been on the market for 6 months now, started at £115k, now down to 99950, and not one offer. At this price its the cheapest house that would have sold in the street for about 8 years.
The EA is useless.
I'm seriously thinking about going down the auction route, one I've been looking at is pattinsonauctions.co.uk. What do people think of the auction route. I genuinely believe the house is worth £110k min - even in this market, and the reason I haven't had offers is down to the EA. FWIW 3 EA's valued it at £120-130k in Feb, and to try to get a quick sale I told the one I went with to market at £115k. After 3 months I dropped to offers over 105 and last week to 99950, but that was more in desperation than actually wanting to sell at that price.

How are auctions going at the moment, are they reaching anywhere near market value? The house is in an excellent location for students and families alike. 4 senior schools within 10 mins walk, about 6 primary the same distance. 5 mins from town centre, and under 10 mins to uni. About 3 mins to main bus/metro station and 5 to train station.

Yes sorry i was gong to mention your post in my previous post but i got in my mid rant and forgot...:o

The only thing i have been led to believe is that if you put it up for aucution it would go for significantly less but that's only what i have been told. As Tyllwyd said maybe start a new thread and people more experienced might be able to help....

Orpheo

Blodwen wrote: »

Dropped the price twice within 6 weeks? You must have REALLY wanted to sell quickly, and tbh if I saw price drops like that it would smack of desperation and I'd wonder what was wrong with the place.

I wanted to sell quickly, we needed to relocate and there was and is a house price correction going on. I knew that the silly market conditions of the previous 10 years were gone and I adapted to the new circumstances. Don't fret though, we were in a position to move, you see we'd done a very unusual thing - when we bought our first property, we performed this quaint ritual of saving up for a deposit. Our first house, in the south-east, doubled in value. When we bought our second house, it was in the less expensive midlands, so when we moved, we got a better property and reduced our mortgage. Our second house nearly doubled in value, then fell back by about 20% to the price we sold it for. See I accepted that the price had fallen. I had plenty of equity with which to move. Am I proud of the fact that I've made a lot of money through HPI? No, I'm not. It wasn't savvy investment it was blind luck. To tell the truth I'm rather ashamed at the fact that the young couples who bought our previous homes borrowed ridiculous multiples of their income, doubling the cost of living in those houses, with the smiley belief that nothing could possibly go wrong. What I am proud of is that I always made sure that our mortgage was very affordable on a single income, two day's work paid my mortgage.We live well within our means. I am concerned for my daughter. Will she have to wait for mum and dad to die before she can buy a house? Perhaps, when she is a young FTB, she can buy a 10% share of a £1 million studio flat? The market will correct.

There was nothing wrong with the house, it was a lovely, well maintained home and if we could have lifted it up and taken it with us we would have. Two very comparable houses on the street have since, according to nethouseprices, achieved 10K less than we sold for. One of those house was up for sale at the same time as our house for an asking price of 20K more than we eventually sold for. He sold for 10K less than us.

Blodwen wrote: »

it would smack of desperation and I'd wonder what was wrong with the place.

Really? When I select house to view I try to put aside any self-righteous prejudice or preconceptions; I might view the place and ask some questions and that way I don't have to "wonder" anything.

Bottom line is, it is sold. Here I am, very sizeable deposit in the bank, I'd like to buy someone's house, but if they are not prepared to be realistic, I can wait. I am free and mobile. House prices in my area (City of Lincoln) are falling considerably month-on-month. Here, it is not time to buy.

Orpheo

shupufski wrote: »

Many on this thread discuss the offers they have had and the price at which that "can" and "cant'" sell at. I would like to know what people mean when they say I "can't" sell at a particular price -do you mean

1. The price offered is lower than what I believe the house is worth
2. The price offered would mean that I won’t receive the equity I need to buy my next house.
3. The price offered is lower than I paid for the house but still leaves me with some equity
4. The price offered would leave me in negative equity.

I suspect that many sellers would honestly answer 1 & 2 and very few would be in category 4 - especially those who have owned for a long time.

"Can't sell" really means "won't sell" with the added benefit that "can't sell" shifts the responsibility.

Orpheo

NEH wrote: »

I'm pleased that your house sold in 7 weeks but you were lucky plain and simple...

Read, more carefully, they went under offer in a week after 7 viewings.

Attributing people's successes to "luck" is niggardly, they priced their house correctly.

NEH

Orpheo wrote: »

Read, more carefully, they went under offer in a week after 7 viewings.

Attributing people's successes to "luck" is niggardly, they priced their house correctly.

I'm sorry but bog off....OUr is not over priced, studio flats are no longer popular and there is 4 of us competing for the same buyer and one is going dirt cheap for our area and have they a buyer no they haven't so it's not price...

This thread is about support not to criticise or come on here and say well it's your own silly fault drop the price....Most of us have dropped our price or had a realistic price anyway....

If i thought it would make an ounce of difference i would drop our price but looking at the 2 flats that are cheaper ahve they had more intrest no and i have been cheeky enough to ask...

Oh and i'm sorry i got it wrong but with long term health condition my reading and concentration isn't up to much especially today on a bady day so stop being so blinking picky...


Told you i would scream....:rotfl:

Batchy

Just thought I would add my two penny (im not a seller, but a current FTBer).

If you are on a road with 4 plots for sale (flats, houses, whatever) the choice is there for all to see, and no one would feel rushed in deciding which one, unless one was particularly cheaper than the others, or the others were being snapped up fast, or a particularly desirable plot/ position on the road!!

If you spot a house for sale on a road you WANT/NEED or DESIRE to live on and another property has not been available for the past 4-5 years, then you will ultimately be diving in for that house, without hesitation from the word GO. Otherwise, you really will miss the boat (potentially), you have to balance, what something is worth as land bricks and mortar, to location location location. A motivated buyer is rare, in a buyers market they will not be rushed until the time/ property / location is right for them.

Good luck with your house sales, im just giving you the perspective of a current FTB buyer (should be exchanging before the end of July), who saved for years, to be in the position, where I can literally cherry pick, and have ultimately brought the perfect house (for me).

Blodwen

Orpheo wrote: »

Really? When I select house to view I try to put aside any self-righteous prejudice or preconceptions; I might view the place and ask some questions and that way I don't have to "wonder" anything.

Yes really - there's nothing self-righteous about it. Viewing somewhere and asking questions doesn't always reveal everything that might be wrong, especially if the vendor (not suggesting you here) has something they want to keep quiet.

lauhen

We just want people to come and look inside, unfortunately a couple have just driven by and said that there was not enough parking and it was to congested. They came on days when over the road had parties so there were extra cars around. I don't live on a main road, I live in an off road in a new village, any traffic is just from people who live in my road, so traffic is rare to see. We have a garage round the back with extra parking space in front of it, how much parking does someone want, you can also park at the front of the house. I wish people would at least come to view and ask questions on there issues as asking the estate agent is useless, they don't live here so they don't know.