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

anderson8

tyllwyd wrote: »

It's really difficult for us to advise you because we don't have the local knowledge of the area and your property to see if the price looks right and if other similar properties are selling.

Seven weeks with only one viewing doesn't sound great - what is the EA telling you, are they advising you to drop the price or to hang on? But if you need £115K to be able to afford to move on, if you are marketing at £119K then offers would probably come in at a bit below closer to the £115K, so by dropping to £115 you are taking a risk that you won't get the asking price and the figures won't add up for you.

Personally, I'd be inclined to hang on a bit longer, I think.

thanks.
im loath to put up my property on a public forum, but i could pm anyone who wants to take a look at the rightmove link.

EA isnt really saying much TBH, if it wasnt for me phoning every couple of weeks then there wouldnt be any contact really.

i think we will hang on a bit longer, although it would be nice to move soon with the new baby etc, we can manage fine in our house ATM.

Poorhouse

Hi, I'm new to this forum but its good to know there are more people like me out there. I've had my house on the market for 10 weeks and before everyone says it I know that's not a long time, but I have moved in with my other half and I feel I'm paying a mortgage for nothing. The EA has been useless and I have no idea what I am paying them for. I've had 3 viewers and the feedback the EA gets is nonsense. Apart from putting it on Rightmove I don't know what they do. They want a meeting at the beginning of May to discuss re-valuing the property. I was convinced to put it as offers over by the EA and I keep hearing about people offering much lower than the offers over. My Home Report came in at £110K and I was looking for £102K. The house next door sold for £110 in December. Am I being realistic or should I just try and rent it out and take a loss each month? I was going to give it 6 months and then rent it till the market picks up a bit.

harz99

Poorhouse wrote: »

Hi, I'm new to this forum but its good to know there are more people like me out there. I've had my house on the market for 10 weeks and before everyone says it I know that's not a long time, but I have moved in with my other half and I feel I'm paying a mortgage for nothing. The EA has been useless and I have no idea what I am paying them for. I've had 3 viewers and the feedback the EA gets is nonsense. Apart from putting it on Rightmove I don't know what they do. They want a meeting at the beginning of May to discuss re-valuing the property. I was convinced to put it as offers over by the EA and I keep hearing about people offering much lower than the offers over. My Home Report came in at £110K and I was looking for £102K. The house next door sold for £110 in December. Am I being realistic or should I just try and rent it out and take a loss each month? I was going to give it 6 months and then rent it till the market picks up a bit.

Same advice as I gave Anderson8 a few posts back - give your EA notice (which invariably provokes some action on their part) and drop your price for a limited period (advertised as such) that coincides with the notice period.

In case your not aware, you can take your property away from an agent (after notice period as per contract) and put it on with a new agent, and providing you do so within 4 weeks, your existing Home Report is still valid.

Davesnave

anderson8 wrote: »

Anyone? i know the spring market should be the best time to sell and dont want to miss that by sitting not reducing our price

If you are not getting viewings after almost two months on the market, then the price is likely to be the major factor in this. The question then is whether you can afford to market around the price similar properties are selling at, based on research. If you can, then a reduction that makes you not just competitive, but a clear front runner, is best.

I don't like telling others what's best for them. Cutting our price substantially worked well for us in 2008, but there was no mortgage involved, so it was just a kind of risk any investor might take to get out of one market and into another. Like Inkz, we had things to do, other than sit on our bums, though the enforced rest was quite nice while it lasted!

anderson8

ours is a bit of a character property so not a lot like it near here.
2 bed house, similar size/situation 2 doors down has been on the market for 2 years and has just taken another drop in price to £10k above ours.
its going in the local paper this week and next so will see if anything comes of that. if not then we will discuss our strategy from there.

bikingbarney

whoo hoo got our first viewing on sunday !! its a lady looking to buy a house for her father !!

hopefully ours willbe the one for him !!

cheers

steve

tyler80

Just a note from about dropping your price for a fixed period, with the likes of property bee this just looks a bit foolish imo. I've looked at houses on their which have had their prices dropped for a Christmas sale then put back up again in January and they're still on the market and I can see all this on property bee.

TwistedPsycho

brit1234 wrote: »

Yes it is, realistic is a seller pricing at a range that the banks will lend at (3-4 x salary) with a deposit. You want more than that then sit on the market and hope banks return to irresponsible lending.

I'm happy to wait till interest rates start going up and sellers are forced to get more realistic. Hence the first time buyers strike. Sellers have to realise that wages are being frozen with rampant inflation taking a large chunk of wages. Buyers can't afford the sellers dream price.

Hahahahahahahaha :rotfl:

I just created a new troll character on my world of Warcraft account, I think I will call it brit1234

FATBALLZ

TwistedPsycho wrote: »

I am disappointed that people are stopping viewing until "sellers get realistic".

Realistic is not quantafiable. To me, realistic is getting an offer that will allow me to get off the ladder because my financial status means I will not be able to transfer or get a new mortgage in what is a more expensive area I am moving to; is that really so much to ask?

Of course realistic is quantifiable, realistic is being prepared to accept an offer at the price the market decides it is worth - ie what somebody is willing and able to pay for it. It seems to me that there are still a number of sellers hoping for mug buyers to offer way over market value. I'm sure this happens, however it is very rare now as most financially incompetent people are now unable to get mortgages.

I raised one of my previous offers today to within 10% of asking and was still turned down - despite my offer being over £10k more than the house across the street (which is bigger) sold for a few months ago. To me that is not being realistic.

harz99

tyler80 wrote: »

Just a note from about dropping your price for a fixed period, with the likes of property bee this just looks a bit foolish imo. I've looked at houses on their which have had their prices dropped for a Christmas sale then put back up again in January and they're still on the market and I can see all this on property bee.

Of course, but how many genuine house hunters actually see or know about property bee - we do, many don't.

And why shouldn't a house seller do a special offer for a limited period, just like a new home builder does or any other purveyor of goods (supermarket etc.) does?