Seller raises asking price substantially. A sign of the times?

tommy75

Came across this earlier:

http://www.rightmove.co.uk/property-for-sale/property-17960188.html?locationIdentifier=REGION^12188&minPrice=125000&maxPrice=150000&displayPropertyType=houses&oldDisplayPropertyType=houses&pageNumber=1&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E12188%26radius%3D0.0%26displayPropertyType%3Dhouses%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D125000%26maxPrice%3D150000%26maxDaysSinceAdded%3D%26retirement%3D%26partBuyPartRent%3D%26_includeSSTC%3Don%26x%3D49%26y%3D6%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse




02 March 2009

• Price changed: from '£136,950' to '£149,950'

09 February 2009

• Price changed: from '£145,950' to '£136,950'

12 January 2009

• Price changed: from '£154,950' to '£145,950'

02 December 2008

• Subtitle changed: from '3 bedroom semi-detached' to '3 bedroom house'

02 August 2008

• Price changed: from '£159,950' to '£154,950'

31 May 2008

• Initial entry found.

It seems this seller wants peak price for his house. Not sure what number it is but these are the selling results from this street on houseprices.net:

03/02/2006£150,000SemiL8, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL2

27/01/2006£147,500SemiL6, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

31/10/2005£122,000SemiL11a, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

21/10/2005£148,000SemiL26, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

21/05/2004£128,000SemiL29, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

14/05/2004£110,500SemiF33, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

11/12/2003£94,000SemiL1, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

07/10/2003£99,000SemiL26, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

23/05/2003£97,100SemiL8, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

19/05/2003£92,500SemiL20, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

16/04/2003 £85,000 Semi L 23, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

21/03/2003 £94,000 Ter. L 27, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

10/01/2003 £105,000 Det. L 14, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

06/09/2002 £79,000 Semi L 20, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

31/07/2002 £74,950 Ter. L 27 Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

21/06/2002 £56,500 Semi L 8, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

23/11/2001 £81,000 Semi L 31, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

02/04/2001 £18,270 Semi F 33, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL

08/08/2000 £55,000 Semi L 17, Butley Street, Hazel Grove, Stockport, Greater Manchester, SK7 4BL


Is this a sign of the times or a one off case? Are house prices returning to 2007 peak?

MiserlyMartin

If they do manage to get back to 2007 so quickly then the next bigger dip will be even nearer, this time with no more stupidly low IRs and tax payer subsidy to stop it crashing to true market level.

skap7309

OK.......................he couldnt sell it so he raised the price. 16 months up for sale and it hasnt shifted. Work it out for yourself!

Going back to my now world famous Ford Focus comparison - i couldnt sell it at £4k so i raised the price to £5k, been up for sale for 16 months and its still sat on my drive rotting away. Ho-hum, ill give it another month and if i still have not got rid of it its going up to £6k. That'll work.

What you have highlighted here tommy75 is not how the market is going, its more a case of how stupid humans can really be.

chucky

skap7309 wrote: »

OK.......................he couldnt sell it so he raised the price. 16 months up for sale and it hasnt shifted. Work it out for yourself!

Going back to my now world famous Ford Focus comparison - i couldnt sell it at £4k so i raised the price to £5k, been up for sale for 16 months and its still sat on my drive rotting away. Ho-hum, ill give it another month and if i still have not got rid of it its going up to £6k. That'll work.

What you have highlighted here tommy75 is not how the market is going, its more a case of how stupid humans can really be.

i think you're taking it too literally when you compare to the house price indexes which is where a few posters on here claim that properties in their area are still dropping.

you've got to start thinking as an estate agent...
you have a property on at £100k - EA's will get people viewing that property with a budget of £75k to £125k for example
you have a property on at £125k you get people viewing the property with a budget of £100k but now additional people up to a budget of £150k.

you're getting an additional range of people who wouldn't have seen it before but there still maybe an offer in there closer to the original £100k price.

tommy75

skap7309 wrote: »

OK.......................he couldnt sell it so he raised the price. 16 months up for sale and it hasnt shifted. Work it out for yourself!

Going back to my now world famous Ford Focus comparison - i couldnt sell it at £4k so i raised the price to £5k, been up for sale for 16 months and its still sat on my drive rotting away. Ho-hum, ill give it another month and if i still have not got rid of it its going up to £6k. That'll work.

What you have highlighted here tommy75 is not how the market is going, its more a case of how stupid humans can really be.

I know as a whole rightmove reported that asking prices fell last month 2.2% but it seems some individual sellers still think they can get peak price for their homes. If this becomes the mentality and it is possible looking at average house prices rising over then last few months, are we not heading back where we started at the end of 2007?

sjaypink

ive noticed a fair bit of this too. my only thoughts are that of chuckys- possibly more interest

and following on from this, i think more people will be more eager to proceed with a sale if they think theyve got a bargain- they go and nosey round a £150k house, make what they think is a cheeky offer of £130k- accepted- bargain

themanbearpig

Asking prices have already returned to peak prices in my area. Older stuff doesn't hang around long enough for price changes. There is a major lack of supply, and its actually getting worse. Very bad time to buy due to the lack of choice.

PasturesNew

http://www.home.co.uk/guides/house_prices_report.htm?location=sk7&startmonth=07&startyear=2006&endmonth=07&endyear=2009

brit1234

tommy75 wrote: »

02 March 2009

• Price changed: from '£136,950' to '£149,950'

09 February 2009

• Price changed: from '£145,950' to '£136,950'

12 January 2009

• Price changed: from '£154,950' to '£145,950'

02 December 2008

• Subtitle changed: from '3 bedroom semi-detached' to '3 bedroom house'

02 August 2008

• Price changed: from '£159,950' to '£154,950'

31 May 2008

• Initial entry found.

It seems this seller wants peak price for his house. Not sure what number it is but these are the selling results from this street on houseprices.net:

They bumped it up in March and now we are getting closer to October (6 months) without it selling. Do not see anything to be worried about for buyers, the price will soon go down when they realise prices are crashing again.

tommy75

sjaypink wrote: »

ive noticed a fair bit of this too. my only thoughts are that of chuckys- possibly more interest

and following on from this, i think more people will be more eager to proceed with a sale if they think theyve got a bargain- they go and nosey round a £150k house, make what they think is a cheeky offer of £130k- accepted- bargain

Yer, I can see the mentality of it but I look at it a different way. If I had bought that house prior to 2003 I would of paid about half the price it is today. Even with the mortgage interest the debt wouldn't be asmuch as the amount I would have to find just to buy the house in 2009. With this in mind, Is 130k still a bargain?

sjaypink

tommy75 wrote: »

Yer, I can see the mentality of it but I look at it a different way. If I had bought that house prior to 2003 I would of paid about half the price it is today. Even with the mortgage interest the debt wouldn't be asmuch as the amount I would have to find just to buy the house in 2009. With this in mind, Is 130k still a bargain?

no, but ea's and sellers at the moment will be mostly trying to appeal to those who are of the 'quick, bag a bargain now, before prices rise 30% next year' mentality (and there are still plenty around)

the same people who think those £1.49 'half price' 4-pack yogurts were actually sold at £2.99 last week i guess