is it me or is everything overpriced?

TBeckett100

We have been trying to sell our property for six months to no avail. We are looking around and everything is back to boom prices. I know my property is probably worth less than I am marketing for, but I cant drop my price because I wont be able to move. Are there many sellers on this board marketing at more than they would accept or are we all lose lose situation?

poppysarah

Will you be selling it for less than you paid?

moneysaver

Most sellers think their property is actually worth more than it is. Most of the property's you will be looking at will be overpriced, so you will have room for negotiation.
Your own place will be overpriced & any potential buyer will drive you down. Most sellers are pricing their property based on what they bought it for, what they have spent on it and how much they owe on the mortgage, not the actual true worth.



Moneysaver

ILW

TBeckett100 wrote: »

We have been trying to sell our property for six months to no avail. We are looking around and everything is back to boom prices. I know my property is probably worth less than I am marketing for, but I cant drop my price because I wont be able to move. Are there many sellers on this board marketing at more than they would accept or are we all lose lose situation?

Sounds like you just can't afford to move up to the sort of place you want

Thrugelmir

TBeckett100 wrote: »

We have been trying to sell our property for six months to no avail. We are looking around and everything is back to boom prices. I know my property is probably worth less than I am marketing for, but I cant drop my price because I wont be able to move. Are there many sellers on this board marketing at more than they would accept or are we all lose lose situation?

You appear to be answering your own question.

Find ways of cutting expenditure and pay down the mortgage, to build up equity. Very mundane I know, but there's no quick and easy way.

ginvzt

I am sorry, but the market doesn't care that you cannot move up if you won't sell your house for £X amount!

If you can't afford to 'move up', but the current house is too small, look in selling it and renting somewhere until you can afford to 'move-up'.

Why would I as a buyer pay extra on top of what the house is worth just because you can't afford to buy what you want otherwise? Look from this side as well, not just a seller. Would you pay extra for a house you are looking because those sellers can't afford to buy a bigger house if you won't? I guess not.

Cannon_Fodder

If you find a place where the vendor is amenable to a low offer, you may find you can then reduce the price of your own place accordingly - the gap you are trying to bridge, if upsizing, is reduced in cash terms even if you both take the same % cut.

This is one of the sticking points at the moment, everyone is trying not to 'blink', whereas if everyone just accepted -5%, the jammed up market would get moving again...

There is the difficulty that many vendors won't accept offers if they are not proceedable, but if you find somewhere that has been on the market for a while they may be happy enough at having some interest to allow you some time to create your end of the chain.

dander

If you need to get more than the market value for your house to be able to afford to move, then the truth is you can't afford to move. It's harsh, but really it's better to accept that now, take the house off the market and work on other ways of eventually funding the move - saving, taking extra jobs etc. If you stay on the market trying to sell at a price that people won't pay, then you just leave yourself miserable and stressed, leaving weekends free for non-existent viewings etc. Why put yourself through that when at best you'll get an offer that isn't high enough to accept?

Mini_Bear

We are selling too and have noticed prices are back to sky high figures. We are selling my partners place and he is holding out for more than its worth. We can afford to take a huge hit but hes finding it difficult to sell it for wat he paid for it. Not a lot of new properties are coming up which is stopping us from marketing more aggressively.
I told the EA we wanted to drop the price a few months ago (we are already at the lowest price for a 4-bed in area). EA was not happy as it devalues their 3-bed stock. Will tell them where to go if we are still in this situation after the summer!
Like others have said though, if u can't afford to take a hit on your house, don't upsize during a recession!

sequence

TBeckett100 wrote: »

Title: Is it me or is everything overpriced?
....

I know my property is probably worth less than I am marketing for

I think you answered your own question:rotfl:

Jowo_2

The houses in my area seem to be put up for sale for a high price compared to last year where there was complete stagnation and sellers either slashed their prices or took them off.

It's almost like the recession has not happened.

However, one or two properties are being put on the market every single day and I'm not certain they are sellng well.

So as the local market is being flooded with new properties and if few are meeting their asking prices, the prices will start being slashed again...