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Someone please buy my blooming house!!!
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A correctly priced house will always sell a incorrect house lies on the market for months and months..It really is that simple....watching people chase the market down to me is sad because i am sure if they had priced it right in the first place they would be sold and gone..
I don't think this is strictly true. If there is only 1 buyer in the area and there are 10 houses up for sale it doesn't matter how "correct" the prices are on the other 9 - only one of them will be bought.
OK you might say that if the prices are really right it will attract other buyers into the area, but not if they have a glut of properties to choose from in the area they were originally looking. And when developers/BTL investors can't get funding, a correct price won't tempt them into the market.
A good price might bring an extra couple of buyers into the area but that would still leave more than half of the properties "correctly priced" and still for sale.
In that sort of market, you end up having to give the place away for free. I'm sure most of us have to sit with our houses up for sale "incorrectly priced" for months because we can't give them away. And if all the sellers agree to do that...
Oh I'm getting dizzy
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That's true - but in order for one of them to sell, the seller will have to out compete the other nine. This will put in a new price ceiling for the area, against which all forthcoming sales will be compared.I don't think this is strictly true. If there is only 1 buyer in the area and there are 10 houses up for sale it doesn't matter how "correct" the prices are on the other 9 - only one of them will be bought.
The only way that house prices stay up with your logic is if all sellers decide not to sell. But then they are not really sellers then are they? Someone will break ranks, causing the price to fall.0
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