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I can't sell my house...
Orpheo
Posts: 1,058 Forumite
It amuses me when I hear or read this statement, "I can't sell my house." What they really mean is "I won't sell my house."
The statement is usually followed up by a bewildered commentary on how they have done everything right and taken their EA's "professional" advice.
I sold my house. In the summer of 2008 my asking price was 11% less than peak price. One EA, a very large national EA, wanted to market at peak price - idiots, not "professionals" and I'm very glad that I didn't allow them to market my house. My house went SSTC in September 2008 and the local market was very low at that time. How I sold my house was by actively reducing the price until I found the price at which people wanted to buy. I had the attitude that "I can sell my house." It took 6 weeks to go SSTC and I sold for 11.5% below asking price, 21.5% below peak price.
Did I lose out? The evidence says no. (I had very good equity in the house stemming from the fact that I saved for a deposit. How quaint.)
12 months later a neighbour, selling a comparable house sold his for 10K less than I sold mine, 30% below peak price. The irony is that his house was on sale 18 months before I marketed mine and for 12 months after mine sold and in the autumn of 2007 he rejected an offer of just 2K below asking price and the buyer walked.
Can't you sell your house or won't you?
The statement is usually followed up by a bewildered commentary on how they have done everything right and taken their EA's "professional" advice.
I sold my house. In the summer of 2008 my asking price was 11% less than peak price. One EA, a very large national EA, wanted to market at peak price - idiots, not "professionals" and I'm very glad that I didn't allow them to market my house. My house went SSTC in September 2008 and the local market was very low at that time. How I sold my house was by actively reducing the price until I found the price at which people wanted to buy. I had the attitude that "I can sell my house." It took 6 weeks to go SSTC and I sold for 11.5% below asking price, 21.5% below peak price.
Did I lose out? The evidence says no. (I had very good equity in the house stemming from the fact that I saved for a deposit. How quaint.)
12 months later a neighbour, selling a comparable house sold his for 10K less than I sold mine, 30% below peak price. The irony is that his house was on sale 18 months before I marketed mine and for 12 months after mine sold and in the autumn of 2007 he rejected an offer of just 2K below asking price and the buyer walked.
Can't you sell your house or won't you?
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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Comments
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Well, good for you. I don't doubt that some buyers are optimistic about the value of their properties (usually because the agent has encouraged this in order to get the sales contract) and some more could shift their properties if they discount them further.
But ultimately, there are lots of properties on the market and not many buyers since easy finance was chocked off, plus the recession.
This is ultimately an imbalance caused by supply/demand.0 -
Well, good for you. I don't doubt that some buyers are optimistic about the value of their properties (usually because the agent has encouraged this in order to get the sales contract) and some more could shift their properties if they discount them further.
But ultimately, there are lots of properties on the market and not many buyers since easy finance was chocked off, plus the recession.
This is ultimately an imbalance caused by supply/demand.
If you must use the supply and demand argument...
No of Sellers > No of Buyers
...then take your supply and demand argument to its logical conclusion.
I'm looking to buy now. Large deposit. Many vendors seem to expect me to bail them out of their negative equity. No. I've contributed to far too many bailouts in recent years.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Hmm. I think that this may be the wrong forum for this thread. Should I have posted it in the Debate House Prices forum? If so my apologies and can a mod move it?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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