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It's obviously overpriced
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The first 486 desktop computer I bought in 1995 (I remember the date as I was carrying my new born daughter around in her car seat) cost >£1000.
A few short years later it was worthless. But this was only because technological advance had over taken it.
Houses are a a different kettle of fish due to the land it sits on. Market sentiment, availability of credit, location are all factors.
Price is of course another factor and cannot be discounted but it has to be tied in with the others.
If you live in the average town and are trying to sell an average house then it stands to reason it will not go for more than the local average wage times whatever mortgage multiple (less deposit requirement) the lenders allow upon it.
End of the day here the Estate Agents don't call the tune neither really do the owners if they really want to sell, it is the mortgage providers, as the pattern establishing itself via postings to this board is proving.
Agree with you totally!0 -
If pc world dropped the price of their Laptops to £50, sure they would sell shed loads, but does not mean that they were not worth £400.
What do you think PCWorld will do if their £400 laptops aren't selling? They'll reduce them to £350. Won't sell at £350? Reduce to £300, and so on.
My wife runs a garden centre, sometimes she has to reduce items down just to get "something" for them. The business would suffer if she didn't do this.
I've been trying to sell a collectable book. The price I'm asking hasn't had any interest. I reduced it to the lowest price that I was prepared to sell it at. It didn't sell. It's current market value is much less than I thought it was. If I want to sell it, it will need to go lower. As it happens it's value to me is more than I will currently get, so I'll keep hold of it. In the meantime, the market value will either increase or continue to fall. I don't have to sell the book, but I'm not kidding myself about it's market value.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 -
I get rather sick of people who leave their house at the same price for months on end, then move agents, keep it at the same price and won't entertain the idea of an offer.
Can I offer up a defence of these vendors? I foolishly let a particularly rubbish national chain of EAs persuade me to instruct them and agree to their ridiculously high fees. Once I'd woken up to that fact, I fired them off and switched to a much cheaper (and, as it turned out, better) local independent EA. But I wasn't in any more hurry to sell and was quite happy to wait as long as it took to get a price I was happy with - I just didn't want to end up paying those jokers if a buyer happened by chance to come across my house and buy it! So not all misguided - well not necessarily about the price anyway!0 -
I had to go back and check the time on a post I made on another thread there to see if you were on about something I'd written, but i had my grumble almost an hour later
We're on at a competitive price but offers are coming in on the low side, we're happy to negotiate but really need the last 'offerer' to come up by £3k and we'll settle but the ball is in her court now:silenced:0 -
I could walk out on the street today and sell as many £10 notes as I could get my hands on for £5 each.
I could sell new Ferraris for £1000 each as fast as you could deliver them to me.
In neither case however, would that be the value of the item....“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
What do you think PCWorld will do if their £400 laptops aren't selling? They'll reduce them to £350. Won't sell at £350? Reduce to £300, and so on.
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Assets and consumable goods are entirely different things.
Houses do not become obsolete and lose all their value in a matter of a year or so from their release date, laptops do.....
The value of a house is defined as being the price a willing buyer and a willing seller can agree to in an open and free market.
It is NOT defined as being the amount it can receive in a distressed sale, cash auction today, etc.
If the seller does not agree to the price, there is no sale.
And most sellers have the luxury of time on their side, because we have an endemic housing shortage and soaring rents at the moment due to mortgage restrictions. If the worst comes to the worst and they really have to move, they can just rent it out instead and wait for prices to recover.
Whereas most potential buyers know full well that renting over the long term is a mugs game, and the pressure to buy before prices inevitably rise is increasing with every month..... Another month, another landlords mortgage payment made for him. Another month, another landlords mortgage payment made for him. Another month, another landlords mortgage payment made for him.
Tick tock, tick tock, tick tock........“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Of course price isn't the only factor affecting whether a property sells or not, it's just its by far the most important one to the vast majority of people. For every person we see who is struggling to sell because the master bedroom is painted beige instead of magnolia there are 10 who are struggling to sell because they have an unrealistic idea of the value of their home.0
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For me if a seller has a good agent marketing the property and seller is presenting the property well then its all about price especially if the seller wants to sell in the current market.
If they don't then wait for the market to pick up and sell then. I think the thing that some find annoying is those who come on moaning that they can't sell their house but simply cannot accept it down to the price and then want to blame buyers who don't want to pay their inflated price.0 -
What do you think PCWorld will do if their £400 laptops aren't selling? They'll reduce them to £350. Won't sell at £350? Reduce to £300, and so on.
....
Or they could keep the laptops themselves and use them, or rent them out ... ? Would they behave in exactly the same way if they had only one laptop to sell? Laptops aren't the same as a residential house, and your analogy doesn't work. People don't always have to sell their properties, even if in an ideal world they might like to.I've been trying to sell a collectable book. The price I'm asking hasn't had any interest. I reduced it to the lowest price that I was prepared to sell it at. It didn't sell. It's current market value is much less than I thought it was. If I want to sell it, it will need to go lower. As it happens it's value to me is more than I will currently get, so I'll keep hold of it. In the meantime, the market value will either increase or continue to fall. I don't have to sell the book, but I'm not kidding myself about it's market value.
So you like your book, and you are advertising it for sale at a certain price, and you are not prepared to sell it below that price? So you don't want to keep dropping and dropping the price to sell at any cost? I agree with you, place your own value on your possession and only sell it on terms that you are happy with.0 -
HAMISH_MCTAVISH wrote: »Assets and consumable goods are entirely different things.
Houses do not become obsolete and lose all their value in a matter of a year or so from their release date, laptops do.....
HAMISH_MCTAVISH wrote: »The value of a house is defined as being the price a willing buyer and a willing seller can agree to in an open and free market.
Yes it is.HAMISH_MCTAVISH wrote: »It is NOT defined as being the amount it can receive in a distressed sale, cash auction today, etc.
If the house is sold in distress, yes it is.HAMISH_MCTAVISH wrote: »If the seller does not agree to the price, there is no sale.
No there isn't. But refusing to sell something doesn't make it financially worth what I want it to be.HAMISH_MCTAVISH wrote: »And most sellers have the luxury of time on their side, because we have an endemic housing shortage and soaring rents at the moment due to mortgage restrictions. If the worst comes to the worst and they really have to move, they can just rent it out instead and wait for prices to recover.
If they refuse to sell at a price acceptable to the current market then they are not selling and therefore their house is not on the market at all, even if they do have a pretty picture in the EAs window. So you have made no salient point at all. If you need to sell, you don't have the luxury of time. If you want to sell then, yes, you can wait, but for how long? 12 months, 5 years, 20 years?HAMISH_MCTAVISH wrote: »Whereas most potential buyers know full well that renting over the long term is a mugs game, and the pressure to buy before prices inevitably rise is increasing with every month..... Another month, another landlords mortgage payment made for him. Another month, another landlords mortgage payment made for him. Another month, another landlords mortgage payment made for him.
Tick tock, tick tock, tick tock........
And here is where your post devolves from:
to
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