been told to lower price?

martinbuckley

A check on rightmove shows your house sold for £84,000 in July 2002 and £135,000 in Feb 2006. Inputting that into the Nationwide House Price Calculator shows that it is currently worth between £126,000 and £135,000, assuming that you have not made any significant changes to it. It also shows that in Feb 2006, it was only worth around £128,000, despite selling for £135,000.

If the house is pretty much the same as when you bought it, then I would suggest that £145,000 is scaring people off and the EA's advice to shave £10,000 off it whilst it may seem harsh, is actually placing the house at its correct valuation level for today's depressed market.

As you say, you dont have to move, so unless you can stomach a loss of equity, then you areprobably better staying put and paying down your mortgage.

FATBALLZ

Land registry figures suggest that houses in the area are selling for about the same as they were in 2006 when you bought the place for £135k. Have you done enough to justify a £10k increase? Have you done anything to it?

Also as above it is quite possible you overpaid in the first place...

2002:

number 20 sold for £84k
number 12 sold for £123k (31% more)

2006:

number 20 sold for £135k
number 10 sold for £155k (13% more)

number 10 and 12 look basically symmetrical so are probably worth about the same. Given that number 12 sold for 31% more it seems you may have overpaid if you paid a figure so close to that of number 10 a few years later.

WhiteHorse

Babymerlin wrote: »

We would LIKE to move but dont HAVE to move. we would like to downsize and move closer to husbands parents. but if it means getting into debt to do it then i dont think we will.

Very wise.

i was just wondering if the EA telling us to move was just him just wanting it off his books.

A little caution is necessary when dealing with EA's. They often overprice in the first instance in the hope of snaring some mug. They can also go the other way, pushing the price down because they want a quick sale and fast commission.

tyllwyd

I think the biggest problem is that you are getting squeezed - one bedroom flats in the area are advertised at about £90-£110K, so if you have a small 3 bedroom house advertised at £140K or thereabouts, there isn't much room for a price difference between a one bedroom flat / two bedroom house / three bedroom house.

I think your house looks really nice and well cared for in the photos - if I was in the market for a house like that I'd definitely have a look at yours. But if you are struggling to sell at that price, and you have to factor in moving costs / estate agents fees and all the rest, it is going to be difficult to find a two-bedroom house that is cheap enough to get the deposit you need.

mcc100

Babymerlin wrote: »

Are they trying to pull a fast one?

There are two scenarios here .....

Either ....

1. They are pulling a fast one and have a 'mate' lined up who is after a bargain.

Or .......

2. They are one of the few estate agents who have taken a reality check and realise that prices are on the way down and have a long way to fall.

Take your pick ....

BettiePage

Babymerlin wrote: »

hi thanks for the replies.

We would LIKE to move but dont HAVE to move. we would like to downsize and move closer to husbands parents. but if it means getting into debt to do it then i dont think we will.

i was just wondering if the EA telling us to move was just him just wanting it off his books.

i already posted a link few months ago to get views on why house wasnt selling, apart from doing the garden (as been to cold) and unable to move a pilon from our side my house, dont know what else we can do........ we have repainted, clearned, depersonalised, decluttered etc etc.

http://www.rightmove.co.uk/property-for-sale/property-17296347.html estate agent is taking a new picture for the front.

http://www.rightmove.co.uk/property-for-sale/property-16552026.html

Why no photo's of the bedrooms and bathrooms?
Floor plans are also useful and becoming the 'norm' these days.

Generali

Graham_Devon wrote: »

Going by that theory, a house is worthless unless the seller gets the price they want.

No, it means its value hasn't been determined. It's not worthless because someone was prepared to make an offer for it.

You can infer it by completed sales of similar properties but as properties aren't identical (despite claims to the contrary by Malvina Reynolds) you can't say house x is worth an amount of money because house y was. You can assume that similar houses in similar areas will sell for similar amounts. You might be right, you might be wrong.

Babymerlin

thanks everyone.

we completely gutted the house when we moved in so prob have spent close to 10k on it. but bit downhearted realiseing we spent to much on the house in the first place. haha, we are never in the right place at the right time.

doing some sums over weekend, its not looking likely we can move. so think may have to take off the market and wait until we can save a bit more and think about selling again.

just down hearting realising that you cant move.....:(

Generali

Babymerlin wrote: »

thanks everyone.

we completely gutted the house when we moved in so prob have spent close to 10k on it. but bit downhearted realiseing we spent to much on the house in the first place. haha, we are never in the right place at the right time.

doing some sums over weekend, its not looking likely we can move. so think may have to take off the market and wait until we can save a bit more and think about selling again.

just down hearting realising that you cant move.....:(

On a positive note, at least you get to enjoy all the improvements you made to the place and moving is a PITA.

System

*Supply drops as prices drop shocker*