been told to lower price?

Generali

Joeskeppi wrote: »

*Supply drops as prices drop shocker*

It does illustrate that rather well doesn't it. At this price the OP will presumably only sell if forced to by a change of circumstances for the worse, not that I wish that on him/her of course.

Babymerlin

thats the way of the world isnt it. im just counting myself lucky that we have a house at all. if we went to buy now we wouldnt be able to.

Flyboy152

Babymerlin wrote: »

Hey there

Been told by our EA that we should be lowering our price of our house as our house has been on for sale since june and people looking will be wondering why its taken so long to be sold….?

We have already lowered the price, and so if lower again will be 10k lower. The thing is we need a little bit of profit to be able to buy a new house (we are downsizing!) so lowering again means there will be no point moving as we wont have the 10% deposit that we need.

He was compairing our 3 bed house with the 2 beds that have sold and saying that people are looking for 139k price range …… but we are 3 bed….? Are they trying to pull a fast one? the thing is if this is the case then I think we will have to take house off market as no point moving, as we were moving to smaller house to save money……looks like we are having to pay out more now to get a smaller house!?!!?

Have you had a surveyor look at the property and got them to value it?

Percy1983

Joeskeppi wrote: »

*Supply drops as prices drop shocker*

I will add another spin on that...

Yes a house coming off the market would indicate a drop in supply, but if it was overpriced in the first was it ever part of the supply as it wouldn't have sold anyway.

In short I am keeping an eye on local housing and it makes no difference to me when something over priced gets taken off the market, in all honesty I wouldn't even notice as I am only focusing on the well priced houses.

Generali

Percy1983 wrote: »

I will add another spin on that...

Yes a house coming off the market would indicate a drop in supply, but if it was overpriced in the first was it ever part of the supply as it wouldn't have sold anyway.

In short I am keeping an eye on local housing and it makes no difference to me when something over priced gets taken off the market, in all honesty I wouldn't even notice as I am only focusing on the well priced houses.

Someone who wants to sell at above the price the market will bear is the counterpoint to the person who wants to buy but either can't or won't at the current market price.

N1AK

Generali wrote: »

....and what the current owner is prepared to sell it for. If the 2 can't meet the value hasn't been determined because there's no trade.

It depends how you define worth. Personally, I would say somethings 'worth' is the value it could exchanged for.

For example a house cannot be worth £200k if no one is willing to pay that much for it. Conversely, there is nothing wrong with saying a house is worth £150k because that is what it could be sold for, even though the owners would not agree.

- - -
To the op: I doubt anyone can answer the question. Your EA could be trying to get a quick sale, or could be confident that it won't sell at that price so is trying to stop you wasting your time.

House prices have fallen by 1% (July-Nov) and probably further since. That means your house is less competitive at its current price point than it was in the past.

Ask yourself how much you need to get to accept selling. Get a feel for how likely you are to sell. Then decide based on this, how long you are willing to live in the house while trying to sell.

Generali

N1AK wrote: »

It depends how you define worth. Personally, I would say somethings 'worth' is the value it could exchanged for.

For example a house cannot be worth £200k if no one is willing to pay that much for it. Conversely, there is nothing wrong with saying a house is worth £150k because that is what it could be sold for, even though the owners would not agree.

In your example, with no further data available, the house can only be said to be worth in excess of £150,000. The seller must be willing to sell as well as the buyer being willing to buy unless the decision is taken out of the sellers hands (eg probate sales, repossession).

Having said that, no sane bank would be willing to lend more than the highest bid in the market less a little as a cushion just in case. Clearly no bank would ever lend more than the value of a house <<ahem>>

Babymerlin

thank for replies.

well in my view, i am not willing to sell at a price that they want me to, it would only put us in to debt.....so if im being mean and greedy so be it, im not gonna get into debt so someone else can have (what i feel is) a very well done out house and them not in debt.

we do not HAVE to move so we are staying put until we can save more deposit for a house we want and therefore able to sell at a resonable price when we have this without having to relie on profit from a house. if that means im contributing to the bad economy then oh well, as would be in the same position if i hadnt put house on market.

thanks everyone for your views and information, it helped alot. i know now that i paid over the odds for the house, spent far to much money on it, and have to sell less for what i brought it for and therefore get into debt.....so im gonna be a greedy person im afraid and stay put. im lucky to have my very own house over my head.

the reason we were trying to downsize is the fact that we are on our 6th IVF and we are trying to get some money together as we have had negatives for the last 5, i just thought someone who would like a lovely family home would benifit from ours (which is why we brought it....but our luck didnt come up in the baby dept!). but we will stay in our 3 bed house....only using 1 bedroom. oh well.

thanks everyone for helping me understand the market a little better. xxxxx

Flyboy152

Have you not the property valued independently?

Generali

Babymerlin wrote: »

thank for replies.

well in my view, i am not willing to sell at a price that they want me to, it would only put us in to debt.....so if im being mean and greedy so be it, im not gonna get into debt so someone else can have (what i feel is) a very well done out house and them not in debt.

we do not HAVE to move so we are staying put until we can save more deposit for a house we want and therefore able to sell at a resonable price when we have this without having to relie on profit from a house. if that means im contributing to the bad economy then oh well, as would be in the same position if i hadnt put house on market.

thanks everyone for your views and information, it helped alot. i know now that i paid over the odds for the house, spent far to much money on it, and have to sell less for what i brought it for and therefore get into debt.....so im gonna be a greedy person im afraid and stay put. im lucky to have my very own house over my head.

the reason we were trying to downsize is the fact that we are on our 6th IVF and we are trying to get some money together as we have had negatives for the last 5, i just thought someone who would like a lovely family home would benifit from ours (which is why we brought it....but our luck didnt come up in the baby dept!). but we will stay in our 3 bed house....only using 1 bedroom. oh well.

thanks everyone for helping me understand the market a little better. xxxxx

Sorry for tagging this stuff on to your post. I mean to give good advice to you and wish you nothing but the best. Several friends have gone through IVF and I have some insight into how emotionally and financially draining it invariably seems to be.

I also happen, in part, to value assets for a living so find it quite interesting chatting about valuing assets in an area outside my expertise. That ended up getting tagged onto the end of the thread.