Is the market really *that* slow at this time of year?

scorpio_princess

Mrs_Optimist wrote:

£115k won't even buy you an ex council flat in Devon.... (or Exeter at least)

...or Norwich. It amazes me how much property prices vary in the UK! Is it because the average wage in these places (mostly in the North) is lower than the South? Maybe there are fewer jobs? But what I don't get is that we aren't exactly bursting with jobs in this area either, so who decides what town or city has a better economy than another? I'm no economist, so I don't really understand all these 'facts' and averages (which I really hate, btw - a mean or median figure would be far more useful than 'average').

Mind you, the only thing I really need to know is that I can't afford to buy (and wouldn't want to right now - too dodgy!), but that Euromillions winning ticket has my name on it, so i'd better start picking my country mansion now

courtjester

lynzpower wrote:

Im in london (which reports say to be quite bouyant still) and I sold within 4 days.

lynz, east and south east London are going bananas at the moment due to the hype over development for the Olympics as everyone scrambles to 'buy-in' to the expected growth in values up until 2012 and completions of rail links through Stratford, so not unexpected that a property in this area should go well if well presented and priced competitively as there is a great deal of interest currently.

However, the market is not universally great and there is a lot of property around the country that is sticking for no reason other than the fact that outside of a few pockets, the market this year remains poor - a shortage of general property and a shortage of buyers. The problem is that people see (and believe) all the hype that building societies, agents and sites like Rightmove put out about house prices and 'buoyant' markets, without regard to the fact that this is all raising unreasonable expectations through talking up the reality.

It just becomes a recipe for disappointment where sellers believe that all houses (including theirs) should sell just as quickly and think that something is wrong and start to complain to their agents if it doesn't happen, even though in reality this is quite normal. Most properties take time to sell, no matter how well presented or marketed.

Which is why any marketing needs to be monitored and constantly reviewed objectively (by the vendor - don't just rely on an agent) in order to work towards the eventual buyer match and sale. Every house will sell if you keep on top of the strategy, it is a question of patience determination and time - and ignoring the statistical hype over "number of viewings /weeks /months it takes to sell", etc.

Daniel_B

Hi there,
I thought the market would be cooling off now, especially down the interest rate rise AND christmas approaching, but last weekend we had 4 viewings, and another couple this week, and an offer as well!

I had just settled down and accepted it wouldn't sell til after christmas, but looking pormising.

Dan

Doozergirl

I would be incredibly disappointed with no viewings after two weeks. You expect a little flurry of viewings, regardless of the time of year. Numbers start to tail off after the inital few weeks, if you start with zero, well...

I'd be out there viewing the competition and seeing what I could do to drum up business.

mr.broderick

meanmachine wrote:

In *my* opinion these prices are potty. That might not be your opinion, but it's mine.

115K is 230,000, I repeat 230 THOUSAND POUNDS over the term of the mortgage.

Calling someone a "loser" is against forum rules. Keep it up pal and you won't be on here for long.

Oh Its ok when you get personal though isn't it mean machine..
All of your posts surround one issue, houses are overpriced now.
What can I do about that meanmachine? I need to move so I pay the market price, it hurts me aswell you know but constantly harping on that prices are too high will not change anything on here or anywhere else.
Nothing personal ....

quirkygirl

Hi

I've been on the market for nearly 4 weeks and had 2 viewing but no joy, both viewings in the last 4 days(one didnt like the drive and doesnt like white bathrooms and the other wanted 4 beds...read the details first then ) its very hard but keep your chin up

I'd post my rightmove link but not a clue how to! We are similar to you in that the site that gives the average house price for our street is not for houses of my style. The last 2 have been 50's style and mine in a prewar style about 1935.

wishing you all the best.

talksalot81

mr.broderick wrote:

constantly harping on that prices are too high will not change anything on here or anywhere else.
Nothing personal ....

I would agree.... consumer opinions have absolutely no influence on the market.

And none of this "he is only one person and we dont care" - he may be one, but there are large numbers who agree and the numbers are increasing all the time.

meanmachine_2

Again, the value of a property is not set in stone. It is the opinion of the vendor, advised by the agent.

IN this example, at this time, the vendor's opinion appears to be out of synch with those of seller in their locality.

Everything in the housing market is to do with opinion and sentiment.

That's why the market slumped when rates were 4.75%, but at 5% some areas are rising. That's totally irrational.

Anway, my rational advice was to try again in February. By then sellers opinions might be more sympathetic to the vendor's asking price.

Now tell me again why this advice makes me a "loser"?

lush_walrus

Generally as a rule of thumb you will find that up until there is no chance of moving in time for Christmas EAs are busy (normally up to 8 weeks before xmas), once the chance of getting settled over christmas is gone, so are the buyers who all turn to christmas shopping!

Unfortunately, my guess is you just missed the slot. My EAs figures appear to show that we were busy up until 2nd Nov, I was covering last Sat and it was dead as a door nail, combination of it being remembrance day and just getting too close to christmas.

I doubt it will pick up again, till the EAs all open again first week of Jan (generally all will close the week before christmas, as will most solicitors). BUT, in saying that would you beleive that we had people calling our negotiators mobiles on christmas eve last year and even had 2 offers come in!. That is incredably rare, but who knows perhaps people will be looking close to Christmas this year. But, on the plus side there will not be huge amounts on the market at the moment (most have sold through the before xmas rush, and not many people put their house up till the new year), so any buyers that are around wont have much choice.

If I were you I would leave it on the market if you do not mind having viewers on the weekends leading up to christmas or potentially having none till the new year. Or the other option is take it off and ask the EA to start re-marketing immediately in the new year (the first day of re-opening is normally hectic as a lot of people have waited and are still off work to go on viewings).

Sorry a bit of an either or option, but to say definately one way or the other isnt easy!

lush_walrus

talksalot81 wrote:

I would agree.... consumer opinions have absolutely no influence on the market.

And none of this "he is only one person and we dont care" - he may be one, but there are large numbers who agree and the numbers are increasing all the time.

Hate to be picky, but actually consumer opinions are everything in the property market. If all buyers say prices are too high, then prices drop. If buyers keep paying and out bidding each other prices rise. Its simply supply and demand. If all potential buyers stuck together and decided not to buy prices would drop.

Property is only worth what someone wants to pay, everyone likes to think it is EA inflating prices, but they can only respond to the market, not influence it.