Sellers will never drop their prices

Mallotum_X

Rather than clog up the thread regarding peoples opinions I thought this view would be worthy of a bit more discussion.

Sibley wrote: »

I think prices will stagnate. People will never drop the price of their house. If somebody thinks their place is worth £250k they will just wait until that figure is achieved be it now 1 year or even 5 years time. Houses just won't go on the market.

Do you honestly believe that people will never drop?

The market now is showing people who want to sell are dropping, asking prices are falling in many parts of the country, sold prices compared to asking prices can be seen to have fallen.

There are always people who want to move, for a variety of reasons.

If someone wants/needs to move then they will have to consider what their house will sell for and price accordingly. Many people would not want to wait 5 years.

The renters who put their lives on hold get critisised for holding on, rather than move on wihh their lives, surely vendors who hold on really would be better getting on with their lives too.

Not everyone who wants to sell has a massive mortgage. Take someone who bought in say 2001, they will have seen a peak in prices, yet still be up overall even with a drop in prices now. Would you really suggest they are better to sit it out, or just get on with their life and look for their next house taking a 'hit' on their sale price but looking for a 'hit' on the new house.

The longer the 'return to normal' takes then the more time people have lost, and more will sell up. Maybe due to a new job, new baby, downsizing, upsizing etc etc. These people will break ranks and set a new lower price.

Houses are still selling, but in many areas the ones that sell are the ones where they have dropped their price to the current conditions, the houses sat there long term are the ones who dont really need/want to move.

Graham_Devon

Most people believe sellers will drop asking prices, given time.

It's only a select few that believe this not to be the case, out out of those select few, one person makes up several "voices".

There is some merit in the prospect of sellers taking their house of the market, and forcing prices up. However, that's as far as the thoughts seem to go on that prospect, and ignoring the fact that sellers en masse will all then jump back in seems to be the order of the day.

abaxas

Are EA's actually going to market properties they know they cant sell?

Answers on a postcard, pre-printed with 'NO', please.

AD9898_2

If people absolutely need to move they will drop the price, they have to. You only have to look at approvals, the market is dead. Divorce, separation, illness, accident, death. All these issues happen everyday, they take no notice of the market.

Eventually the price will give.

2010

EA over value in boom times and do the opposite in bad times.

Some people have no choice but to reduce their asking price, death, divorce and desperation.

lilac_lady

As unemployment grows people get worried and put off taking on a bigger mortgage. Prices will drop according to how confident people are. At the moment, not very.

System

Sellers will sell for whatever price they need to enable their next course of action, or they won't sell at all.

The only way this changes is if it's a forced sale.

nearlynew

As any HPI cheerleading debt-junkie will tell you ......


PEAK PRICE IS THE RIGHT PRICE

Mrs_Money

Some sellers who are in, or close to, negative equity, sometimes cannot drop their prices. They were possibly "overlent" (I think I just made that word up!) in the housing booom- and that must be an awful postion to be in - particularly if you have to sell for some reason.

Sibley

It's only a select few that believe this not to be the case, out out of those select few, one person makes up several "voices".

I don't like this sneaky comment.

I have one voice not several. I had another ID on here that I used from my work PC. I haven't posted under that for ages.

I comment on the Express and Sky as Sibley. Same name.

Other may have other names. I couldn't be bothered.

You may not agree with what I say but don't try and discredit me with that rubbish ok?

LittleMissAspie

The house we bought was on Rightmove in 2008, obviously it didn't sell and they took it off the market. They installed a new boiler and a new kitchen among other things, and put it back on the market in 2010 for 20k LESS.