Should people wanting to sell hang in there?

Blacklight

DervProf wrote: »

And even though the government have stepped in, we still hear stories of property being on the market for > 12 months, and vendors being very reluctant to drop their asking prices.

If someone's waited 12 months they're hardly desperate to sell. There are people willing to sit there with the for sale sign outside waiting patiently for prices to go back up. It's not a sign of desperation or stubbornness, merely that the seller isn't that bothered.

DervProf wrote: »

If you have to sell cheaper, but can buy cheaper, then moving "up the ladder" will usually be cheaper. J. Public seems to be either oblivious to this, or just doesn't want to accept it.

As I said above, property prices at either end of the scale won't increase or reduce at the same rate. Two bed starter homes will always be much more in demand than your country mansion.

DervProf

Blacklight wrote: »

If someone's waited 12 months they're hardly desperate to sell. There are people willing to sit there with the for sale sign outside waiting patiently for prices to go back up. It's not a sign of desperation or stubbornness, merely that the seller isn't that bothered.

So they wait, and wait, and wait. How clever, how shrewd. When they do achieve their asking price (or more), do they expect that the next place they buy will have not gone up in price ?

Fair enough if you are trading down, maybe hanging on a bit is a good idea, but if you want a bigger/better place, the cheapest time to do the deal is while prices are lower.

abaxas

If you look at the market there are always people who are willing to sell at market valuation, and those who want to sell at a price they decide.

The issue comes if the market continues on it's downhill slide. By holding on, these people have lost more money if they sell.

DervProf

abaxas wrote: »

The issue comes if the market continues on it's downhill slide. By holding on, these people have lost more money if they sell.

If they buy a place soon after their sale, in the same market conditions, they are unlikely to have lost anything.

abaxas

DervProf wrote: »

If they buy a place soon after their sale, in the same market conditions, they are unlikely to have lost anything.

The issue is the market is in a downsizing mode, rather than previously upsizing.

Ie smaller properties are becoming relatively more expensive, while the larger ones become cheaper. *

* can only comment on where I live (north east/ northumberland)

DervProf

abaxas wrote: »

Ie smaller properties are becoming relatively more expensive, while the larger ones become cheaper. *

It's fillet steak and an expensive bottle of red for me tonight then. *





* As long as I can go into Waitrose and they give me the food/drink for free (or at least with a discount), when I tell them that the value of my property may well be going up.

Percy1983

I think many people are just unaware.

My Dad came up with the bright idea of me buying my house off my parents as when I move out they can downsize.

I asked how much he wanted and he said £145k, I then said I won't pay over £120k for it.

He said just because I am his son I shouldn't get a discount, to which I pointed out he shouldn't over change me because I am his son and pointed him the likes of the land regisrty and rightmove.

He looked shock buy did admit I was right, to which he won't sell it then. He missed my point of he only paid £25k for it!

As it is I wouldn't buy it anyway (fresh starts and all) but it shows how he sees it as a loss of £25k not the gain of £95k it is.

ukcarper

abaxas wrote: »

The issue is the market is in a downsizing mode, rather than previously upsizing.

Ie smaller properties are becoming relatively more expensive, while the larger ones become cheaper. *

* can only comment on where I live (north east/ northumberland)

Land Reg doesn’t seem to bear that out.

Falls since 2008
detached £276 to £256 7.2%
Semi £171 to £153 10.5%
Terrace £143 to £122 14.7%
Flat £174 to £148 14.9%

nutsohazelnuts

quantic wrote: »

I don't mean to sound horrible, but surely if bad health is a reason for moving money becomes irrelevant?

Not if one needs a certain amount of funds to facilitate the next move.

nutsohazelnuts

doire wrote: »

Hmmm so they are having serious health issues and need the help of their daughter yet wont reduce their asking price so they can get the help they need.

Its a no brainer really isnt it. If they are too greedy to realise this then their health is only going to get worse.

It's not that they are greedy. They need a certain amount of money to be able to buy near their daughter.