Should people wanting to sell hang in there?

nutsohazelnuts

Percy1983 wrote: »

It won't sell for more than its worth... end of...

With that no steep price rises are expected soon and I doubt rises will be be more than inflation, so even if they do wait it out and get the extra £15k they want they may still be worse off for it.

As mentioned if they are looking to buy elsewhere the odds are the houses they want have dropped too.

Sounds like they want to buy cheap and sell expensive.

No, that's not it at all. They want to buy in an area that is significantly more expensive than the area in which they are selling.

nutsohazelnuts

Turnbull2000 wrote: »

The overwhelming number of homeowners (and EAs of course!) continue to believe their properties are worth 2007 prices, and I see no reason for that to change. Until mortgage availability matches these expectations, transactions will remain low. Only more reposessions and forced sellers would change this, but emergency interest rates and state intervention have fullfilled their aim of preventing such downward pressure on prices. Instead, many are sitting pretty on very cheap mortgages, have a tenant paying for the property or both.

My daughter would take issue with you over that. She says that prices will continue to drop until at least the next General Election so buyers know that if they just wait a few months they can have the property for less, or something nicer, as better properties slide down into their price range. As people cut their asking prices it forces others to do the same.

nutsohazelnuts

Turnbull2000 wrote: »

Well, they do have a point. If things go wrong, the government will step in to prevent prices going South and try to restore upward momentum.

Will they? Their free market ideals wouldn't preclude this?

nutsohazelnuts

DervProf wrote: »

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

However, would you agree that different geographical areas have different market conditions?

FATBALLZ

Blacklight wrote: »

People won't sell at less than they know they can achieve if they wait it out. Not unless they are forced to through personal circumstances.

I disagree, if your house has been on the market for two years surely some people would start to get bored and think '!!!! it, i'll just have to sell it for what somebody will pay me'.

After all, in the whole housing situation, there is nothing more like "putting your life on hold", than sitting in a house you don't want for years on end trying to get a mug to overpay for it.

pinkteapot

Anything will sell at the right price for the current time. We bought last August and agreed an offer on this house and had it taken off the market the day after it went on the market. It came on at what we felt was a realistic price, unlike the other deluded sellers still priced at peak 2007 prices. We were looking for 18 months before buying as we weren't happy with asking prices. The over-priced houses that we viewed have ALL either been taken off the market or are still for sale. None have sold. Some of them almost three years after we first saw them on Rightmove.

To be blunt, they need to decide what the minimum they require for their move truly is. If this is around the price level the EA has suggested then drop the price. If it's still well above it, give up and get it off the market.

myhouse_2

It's not much use waiting - prices have dropped in most places. Although the vendors in this 2 year saga may decide not to sell at a reduced rate, as soon as one of their neighbours does, that will set the price for the street and it becomes even less likely that the house will sell at a high price.

Percy1983

nutsohazelnuts wrote: »

No, that's not it at all. They want to buy in an area that is significantly more expensive than the area in which they are selling.

So the area they want to move to has probably dropped as well...

They can wait for there house to increase by 20%, but don't complain when they houses they want have also increased 20%.

[Deleted User]

spot on pinkteapot. Exactly what happened to us and now we have the house of our dreams. We bit the bullet and asked for much less than 2 others. We sold in 2 weeks and a year later they still have no offers and in the meantime one dropped his price to what we sold for, so he will eventually lose out bigtime simply for being greedy

Turnbull2000

FATBALLZ wrote: »

I disagree, if your house has been on the market for two years surely some people would start to get bored and think '!!!! it, i'll just have to sell it for what somebody will pay me'.

After all, in the whole housing situation, there is nothing more like "putting your life on hold", than sitting in a house you don't want for years on end trying to get a mug to overpay for it.

Nope. You just rent it out and let tenants pay you a future income/pension.