Greedy sellers damaging property market

macaque_2

Not my words guys.

http://www.moneywise.co.uk/news/2012-01-10/greedy-sellers-damaging-property-market

treliac

If you want to sell, you have to set a price someone will pay.

They are obviously not fussed enough either way.

MrRee_2

Serious sellers price to sell .....

Those who over-price sit on the market ....

However, here in the South higher prices are being gained for every next house to hit the market - there just isn't enough to go around.

leveller2911

MrRee wrote: »

Serious sellers price to sell .....

Those who over-price sit on the market ....

However, here in the South higher prices are being gained for every next house to hit the market - there just isn't enough to go around.

Not in East Sussex they ain't ............. Keep us out of your twisted ramblings.........

homelessskilledworker

There is no doubt that there are potentially 100,000's of wannabe sellers who are sitting it out, some more distressed than others. Some of been forced to rent their properties, some just playing the waiting game hoping to get what they paid for it, some greedy and stupid enough to think that the peak prices of 2007 are now their devine right. Whatever the reason it has been bad news for the wannabe buyers who have been hoping for price falls.

But it cannot last forever, the sitting it out by most potential buyers is forced with the banks not lending, sooner or later the only way to get a good buyer will be to offer a good discount better than the next similar properties, the downward trend will come, and I suspect by the level of discussion on this board that most would never of witnessed such an event.

Linton

It really is a rather silly phrase - prices in the house market, like prices in any other market, are determined by agreement between greedy sellers and mean buyers. Greedy sellers cant damage a market, they are 50% of the market.

Sibley

Use me as an example.
I have a house that I would sell for the right price.

Say for arguments sake in 2007 it was valued at 200k.

100% sure. I would not take 180k or 190k for it now.
If somebody wants it they will have to pay me 200k+.

If I don't get that I'll keep it rented out.

No big deal.

Not losing sleep over it. Don't care if I have to wait 10 years. The price will never be below 200k.

EchoLocation

I don't think it's fair to solely blame the sellers (Joe Public) for damaging the property market. I'd also more generally use the term 'deluded sellers' as opposed to 'greedy sellers'.

Itismehonest

Linton wrote: »

It really is a rather silly phrase - prices in the house market, like prices in any other market, are determined by agreement between greedy sellers and mean buyers. Greedy sellers cant damage a market, they are 50% of the market.

True.
The value of a house comes down to whatever price the buyer & seller agree on.
If someone doesn't have to sell then they're just sitting it out.
Many places have been taken completely off the market & the owners will wait it out & see what happens.

homelessskilledworker

Sibley wrote: »

Use me as an example.
I have a house that I would sell for the right price.

Say for arguments sake in 2007 it was valued at 200k.

100% sure. I would not take 180k or 190k for it now.
If somebody wants it they will have to pay me 200k+.

If I don't get that I'll keep it rented out.

No big deal.

Not losing sleep over it. Don't care if I have to wait 10 years. The price will never be below 200k.

Yeah Sibley, lets use you as a good example actually. Most people in the UK are leading normal lives, some have to move, downsize/upsize, clear debts, prevent debts, the list is endless as to why some people have to sell
Where as you are living in Bangkok getting up to whatever it is that you get up to, it's hardly the norm mate. Most of us have familys and jobs and friends to think about.

LilacPixie

I don't see how 'greedy sellers' are damaging the market. say they need 200k to clear mortgage and fees well they physically can't accept 180k or 190k, they need 200k so they wait and wait and wait hoping someone will offer 200k. Plus some offers in my experience are well a bit low.

I sold in 2010, Scotland so home report has mortgage valuation in it that the lenders use. We priced to sell at below valuation and we got 3 offers from 3 different buyers. The lowest was 20% below the already low fixed price. It was obviously a bid and see what they say type thing. I ended up accepting an offer 1k under the fixed price which I was happy about, I had bought in 2003 and overpaid mortgage so it provided a nice deposit. We looked at a house which was a inheritance by the looks of it, house was empty, no double glazing, wiring from 20's or so, no heating, kitchen had a cold press and basically it was a project not a move in home. We offered and were told they wanted 16k over the home report valuation as thats what next doors had sold for in 2008... umm no chance next door was ceiling price for road and no doubt was not needed to be a building site. W eventually bought a 3 bed newer build rather than a project mostly because i was too hugely pregnant to be ripping down walls. The market seems to be a mix of delusional sellers, delusional wannabee buyers and then some sane people in the middle who manage to buy or sell or both.