Starting to see lots of reduced prices on Rightmove

abaxas

moneyinmypocket wrote: »

People sell a house at a price they can afford. - this isn't like it was back in the 80s and 90s where people handed they keys back to bank. People will rather tread water than take a big hit or else there is no point - some fall outside of this but not many

Sellers cant dictate terms in a buyers market. If they do, they have no sale.

chucky

moneyinmypocket wrote: »

People sell a house at a price they can afford. - this isn't like it was back in the 80s and 90s where people handed they keys back to bank. People will rather tread water than take a big hit or else there is no point - some fall outside of this but not many

I would have thought it was the buyer that bought a house at the price they could afford not the seller.

moneyinmypocket

No the seller doesn't have his hand forced due to low IR - there going to tred water rather than take a big hit

Itismehonest

chucky wrote: »

I would have thought it was the buyer that bought a house at the price they could afford not the seller.

No, not really.
It will only be those unfortunate enough to have to sell or, alternatively, those with so much money that they decide they'll take a hit just to get rid of a property who keep their houses on the market when prices are going down.
Those who don't have to sell just step back from the market altogether & wait to see what happens.

michaels

I would agree with you although this is always slightly tricky as locally it seems agents win instructions by suggesting 'kite-flying' prices which don't get sales followed by a cut after 2 or 4 weeks to something more realistic so seeing several reductions could just mean the several properties were first listed about a month ago.

Also locally the weather seems to be a big factor - in March when it was hot and sunny a lot sold, a lot of new stock arrived on the market and this new stock has stuck and is now seeing price reductions.

homelessskilledworker wrote: »

Over the last few weeks I have noticed several properties that I have been keeping an eye on have their prices reduced, anyone else notice the same.

I am not making a point here before anyone jumps down my throat, just would be interested to know if there is anything in it or coincidence.
For me it has been more noticable now than in the whole two years that I have been looking.