Why most houses don't sell

DRP

Davesnave wrote: »

Hmmm...so if something is too expensive for what it is, it won't sell.

And one simply can't generalise about the UK housing market.

Yup, think I'm keeping up....:)

ground-breaking stuff isn't it?

shortchanged_2

DRP wrote: »

ground-breaking stuff isn't it?

You'll be amazed at how many sellers feel that price isn't the issue.

I wonder how many sellers have been told by an EA that "this is what your house is worth, it's just that it's a weak market at the moment and mortgages are not easy to get." :doh:

Richard_Watters

shortchanged wrote: »

You'll be amazed at how many sellers feel that price isn't the issue.

I wonder how many sellers have been told by an EA that "this is what your house is worth, it's just that it's a weak market at the moment and mortgages are not easy to get." :doh:

Exactly.

Fact is the majority of people over estimate the value of their own property and are only too happy to have their opinion confirmed by Estate Agents. Otherwise why are there so many properties languishing on the market?

ukcarper

Had a look on rightmove for 1/4 from my post code 49 houses 32 of which are STC so property selling reasonably well.

I agree that most houses that don't sell are overpriced but there are some properties that would have to be reduced to such an extent that the owners might consider it better not to sell.

kwmlondon

ukcarper wrote: »

Had a look on rightmove for 1/4 from my post code 49 houses 32 of which are STC so property selling reasonably well.

I agree that most houses that don't sell are overpriced but there are some properties that would have to be reduced to such an extent that the owners might consider it better not to sell.

It's tricky though, all you have to do is have your price just above a certain threshold and people won't find your property in a search.

Gavin_Clay

People are still emotionally attached to 2007-2008 prices.

Example
Purchase a house in 2007 at 150k
Mortgage intrest only at 150k

Value today 135k
Seller can't pay the 15k negative Equity short fall or the Estate agents commission at that value.

The seller puts the house on the market at 160k to achieve a sale around 155k with agent one.

6 months down the line you will see this on with another agent. Why because the other agent has told them we can get you that price.

The cycle goes on and on.

Mr and Mrs smith next door to house 1 then decide they want to move.
They will expect the 160k next door are asking.

This is the real reason why the house's don't sell because people are emotionally attached to prices and can't afford to take a loss on a house.

JimmyTheWig

Gavin_Clay wrote: »

This is the real reason why the house's don't sell because people are emotionally attached to prices and can't afford to take a loss on a house.

I think the "can't afford" angle may be more pressing than the emotional attachment.