When to reduce house price ?

hearts

SquatNow wrote: »

You need to check the figure. Everyone, and I mean EVERYONE apart from the Halifax is saying prices are now going down and will continue to drop.

I have already said. Prices in my area show no signs of dropping. I can only go by what I see.


Or we could advise him to wait and try and get full price. then if the market does go down he'll lose FAR FAAAAAAAAR more money.:mad:


I notice you say IF the market goes down. His price may well be to high. I don't know and neither do you. We can only go on the information given. The fact he hasn't had any viewers doesn't mean his price is too high. It may mean this but it's not the only possibility.


Possible. But estate agents offices are dead and the number of sales is dropping off a cliff. Are you saying all estate agent are bad at marketing?:T

No Im not saying this. What Im saying is if other similar properties are getting viewers. Then a possible reason for him not getting them is bad marketing.

I see your point. You could decide that since a buyer will only offer you £150,000 and you wont take it, you could decide that your house is worth £200,000. Or if we are going to do that, £2,000,000,000,000. Simply by deciding your are not going to sell you house, you can state your house is worth infinate money, because you would never ever sell it.

Your suddenly infinately rich with infinate wealth. Which is exactly what Blair and Brown have been telling you.... you've never BEEN so wealthy. :beer:

Yes this is an extreame example, but it is *EXACTLY* what you are claiming. "My house is worth £250,000 because I say it is". Well good for you, I'll just buy the identical house next door for £110,000 then...

What you are refering to is something called "pricing to model" rather than "pricing to market". Ignore what people are prepared to pay for something and make up your own formula to decide it's value instead.

That is a total nonsense and in no way reflects what I am saying.
A buyer makes an offer on anything. It is then upto the seller to decide whether he is willing to sell. This is not just houses this is any trade. The price once reached is the market value of the goods.

MissMoneypenny

hearts wrote: »

I apologise for being so blunt.
My point is that you are assuming that the market in his area is in a down turn. This may not be the case. In my area the market although slower shows no sign of dropping.

What area are you in hearts?

Two months with no viewings at all, is not good. Has the OP got a link for rightmove?

hearts wrote: »

With regard to "A house is only worth what someone will pay for it" This isn't always true. A house is worth what a buyer and seller are willing to agree on. As long as the buyer is in a position to negotiate. When a buyer HAS to sell then the statement is true.

In other words, it is always only worth what someone will pay for it.

MadMonkey

Hi - Sorry to have ignored you all but I have been ill.

Anyway here is the Rightmove link
http://www.rightmove.co.uk/viewdetails-8808333.rsp?pa_n=false&tr_t=buy

Houses around here are not selling very fast - i have all the comparables on my watch list on Rightmove and although they are selling the majority are not.

IMO we are competively priced - I did a lot of research and put it on for 25k less than the highest EA valuation (which was such a blatantly stupid amount i actually laughed at them:rotfl: ).

If we change EA do we then need a HIPP pack ? We currently do not have one as we went on the market before they came in fro 3 bed houses.

Although they do seem to be working it - we are on Rightmove, in the EA window and in the local paper every other week. I don't see what else they can do ?

The latest land reg sold prices show 2 comparables selling for 159 and 157.

Doozergirl

We've seen your house before and we all seemed to like it.

I'd still like to see your conservatory blinds open!

You don't need a HIP (Home Information Pack) as your house was marketed before 10th September.

MadMonkey

Doozergirl wrote: »

We've seen your house before and we all seemed to like it.

I'd still like to see your conservatory blinds open!

You don't need a HIP (Home Information Pack) as your house was marketed before 10th September.

Yes - last time everyone agreed it was nice;) We do now have a floor plan which we did not before.So we could change agents without having to get a HIP ?

Doozergirl

MadMonkey wrote: »

Yes - last time everyone agreed it was nice;) We do now have a floor plan which we did not before.So we could change agents without having to get a HIP ?

In a word, yes.

A lot of agents are 'including' the price of the HIP in their fee. You need to knock them down accordingly.

hearts

MissMoneypenny wrote: »

What area are you in hearts?

I am in Edinburgh MP

Two months with no viewings at all, is not good. Has the OP got a link for rightmove?



In other words, it is always only worth what someone will pay for it.

LOL yeah I suppose I was just looking for a bit of banter. I see this wriiten all the time and just thought I'd try and disprove it ;-)

chodges84

Interesting Thread.

I quite like your house Madmonkey. If your house was i my area at that price, I would certainly be having a look, and may pitch in an offer of £150,000. however I have no desire to move to Nantwich, it's way to far away. And I beleive house prices are on the way down (although If i had a nice house and affordable mortgage, I may still buy).

One thing that would put me off is the conservatory blinds. opening them would make the room look bigger and it looks as though you are hiding something with them closed. Secondly, the Laminate in the front room is a huge turn off for me, I hate it, it's too cold. I could soon change that though and a nice big TV (40"'s or so) above the fireplace would be a must .

Anyway, good luck selling.

jonewer

Actually seems very reasonable all round - price and marketing.

I'm stumped.

SquatNow

MadMonkey wrote: »

Houses around here are not selling very fast - i have all the comparables on my watch list on Rightmove and although they are selling the majority are not.

So in other words ALL the houses in the are are overpriced.

If they weren't overpriced people would be buying them.

Look I can prove my point. Just drop the price to £100,000 and see how much interest you get. If it sells, I'm right, if it doesn't then I'll admit I'm wrong.