Houses not selling yet sellers not reducing price!

movilogo

I have seen a good number of properties, which are empty, on the market for over 2-3 months, not selling and yet sellers are not reducing prices (not below 2-3% from asking price).

It's not that all of them are so rich that they don't have any mortgages. A good number of people are still playing mortgages on empty houses, some people couldn't emigrate just because they can't sell their houses.

What is preventing them reducing the price by 10% and having a quick sell?


EAs often say that seller is desperate to sell this property BUT doesn't mention that he's only desperate to sell in asking price only :mad:

PS: I'm a FTB, so obviously I'm interested in price going down

Melissa177

Stick in a bid, see if you get filled.

No use getting upset at people not dropping their prices (which is their perogative) if you're not putting in low bids at the price you think the house is worth.

movilogo

I have offered up to 93% of asking price on 3 houses [all 2 bed terraced]. All got rejected! :eek:

EA says sellers are not willing to accept below 97% of asking price.

PS: I'm in looking in Beds, near Luton.

alicardinal

It's not always about a quick sale - it could be that the vendors need a certain price to fund an onward purchase, and anything less than that price means they can't move at all.

Libra1975

I think reading this forum can also can you a false impression that all sellers should be falling on to your offers with gratitude whatever you offer and that is in some areas still simply not true. A house is worth not just what you are willing to offer or what they want to sell it for but the area in which these two figures cross.

Curv

Libra1975 wrote: »

I think reading this forum can also can you a false impression that all sellers should be falling on to your offers with gratitude whatever you offer and that is in some areas still simply not true. A house is worth not just what you are willing to offer or what they want to sell it for but the area in which these two figures cross.

What Libra said!

Well put, that poster :T

Guy_Montag

Have you checked out PropertySnake? It's not as good as it used to be, but it's still handy.

Keep sticking in those low offers. Also check out local auctions, look for places that didn't sell in the last one, see if there's anything that interests you in there. You can make an offer prior to the next auction or place a bid in advance.

telfordwhite

Wait till 2-3 months becomes 8-9 months, things may change then.

Gorgeous_George

Once a house has been valued it is difficult for a seller to accept that it is worth £££s less.

Of course 'worth' is 80% subjective. A house selling for £250K is probably really worth nearer £50K and the rest is subjective and dependant on things such as the wealth of the area, interest rates, lending multiples, competition etc.

I know someone who had an offer on a house valued at £220K of just £185K. After a year or so on the market, I'd have snapped their hands off. Instead I fear they will chase the market down. Always wanting a little too much. In a falling market, by the time they realise the house is worth £185K, it'll be worth even less. They may never sell until, one day, they enter negative equity.

Is it greed or just stupidity? I think the latter in this case.



GG

Debt_Free_Chick

Libra1975 wrote: »

I think reading this forum can also can you a false impression that all sellers should be falling on to your offers with gratitude whatever you offer and that is in some areas still simply not true. A house is worth not just what you are willing to offer or what they want to sell it for but the area in which these two figures cross.

The forum is a little fickle ... quite often the advice we give to the buyer is not in line with what we would give to the seller

poppy10_2

Gorgeous_George wrote: »

Is it greed or just stupidity?

Both