Houses not selling yet sellers not reducing price!

budget_counsellor_shaz

This looks good.......or is really only £40 000? or is this 3 bedroom semi incorrectly priced?


http://www.rightmove.co.uk/viewdetails-9509550.rsp?pa_n=1&tr_t=buy


Don't give up, be patient, put in offers you will get a house:rolleyes:


Shaz

pamaris

Gorgeous_George wrote: »

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.

This is what sellers just won't listen to right now. IF the market is stagnant and/ or falling, it is better that they are the first to know, not the last! The sellers who catch on the quickest will actually make the most/ lose the least.

Doozergirl

budget_counsellor_shaz wrote: »

This looks good.......or is really only £40 000? or is this 3 bedroom semi incorrectly priced?


http://www.rightmove.co.uk/viewdetails-9509550.rsp?pa_n=1&tr_t=buy

See! The markets are different! Prices in Bedford are obviously falling off a cliff whereas in Brimingham they are positively booming!

http://www.rightmove.co.uk/viewdetails-15601498.rsp?pa_n=1&tr_t=buy

Or if you can't afford a family home then you'll have to settle for a 2 bed flat in a dodgy area.
http://www.rightmove.co.uk/viewdetails-7084701.rsp?pa_n=1&tr_t=buy
It's quite keenly priced considering the second bedroom is only 8' square.

:whistle:

Doc_N

Exactly the same thing happened at the start of the last crash in the early 90s. Initially there was disbelief that prices were actually falling, so the more naive sellers tended not to drop their prices, and consequently they didn't sell their houses. The wise ones dropped their prices and achieved sales.

The ones who dropped their prices were the winners, because the longer people held off selling (because they insisted on an inflated price which they thought their property was 'worth') the lower the price they actually got in the end.

budget_counsellor_shaz

Doozergirl wrote: »

See! The markets are different! Prices in Bedford are obviously falling off a cliff whereas in Brimingham they are positively booming!

http://www.rightmove.co.uk/viewdetails-15601498.rsp?pa_n=1&tr_t=buy

Or if you can't afford a family home then you'll have to settle for a 2 bed flat in a dodgy area.
http://www.rightmove.co.uk/viewdetails-7084701.rsp?pa_n=1&tr_t=buy
It's quite keenly priced considering the second bedroom is only 8' square.

:whistle:

These are both incorrectly priced ......I just checked as I was so shocked i thought I'd start buying up Birmingham:rotfl:

Shaz

house21

The rental market is strong,the migrations helps to keep the prices up.

STAR_BUCK

wow 40k for a house in Bedford. Is Bedford a rough area?

ignore me - it's shared ownership! thought it was too good to be true!

movilogo

The rental market is strong,the migrations helps to keep the prices up.

Do they? I've heard 4 migrants staying in a 1-bed flat

WTF?_2

movilogo wrote: »

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

Because many people are greedy and/or stupid.

People tend to look at the highest achieved price on their type of property and assume that this is the true market value (until something sells for even more, of course).

In fact, the true market value is what the market is prepared to pay. However they don't want to accept this and hence keep their asking price high. They'll justify the non-sale as a 'blip' in the market and tell themselves that things will pick up in the near future.

Until such time as people have to sell, this pattern of behaviour will keep prices sticky and result in stagnation. The smart seller will use this period of time to get shot of his/her property shifted by cutting by 10% or so to sell quickly. Chances are they will still make a tidy profit for doing b*****r all hard work.

In a while, prices will be tumbling and it'll be too late. In my opinion, this is the last chance saloon for shifting property.

Soprano

It's Mexican stand-off time. Buyers are convinced the market has peaked, not expecting anything close to a crash and sellers are pretty sure they can still get their asking price...