When a listing just sit there with no reduction and no sale

System

Crashy_Time wrote: »

Seeing price reductions in that area from 25 - 60k, looks like some sellers are smelling the coffee now and accepting reality?

Yes, price reductions mean more sellers are waking up and smelling the coffee, which makes the languishing, never-changing listings stand out as a bit absurd. Those listings could also reflect badly on the EA, since buyers might start to suspect that particular EA is a serial over-valuer, who should not be taken seriously.

Yalpsmol

There's really no need to start taking the p*ss (previous exchange) of people on antipsychotics/with serious MH conditions. Think of the people who you are actually insulting with that stuff. It wont be the person you're aiming the actual "insult" at. Thank you if you read this and think about it.

PasturesNew

Crashy_Time wrote: »

https://www.rightmove.co.uk/property-for-sale/property-63165663.html

50k price drop on this one and a few others in the same price range in the space of a couple of months, looks like the London Bubble Money isn`t flowing quite as hard as it used to?

In all fairness, that in that location would've been a long-winded process to shift in any market. Put simply: It's nothing special, in a nowhere location, not a sought-after area. It'll need buyers that have a specific requirement in mind to think that's a contender.

Large, boring, grounds to maintain. A bland bungalow to live in. Middle of nowhere. It's not even close to a good beach, or anywhere of significance at all.

Whoever buys that will have some Life Master Plan/Ideal in their head.... it's not a property that'd end up on several buyers' lists of "Maybe".

System

PasturesNew wrote: »

In all fairness, that in that location would've been a long-winded process to shift in any market. Put simply: It's nothing special, in a nowhere location, not a sought-after area. It'll need buyers that have a specific requirement in mind to think that's a contender.

Large, boring, grounds to maintain. A bland bungalow to live in. Middle of nowhere. It's not even close to a good beach, or anywhere of significance at all.

Whoever buys that will have some Life Master Plan/Ideal in their head.... it's not a property that'd end up on several buyers' lists of "Maybe".

"long-winded process" is really the crux of the matter. I suppose some sellers would rather die than reduce the price. They could be buried in the garden and have it inscribed on their tombstone: "I told you I would never reduce my asking price".

phoebe1989seb

The sold price for the detached house I mentioned upthread (the one that had been on the market 10 years) has just popped up on Rightmove.

It sold for £650k, having been marketed at £795k way back in 2008/9, then reduced to £750k where it sat for years.

Be interesting to see if the new owner is going to demolish and replace with smaller three detached houses as per the planning consent......

System

phoebe1989seb wrote: »

The sold price for the detached house I mentioned upthread (the one that had been on the market 10 years) has just popped up on Rightmove.

It sold for £650k, having been marketed at £795k way back in 2008/9, then reduced to £750k where it sat for years.

Be interesting to see if the new owner is going to demolish and replace with smaller three detached houses as per the planning consent......

So the seller could have avoided 10 years of hassle and delay, by listing his house for a realistic asking price back in 2008, when he first wanted to go ahead and move.

Davesnave

Diocletian_II wrote: »

"long-winded process" is really the crux of the matter. I suppose some sellers would rather die than reduce the price.

Yes, absolutely. You really don't understand the demographic too well if you're looking at property with land. A farm/smallholding is often the work of a lifetime or a significant chunk of one, so not something people find easy to let go.

I've viewed at least 50 such properties, after which I realised that most of them fell into groups like:

• owner old, struggling i denial and very reluctant to sell
• owner fancies a move, but only on their terms
• owner dead, kids arguing over variety of things, esp price
• owner's refurb went paridae-up, place is a total shambles, almost worse than before and owner in debt

These things all tended to lead to 'hopeful' pricing. The only realistically-priced ones we ever saw were those where the owners were seriously committed to something else, about to be re-possessed or, in the case of the one we bought, bound to serve a long time in another place! :rotfl:

So, it's easy enough to find overpriced, unsold property of this type and link to it as you've done, but the trick is to find the ones that must and will go fast. Some of those you'll never see because they're sold by word of mouth, but well-priced others do come up. That still doesn't mean they're worth having.

With smallholdings, immutables like proximity of neighbours, security, rights of way, land aspect and quality, outbuildings etc all come before easily altered things, like an old kitchen.

You can search a bloody long time to get those right; years in our case!

System

Davesnave wrote: »

Yes, absolutely. You really don't understand the demographic too well if you're looking at property with land. A farm/smallholding is often the work of a lifetime or a significant chunk of one, so not something people find easy to let go.

I've viewed at least 50 such properties, after which I realised that most of them fell into groups like:

• owner old, struggling i denial and very reluctant to sell
• owner fancies a move, but only on their terms
• owner dead, kids arguing over variety of things, esp price
• owner's refurb went paridae-up, place is a total shambles, almost worse than before and owner in debt

These things all tended to lead to 'hopeful' pricing. The only realistically-priced ones we ever saw were those where the owners were seriously committed to something else, about to be re-possessed or, in the case of the one we bought, bound to serve a long time in another place! :rotfl:

So, it's easy enough to find overpriced, unsold property of this type and link to it as you've done, but the trick is to find the ones that must and will go fast. Some of those you'll never see because they're sold by word of mouth, but well-priced others do come up. That still doesn't mean they're worth having.

With smallholdings, immutables like proximity of neighbours, security, rights of way, land aspect and quality, outbuildings etc all come before easily altered things, like an old kitchen.

You can search a bloody long time to get those right; years in our case!

Agree 100%. Many or most eventually have to mark their property to market (ie what a buyer will pay 'now'), possibly because they have gone into a care home and the bills need paying, or the probate period is about to expire. Some sellers may believe they can take the property with them, rather than sell at a realistic price, but they will discover that is not possible.

caprikid1

Diocletian_II wrote: »

Agree 100%. Many or most eventually have to mark their property to market (ie what a buyer will pay 'now'), possibly because they have gone into a care home and the bills need paying, or the probate period is about to expire. Some sellers may believe they can take the property with them, rather than sell at a realistic price, but they will discover that is not possible.

Blimey this all getting like Jackanory, all these made of stories, great read but you know nothing of individual circumstances, come back when you have bought and sold a few houses, but hey you can sit around and wait for opinions and data that match yours.


A lot of properties can be a bit quirky from the norm and needs to wait for a buyer that it works for. Every house can be sold for a £1.

Crashy_Time

caprikid1 wrote: »

Blimey this all getting like Jackanory, all these made of stories, great read but you know nothing of individual circumstances, come back when you have bought and sold a few houses, but hey you can sit around and wait for opinions and data that match yours.


A lot of properties can be a bit quirky from the norm and needs to wait for a buyer that it works for. Every house can be sold for a £1.

Sure, many also get nearer to a sale with a 50k or 100k discount as more and more sellers are having to accept reality. Interesting times...