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

newsgroup_monkey

Are we still arguing about 25% reductions?
Sellers have the absolute right to sell for as much or as little as they want.


People over the road from us have put their house up for the average selling price in the street and have done all year. Except their garden is only about 40ft compared with 100ft+ in the rest of the street.


They're entitled to do so, and I'll be very happy for them if they get their asking price. They've recently taken it temporarily off the market, because they don't want to be moving over Christmas. Apparently, it'll go back up again in January.

System

As an update, I noticed the seller reduced their price a couple of weeks ago, which gives an indication they would actually like to sell. However, the reduction is so small (less than 2.5%), and much less than all the other reductions taking place in the region, that it is not worth a second glance. The seller's journey to realism is clearly going to be a slow one.

newsgroup_monkey

I dunno, if the average drop between asking and selling is 3.6% (as of early September - see Zoopla for actuals), I'd say that leaves a small gap between asking and BAFO.

System

The figures you mention are not asking price reductions on a listing. The asking price reductions taking place in the SW on Property Log are currently normally more than 3.6%, and normally repeated several times. I'm not sure how much further they will need to go to start attracting buyers. The listings that do not reduce their asking prices are probably mostly ignored, and therefore do not end up selling and getting included in selling statistics..

newsgroup_monkey

No, those really are accurate. I'm not just quoting Zoopla, because I can, but without outing her exact role/business, my wife works in this area and I can promise you, her job is to know what the difference in original asking price is compared with the selling price.


By the way, I will quote ACTUALS (I know there was some BS earlier in the thread about 25%)
https://www.zoopla.co.uk/discover/property-news/average-asking-prices-almost-matching-what-homes-are-sold-for/


I'll point out the pertinent point:
The typical property changed hands for 96.3% of its original listing price in the past 12 months, with buyers managing to negotiate discounts averaging just £8,000, our data has found.



Note: Original listing price. FTR, if you install the Patma Browser extension, you can see EXACTLY what any property has been dropped by, since it was added to Rightmove
https://www.patma.co.uk/page/property-tools-browser-extensions/


Right now, the market is definitely not crashing. It's peaked and arguably some of the prices are down, but much of that reflects the very little that's actually on the market right now. I'd say it's neither a buyers or a sellers market right now. Brexit (either if it does or doesn't happen) will sort it out one way or another.

System

We are talking about two different sets of statistics. The extensive Property Log reductions that I am seeing are asking price reductions that take place before any offer has been made.

peterhjohnson

It could be that there's something "wrong" with the house. There's a place near me that's stuck for months. What you don't see from the listings is that the back "garden" is fifty feet of near vertical cliff towering over the property. The trees that were probably holding the cliff face together were cut down by the present owner

System

Google Street View is great for uncovering issues like that without wasting time with a viewing. Yes, there could be something 'wrong' with the listing, but at the end of the day, the only real thing wrong with any 'stuck' listing is the price.

newsgroup_monkey

Diocletian_II wrote: »

We are talking about two different sets of statistics. The extensive Property Log reductions that I am seeing are asking price reductions that take place before any offer has been made.

So are Zoopla. As I keep saying "original listing price". That's not the final price it ended up on Zoopla having been reduced, the original, the first, the initial price it was listed on Zoopla. And they're comparing that with Land Registry values at the end (if you have access to RM or Zoopla professional, you get some serious facts and data too, hence why Zoopla have published this report).

System

newsgroup_monkey wrote: »

So are Zoopla. As I keep saying "original listing price". That's not the final price it ended up on Zoopla having been reduced, the original, the first, the initial price it was listed on Zoopla. And they're comparing that with Land Registry values at the end (if you have access to RM or Zoopla professional, you get some serious facts and data too, hence why Zoopla have published this report).

The Property Log asking price reductions (happening increasingly frequently every day now in my target areas) greatly exceed the statistic you mention. Which is why Property Log is such a useful transparency tool for buyers!