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

[Deleted User]

1 house is on the market for 3 million pounds. Doesnt sell.
4 houses on the market for £100k and all sell for £125,000

Average asking price = £680,000
Average selling price = £125,000

The stats show that most people end up taking over an 80% reduction in their asking price to achieve a sale

You see how you cant use these figures for comparison?

caprikid1

Diocletian_II wrote: »

Please provide some more accurate figures than these then. I think you will find these two sets of figures are the most accurate guide to average asking prices vs average selling prices.

I gave a link for some figures from a single source using the same calculations for an average (Are you aware OP there are multiple ways to calculate an average ? I guess not).


Please OP provide figures from a single source of asking vs selling by region. You will not provide provide them in from a single table of a single source as there are non that back up your crazy ideas.


I suggest you carry on renting as your attitude and statistical analysis will prevent you ever getting on the ladder.

System

Deleted_User wrote: »

1 house is on the market for 3 million pounds. Doesnt sell.
4 houses on the market for £100k and all sell for £125,000

Average asking price = £680,000
Average selling price = £125,000

The stats show that most people end up taking over an 80% reduction in their asking price to achieve a sale

You see how you cant use these figures for comparison?

Ok I get your point, but still if you average it up for every house for sale/sold for the UK, that must mean that higher priced houses are not selling, and lower priced houses are selling.

[Deleted User]

Diocletian_II wrote: »

Ok I get your point, but still if you average it up for every house for sale/sold for the UK, that must mean that higher priced houses are not selling, and lower priced houses are selling.

yeah that sounds about right. There is a bigger market for lower priced houses so they can still command decent pricing. If you have a market of 100 people to buy your home there is a good chance someone will come along and pay what its worth.
If your home is very expensive there might only be 1 person willing to pay the asking price but that 1 person may not be looking to move at this point.

Its the effects of a slow market.

The estate agent may be advising the owner it is worth the money and just to wait for the 1 person willing to pay the money to want to start moving.

I've certainly seen people achieve full asking after having no viewings for 6 months and then 1 person comes along and pays what they want because its perfect for them

caprikid1

OP I give up.


Please read the following..... you will see how the index's vary widely


https://www.gov.uk/government/publications/about-the-uk-house-price-index/comparing-house-price-indices-in-the-uk

System

caprikid1 wrote: »

I gave a link for some figures from a single source using the same calculations for an average (Are you aware OP there are multiple ways to calculate an average ? I guess not).


Please OP provide figures from a single source of asking vs selling by region. You will not provide provide them in from a single table of a single source as there are non that back up your crazy ideas.

I suggest you carry on renting as your attitude and statistical analysis will prevent you ever getting on the ladder.

It sounds like you would be quite happy to have your house advertised for sale for many years, like the one I have noticed.

I would say it is strange if someone does not mind having their house permanently on display for strangers to see inside and out. That is the real evidence of odd personality, almost like exhibitionism.

[Deleted User]

Diocletian_II wrote: »

Ok I get your point, but still if you average it up for every house for sale/sold for the UK, that must mean that higher priced houses are not selling, and lower priced houses are selling.

Also you've got to keep in mind that a high price for someone isnt a high price for the next person. Nevermind location preferences where a 3 bed semi can range from 80k to over £1million. You've also got the value that people place on a home that the next person wouldnt. Is it close to family, close to schools, did they grow up there and have an emotional attachment to the area.

You might look at a home and not see its value but that might be because you arent looking for the things that give it that value.

But also, estate agents love overpricing houses because there isnt enough stock for them all and they tell people what they want to hear.

You've just got to do your research and off what you feel the house is worth to you personally. The vendor can say no which is fine, you just move on and look for something else

System

Deleted_User wrote: »

Also you've got to keep in mind that a high price for someone isnt a high price for the next person. Nevermind location preferences where a 3 bed semi can range from 80k to over £1million. You've also got the value that people place on a home that the next person wouldnt. Is it close to family, close to schools, did they grow up there and have an emotional attachment to the area.

You might look at a home and not see its value but that might be because you arent looking for the things that give it that value.

But also, estate agents love overpricing houses because there isnt enough stock for them all and they tell people what they want to hear.

You've just got to do your research and off what you feel the house is worth to you personally. The vendor can say no which is fine, you just move on and look for something else

I think a buyer also needs to consider re-sale value. If they needed to sell in a hurry, paying a high price would just mean that is more than likely impossible, and they are immediately trapped in negative equity the moment they buy.

[Deleted User]

Diocletian_II wrote: »

I think a buyer also needs to consider re-sale value. If they needed to sell in a hurry, paying a high price would just mean that is more than likely impossible, and they are immediately trapped in negative equity the moment they buy.

completely agree. you make some valid points (beyond the crazy maths )

Youve got to decide if the home is genuinely overpriced in which case you offer what you feel its worth. The vendor may decline as they cant afford to accept it (or are being stubborn) and you move on. Plenty properties are overpriced but there are also plenty of motivated vendors

Ive got a client at the moment that has been told his home could get a very high price by an estate agent. He doesn't need or necessarily want to sell but if someone offers what the estate agent claims he can get them he will bite their hand off.

You can guess why the property hasnt had any reductions until the cows come home, it doesn't change anything.

I usually tell my clients to ignore the price advertised and do the research on other properties and offer what they feel it is worth. You've got to be happy with what you pay at the end of the day

caprikid1

Diocletian_II wrote: »

It sounds like you would be quite happy to have your house advertised for sale for many years, like the one I have noticed.

I would say it is strange if someone does not mind having their house permanently on display for strangers to see inside and out. That is the real evidence of odd personality, almost like exhibitionism.

It can sound how you like to hear it, I have multiple houses you have non so who is doing this right or maybe I am unrealistic and keep buying more houses as I cannot sell them :rotfl: