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

AnotherJoe

rosieflowers wrote: »

I agree it's odd OP and would feel embarrassed to do this myself. There's a couple in my area that are simply overpriced - been on for a year or more at say £350k for a hugely overdeveloped 3 bed terraced when you can get these at £300k, or £300k for a 2-bed end-terraced when you can get a 3-bed for the same price.

If they come on at the right price they sell very quickly.

I just don't get the logic - OK you're entitled to want the price that you want and not sell if you don't like the price, but why leave it sat there in the very distant hope that someone will pay gold for copper?

I think it's different with niche/ unusual or high value properties - there's simply a smaller pool of buyers for these but when the right one comes along they will pay what it's worth.

However with more common housing stock with plentiful comparables I think there is an easily identifiable 'market value' so it seems illogical and extremely unlikely that you'll find someone wanting to pay significantly more than it's actually worth.

If OP wanted a premium house at a three-bed semi price I'd think he was being unreasonable but when you're talking about average houses with good comparables it is pointless to sit on the market at an unattainable price in my opinion.

You've taken on board the OPs assumption this house isn't selling because its too highly priced, rather than one of a dozen other possibilities, and extrapolated that 2+2 = 27 from that.

System

AnotherJoe wrote: »

You've taken on board the OPs assumption this house isn't selling because its too highly priced, rather than one of a dozen other possibilities, and extrapolated that 2+2 = 27 from that.

What other reason could there possibly be apart from price? Everything in a market has a price that a buyer would be willing to pay. If it has a problem, that is reflected in the price a buyer would pay.

MobileSaver

caprikid1 wrote: »

OP Put us out of our misery and post a link to the property.

Diocletian_II wrote: »

Long answer: No.

In other words you are making the whole thing up or exaggerating the issue. There's no rational explanation as to why you wouldn't post a link to a property that you have never viewed and will never buy.

Diocletian_II wrote: »

I can afford it 4 times over,

Of course you can.

System

MobileSaver wrote: »

In other words you are making the whole thing up or exaggerating the issue. There's no rational explanation as to why you wouldn't post a link to a property that you have never viewed and will never buy.



Of course you can.

I could afford it, if you were to buy my old 1.2L (good shopping car) Vauxhall Escort for a few hundred grand. Nobody is buying it, which is very disappointing. Please buy it, so I have the money for that house!

rosieflowers

AnotherJoe wrote: »

You've taken on board the OPs assumption this house isn't selling because its too highly priced, rather than one of a dozen other possibilities, and extrapolated that 2+2 = 27 from that.

I have no idea about OP's house, I was thinking of the properties on the market near me - I've been watching the market closely for about six months and we're in the process of buying a three bed semi at £315k so you can see that the properties I was talking about were in that general category, and we didn't touch them as the values were ridiculous for what was on offer.

I think the problem here comes from a conflation of market value and personal/ sentimental/ whatever value.

There is an objective market value - I know this as my job involves determining values for tax purposes, not of property but other assets.

Perhaps I'm coming at it too much from that perspective, but I think there is usually an objective value or range of values for almost all property, but especially more common place properties where there are lots of recent comparables.

Following on from that, some properties are arguably overpriced, would you disagree?

As I conceded above, it's any homeowners prerogative to value their home at whatever they want and certainly no one is ever compelled to sell their home at a price they're unhappy with, but it's important not to conflate that with market value.

PasturesNew

One problem with some sellers is they have an inflated view of the value of their house PLUS they are selling because they saw something they love that they can afford.

What those buyers are failing to do is realise that the ONLY reason the house they want is now affordable to them is because the prices dropped. Yet they still want top dollar PLUS the £20-50k additional value they think their house has (but doesn't have).

Most people think their house is worth a lot more than it actually is.

When I invited agents round to see mine I thought mine was worth more than the agent suggested, but they know the price.

Some people shop around agents until they hear what they want to hear. Others deliberately and forcefully insist their house goes on at £X and the agent that wins the business just wants them signed up so will agree to anything.... knowing it'll not shift.

tom9980

MobileSaver wrote: »

In other words you are making the whole thing up or exaggerating the issue. There's no rational explanation as to why you wouldn't post a link to a property that you have never viewed and will never buy.

Of course you can.

I have an explanation its yet another alternate account made by the same guy with his own personal agenda, this particular account has the same style as last months just a slightly different angle while trying to create a negative outlook on the housing market.

System

tom9980 wrote: »

I have an explanation its yet another alternate account made by the same guy with his own personal agenda, this particular account has the same style as last months just a slightly different angle while trying to create a negative outlook on the housing market.

Yes, I am multiple people, if that makes you feel better about the current mass of properties languishing on the market unsold. Naturally, your house will be different and buck the market, attracting a EuroMillions jackpot sale price in an instant.

PS Will you buy my Vauxhall Escort that nobody else will buy?

Crashy_Time

Great thread!

System

Crashy_Time wrote: »

Great thread!

There seem to be a fair few people here who cannot handle any mention of the stagnant state of the property market. A tell tale sign of anxiety.