Unrealistic asking price?

RelievedSheff

Diocletian_II wrote: »

A wise buyer is not an impatient buyer, and waits for the deteriorating market to throw up better prices on its downward trajectory, so they can get more for their money. As a previous poster pointed out, most buyers can wait.

There must be a hell of a lot of "buyers" that have waited a hell of a long time to buy a house if that was the case.

System

RelievedSheff wrote: »

I don't get hung up about the "state if the market."

If I am looking to buy a house and one comes onto the market that is suitable then I buy it.

The "state of the market" is irrelevant at that time, I need somewhere to live and paying off my mortgage is always a better option than paying off a landlords mortgage for them.

Yes house prices can go down as well as up but that is largely irrelevant provided you can afford to keep up the monthly repayments. You need to love somewhere and even if house prices are falling you are still better off paying your own mortgage off the that of someone else while paying rent.

The market is on a deteriorating trajectory. It has so far reached the stagnation phase of the cycle, rather than the end point.

System

RelievedSheff wrote: »

There must be a hell of a lot of "buyers" that have waited a hell of a long time to buy a house if that was the case.

You are right, buyers have consistently turned their noses up at the house the OP raises in this thread. The seller just cannot achieve a sale, despite years of advertising.

RelievedSheff

Diocletian_II wrote: »

You are right, buyers have consistently turned their noses up at the house the OP raises in this thread. The seller just cannot achieve a sale, despite years of advertising.

That is one house out of the many thousands for sale.

You can't really say that the market is stagnant based on one house that hasn't sold!

I could equally say that the market is not stagnant based on the 1.6% rise in house prices in the East Midlands in a quarter (according to Nationwide House Price Index) but that wouldn't be a true indication of the property market countrywide.

System

RelievedSheff wrote: »

That is one house out of the many thousands for sale.

You can't really say that the market is stagnant based on one house that hasn't sold!

Transaction volumes are currently around an all time low, which means, in addition to the OP's house, lots and lots of other potential buyers are holding off buying.

RelievedSheff

Diocletian_II wrote: »

Transaction volumes are currently around an all time low, which means, in addition to the OP's house, lots and lots of other potential buyers are holding off buying.

Or it could equally mean that due to the low volume of houses currently for sale that the potential buyers have not found the "right" house for them from the ones on the market.

System

RelievedSheff wrote: »

Or it could equally mean that due to the low volume of houses currently for sale that the potential buyers have not found the "right" house for them from the ones on the market.

Unsold houses, which do not sell within a reasonable time on RM are around a high.

hazyjo

Diocletian_II wrote: »

You are right, buyers have consistently turned their noses up at the house the OP raises in this thread. The seller just cannot achieve a sale, despite years of advertising.

That's a ridiculous statement when you've not even seen details of this particular house lol.

How do you know there's not something that keeps cropping up on the survey? Or maybe for personal reasons they had to remove it from the market before trying again?

Mine nearly doubled from 2011 to 2013, although was a London borough. Some of Yorkshire has slumped, some has increased massively. Same all over.

I'm sure there are other properties in the area that have sold the day they went on the market.

Yes, it may be overpriced, but there may also be other reasons. You cannot categorically say that is the reason why.

Many people need to move. I disagree that a large majority would (or should) wait for rock bottom. Firstly, that is very difficult to predict, and secondly, it's not always a good move trying to buy in a rising (or soon to be rising) market.

I last sold in 2017. That house didn't really go up much from 2014-2017. Market was very static when I sold. Moved to a different area and it's still pretty static. Why should I have waited? Wouldn't have gained anything at all.

MobileSaver

Diocletian_II wrote: »

A wise buyer is not an impatient buyer, and waits for the deteriorating market to throw up better prices on its downward trajectory.

Is Crashy Time a "wise buyer" having waited for 15 to 20 years for "better prices?"

At what point does someone paying £1000 a month to pay off their landlord's mortgage instead of their own realise they've not been so wise after all?

Mortgage rates can currently be fixed for 10 years at historically low rates... does a "wise buyer" wait until those deals are gone forever on a wing and a prayer that house prices will come down?

Does a "wise buyer" stay in an unsuitable rental property sacrificing his quality of life for years on end in the hope of getting a better deal on his own home?

Does a "wise buyer" run the risk of having to move after six months (with all the financial, mental and physical costs involved in literally moving your entire life and your families from one property to another) when he could buy somewhere now to set up home that could be his forever or as long as he and his family wants?

The points you raise have some validity in regards to property investors but for the vast majority of people who buy a house as a home your reasoning is ridiculous.

System

hazyjo wrote: »

That's a ridiculous statement when you've not even seen details of this particular house lol.

How do you know there's not something that keeps cropping up on the survey? Or maybe for personal reasons they had to remove it from the market before trying again?

Mine nearly doubled from 2011 to 2013, although was a London borough. Some of Yorkshire has slumped, some has increased massively. Same all over.

I'm sure there are other properties in the area that have sold the day they went on the market.

Yes, it may be overpriced, but there may also be other reasons. You cannot categorically say that is the reason why.

Many people need to move. I disagree that a large majority would (or should) wait for rock bottom. Firstly, that is very difficult to predict, and secondly, it's not always a good move trying to buy in a rising (or soon to be rising) market.

I last sold in 2017. That house didn't really go up much from 2014-2017. Market was very static when I sold. Moved to a different area and it's still pretty static. Why should I have waited? Wouldn't have gained anything at all.

The seller has been trying to sell since 2009, but despite his best efforts, has failed to find a buyer in 10 years. I definitely wouldn't want to own a house that is manifestly so unpopular with the buying public. Imagine trying to sell it!