Sellers being unrealistic about pricing

bartelbe

We are looking at houses in the surrounding area, no luck so far but have noticed a pattern with the same houses coming on the market over and over again.

Allot of these are listed with offers above style listings. Sellers seem to think they can dictate the price to the market. So if they demand offers which are above what buyers will offer, they will magically get that price.

The problem houses tend to fall into two categories. Ones in good areas but with flaws. By a busy main road, over looked by a block of flats, next to a noisy pub. With the seller trying to get the price an average house would get in that area, instead of discounting to take account of the flaw.

The other category tend to be houses that had a long term elderly owner, who hasn't updated in years and neglected maintenance. They need allot spending on them to get them upto scratch and that isn't taken into account in the price sellers want.

Yet these houses endlessly come off and on the market. Some have been doing this for years. Surely sellers need to face reality, you can only sell a house for what it is worth, not what you think it should be worth.

Socajam

That may be true, but if I found a house being sold my an elderly person and it had the space I need and right location, I would either offer the price or negotiate with the owner.
I would much rather update a house than having someone do it for me - even though I hate having construction.

phill2-0-0-3

I purchased my house two years ago .
I Didn't get the location I was after but at the time all houses in the area were achieving over asking I put over £5000 ontop of asking price for 6 houses and got outbid on them all , one I put £1000 over asking and still lost it .

So eventually I had to bite the bullet and buy the house no one else wanted .
I brought from a elderly couple as u have described .
Every single room needed doing .
Every room not one had been updated in over 30 years
I would say if u can get the correct location then go for it .
Try and haggle the price and see how u get on .
Have a survey done and it will show everything that needs updating and point this out.

The housing market seems to be very stale at present as I have been trying to sell my house for the last 6 months and dropped the price by £20.000 .
Until after Brexit not a lot of people are selling or buying .

As stated I'm having a nightmare selling my property so I don't see how just making offers could hurt .
Best of luck

Davesnave

bartelbe wrote: »

The problem houses tend to fall into two categories......

There are no 'problem houses;' there are just houses you cannot afford, houses which won't be affordable if you fix their shortcomings and houses with problems which will never be fixable from your perspective.

The mental health of owners is none of your concern.

Focus on finding the one property that works for you, financially and as a place to call home, because that's the result you seek. There are always people who have to sell, quickly.

In a slow, relatively dead market, the sort of properties you describe are more apparent, but they're always there. Getting angry about them doesn't help. Been there, done that!

MobileSaver

bartelbe wrote: »

Sellers seem to think they can dictate the price to the market.

Er, that's because unless they are desperate sellers they can.

bartelbe wrote: »

Surely sellers need to face reality, you can only sell a house for what it is worth, not what you think it should be worth.

Conversely some buyers need to face reality, if you want to buy something that someone else owns then you need to pay a price acceptable to the seller, not what you think it should be worth!

Here's an idea. When you are next ready to move and sell your own house can you contact me here please? I'll buy your house off you and save you a few quid in EA fees. You don't need to bother getting it valued as I'll pay you what I think it's worth so win/win all round. Do we have a deal? :cool:

AdrianC

bartelbe wrote: »

Surely sellers need to face reality, you can only sell a house for what it is worth, not what you think it should be worth.

They can advertise for as much as they want.

But, as you point out, if nobody's willing to pay that, then it's not going to sell.
And if somebody IS willing to pay it, then that's what the property is worth - by definition...

Calpol4life

... yet these unrealistic sellers somehow come to selling the house....

Perhaps the art is in articulating the reasons for submitting the offer that you do....

eddddy

There are many unrealistic sellers, and there are many unrealistic buyers.

It's just something you have to navigate around when you're buying or selling a property.


There can be a lot more emotion involved in buying or selling a property, than buying or selling other possessions. Perhaps that's one reason that people can become more irrational about it.

stayathomeandsave

bartelbe wrote: »

Surely sellers need to face reality, you can only sell a house for what it is worth, not what you think it should be worth.

Buyers need to face reality. Sellers are in a far better position than buyers. If a seller is desperate they can sell their house at a price that moves it quickly. If they arent they can afford to sit around and wait for someone to value it as much as they do!

hazyjo

Always been the same. Call it 'optimistic' or 'deluded'. It mainly depends on their competition. If there comes a time when it's the best of a bad bunch, it will probably sell.


Also, it can be even worse in a rising market!

ethank

There are also deluded buyers, !!!!!view the Land Registry sold prices from 5 years ago and say I'm not going to offer what the going rate is today, and try to offer 5k more than it was 5 years ago. It wastes time, and just annoys the sellers.