Sellers being unrealistic about pricing

MobileSaver

jimmyjammy001 wrote: »

Just let someone else buy it overpriced and then come back here in a few years and laugh when they then create a thread that they can't sell it for what they brought it for because they overpaid,

Or more likely we'll just never hear from them again as they'll be happily living in their home just getting on with life; while the OP will still be here complaining that sellers won't sell at a price the OP can afford.

Of course once the OP does eventually buy, some years later he'll probably be ready to move and sell up himself; I wonder if he'll dictate the selling price of his own place or will he just leave it to the buyers to pay him what they think it's worth?

phillw

jimmyjammy001 wrote: »

Just let someone else buy it overpriced and then come back here in a few years and laugh when they then create a thread that they can't sell it for what they brought it for because they overpaid, no doubt they wil try and blame it on something else for prices going down

Why would you laugh at someone who bought a house to live in when that was the going rate?

I mean they could live in a cardboard box, but it's not ideal.

lisyloo

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.

Actually they don’t (at least up until the point that they have exhausted estate agents).

Kite flyers (unrealistic sellers) and arguing beneficiaries can set too high a price for as long as they want.

If I were in your position I would work on my reaction (as you can’t change other people). Make a offer or walk away or just ignore these sellers.

But with the way the system works in England (no win no fee) they can engage free estate agents for as long as the agents are willing to entertain them.

Some people have to get the best price they can.
I recently sold to pay nursing care fees.
I was realistic but had to push for the best price to cover the fees. If I had sold too cheaply then the local authority could hold me liable. It’s the same for executors of a will.
That doesn’t exclude realism but you should understand that some people have little wiggle room for various reasons.

It’s the system that’s a fault. There is no risk to the seller for kite flying.

chucknorris

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.

I thought my flat was worth about £500k to £515k, the estate agent thought that it was worth about £525k. It was put on at £550k, we exchanged a couple of weeks ago for £530k. Using your absolutely illogical method of how to not achieve the best price, we would have probably sold at about £510k to £515k, I hope this helps you understand how the market works. We both thought that it was worth less, but why not try selling it at what the buyer thinks it is worth?

phillw

chucknorris wrote: »

It was put on at £550k, we exchanged a couple of weeks ago for £530k.

Some buyers are scared to put in an offer under the asking price. They've seen the house, they can imagine themselves living there, they want it & they are now attached to it. Haggling then becomes painful. What if someone else comes along and offers more and I lose it, how will I cope?

But really nobody knows how much property is worth, because like everything in capitalism it's worth what someone is prepared to pay for it on that day. A day earlier or day later is irrelevant.

If everyone is unrealistic then nobody sells, but eventually someone gets desperate and has to drop the price a bit and the market starts moving & sellers then get the fear of missing out on a sale. Very soon there are another load of buyers and the prices start nudging up as people try to get all the money on the table.

For this to stop we will need something worse than the 2008 financial crisis, it will need to be something worse than the 80's and 90's crashes (as ultimately even they didn't hurt the long term housing market).

chucknorris

phillw wrote: »

For this to stop we will need something worse than the 2008 financial crisis, it will need to be something worse than the 80's and 90's crashes (as ultimately even they didn't hurt the long term housing market).

Why would you think that they would hurt the long term market? They were merely corrections, which everyone should expect. There will be another one soon, I'm guessing about 2025 to 2028, but nobody knows, hence 'guess'. The important thing though is to be aware and to prepare, not so much for property for me (I am practically out of the market now), but definitely for equities.

phillw

chucknorris wrote: »

Why would you think that they would hurt the long term market?

I don't, others have been posting that house prices are just going to keep going down and down.

chucknorris wrote: »

They were merely corrections, which everyone should expect. There will be another one soon, I'm guessing about 2025 to 2028, but nobody knows, hence 'guess'.

Well anyone can guess there will be one sometime. Unless you know when and how big then it's useless to even think it. Staying out of the market for five years could lose you more than whatever blip is coming.

JamesN

I’ve seen plenty of this where I’m looking to buy. You see a lot of houses hover round the same sort of price which is fine and in my budget. But you then get someone who is about 5% more expensive even though their house isn’t as good as the other ones. If they had a USP I’d get it. But I haven’t seen one that does yet. I imagine those are the ones not motivated to move and thus aren’t fussed if it takes a year to sell.

chucknorris

phillw wrote: »

Well anyone can guess there will be one sometime. Unless you know when and how big then it's useless to even think it. Staying out of the market for five years could lose you more than whatever blip is coming.

Obviously, but what is your point? We haven't been out of the market, until recently we had 8 investment properties (I am excluding our home), we now have only 4 (although I received an interesting offer on one today, so it might be sold soon).

It isn't actually useless to consider when the correction will come, because I am now 61 and I have to sell at some point, and early enough to spend the equity before death, and obviously not during a downfall, so it has to be timed to be early enough to spend the equity and also miss a correction.

EDIT: I'm just not getting what you are trying to say, you seem very illogical to me.

Davy_Jones_II

Crashy_Time wrote: »

People who actually sell make the market though, the kite flyer sees his house drop in value as neighbouring sellers get realistic, and there is nothing he can do about it.

I’m happy to sit on my place until Brexit’s sorted out one way or the other. Money is so cheap at the moment that the cost of carry isn’t worth worrying about. I’ve rented it out anyway, but even we’re it empty I think there’s a decent chance in the next few years that I’ll get what I want for it.

There’s no point dropping the price several hundred thousand pounds for a cheap sale until I actually need the money.