Is it reasonable for us to drop our asking price given current climate?

Splatfoot

Crashy_Time said:

Splatfoot said:

Just as added info, my mother received an offer on her step mums house yesterday (has been on since Christmas) and she has accepted, just £4 grand under asking. We have a viewing on our house tomorrow. The buyers are still there. 🤞🤞

What area is this?

Mum's stepmums house Lincolnshire, mine West Sussex. 

leftism

I was pleased today (as someone hoping prices will become a bit more affordable) to see 2 houses we loved but were out of our price range be relisted cheaper. 

One was 295 when we viewed. It got sold the day after. It’s now on for 275. Almost the same (but +5k) on the other. Hopefully this kind of discount will come for some others. 

pricedout_1

Yes. You have the bargaining power now. Why would you not use it?

Crashy_Time

pricedout_1 said:

Yes. You have the bargaining power now. Why would you not use it?

Because it is immoral to spoil someone`s move for a measly 40 or 50k?

Splatfoot

leftism said:

I was pleased today (as someone hoping prices will become a bit more affordable) to see 2 houses we loved but were out of our price range be relisted cheaper. 

One was 295 when we viewed. It got sold the day after. It’s now on for 275. Almost the same (but +5k) on the other. Hopefully this kind of discount will come for some others. 

But that was happening before anyway. Some properties are just overpriced and sit for a while. That's always been the case. I've had my eye on a property just in my saved rightmove list. It was on at 325,000, then 299,000, now 275,000. This was all pre Covid. Under offer now. 

leftism

Splatfoot said:

leftism said:

I was pleased today (as someone hoping prices will become a bit more affordable) to see 2 houses we loved but were out of our price range be relisted cheaper. 

One was 295 when we viewed. It got sold the day after. It’s now on for 275. Almost the same (but +5k) on the other. Hopefully this kind of discount will come for some others. 

But that was happening before anyway. Some properties are just overpriced and sit for a while. That's always been the case. I've had my eye on a property just in my saved rightmove list. It was on at 325,000, then 299,000, now 275,000. This was all pre Covid. Under offer now. 

Yeh you are absolutely right. I suppose I just mean the particular house I was talking about was in demand when it was on for 285 and that must’ve fallen through during all this and I was surprised it wasn’t listed for the same price.  

I know this is a very personal example but it just feels like the properties on my RM have started edging down in price after years of watching them go up 

tom9980

leftism said:

Splatfoot said:

leftism said:

I was pleased today (as someone hoping prices will become a bit more affordable) to see 2 houses we loved but were out of our price range be relisted cheaper. 

One was 295 when we viewed. It got sold the day after. It’s now on for 275. Almost the same (but +5k) on the other. Hopefully this kind of discount will come for some others. 

But that was happening before anyway. Some properties are just overpriced and sit for a while. That's always been the case. I've had my eye on a property just in my saved rightmove list. It was on at 325,000, then 299,000, now 275,000. This was all pre Covid. Under offer now. 

Yeh you are absolutely right. I suppose I just mean the particular house I was talking about was in demand when it was on for 285 and that must’ve fallen through during all this and I was surprised it wasn’t listed for the same price.  

I know this is a very personal example but it just feels like the properties on my RM have started edging down in price after years of watching them go up 

Markets are weird in my city the £250-400k property has risen less than the £50-200k property since the last 2009 crash.

Linton

leftism said:

I was pleased today (as someone hoping prices will become a bit more affordable) to see 2 houses we loved but were out of our price range be relisted cheaper. 

One was 295 when we viewed. It got sold the day after. It’s now on for 275. Almost the same (but +5k) on the other. Hopefully this kind of discount will come for some others. 

Houses are always priced at the edge of affordabililty.  They would only get cheaper if economic circumstances changed so that fewer people could afford them at the then current price.  Are you confident that if the houses you loved dropped in price those changed economic circumstances would not also affect you?

Crashy_Time

tom9980 said:

leftism said:

Splatfoot said:

leftism said:

I was pleased today (as someone hoping prices will become a bit more affordable) to see 2 houses we loved but were out of our price range be relisted cheaper. 

One was 295 when we viewed. It got sold the day after. It’s now on for 275. Almost the same (but +5k) on the other. Hopefully this kind of discount will come for some others. 

But that was happening before anyway. Some properties are just overpriced and sit for a while. That's always been the case. I've had my eye on a property just in my saved rightmove list. It was on at 325,000, then 299,000, now 275,000. This was all pre Covid. Under offer now. 

Yeh you are absolutely right. I suppose I just mean the particular house I was talking about was in demand when it was on for 285 and that must’ve fallen through during all this and I was surprised it wasn’t listed for the same price.  

I know this is a very personal example but it just feels like the properties on my RM have started edging down in price after years of watching them go up 

Markets are weird in my city the £250-400k property has risen less than the £50-200k property since the last 2009 crash.

2009 wasn`t a proper crash, because central banks had room to cut rates and focus specifically on boosting property prices again, this time they don`t have the same tools, the whole economy needs their attention and there is a lot less political capital in maintaining  a property bubble, I would actually say it is almost a political negative now.

Crashy_Time

leftism said:

Maybe I got it wrong @MobileSaver sorry about that! I suppose I’m looking at it that a house crash is good news for the majority of people, so one man’s positivity is another’s negativity. But I guess a crash is bad news for some too- people who fall into negative equity etc. 

Being negative or positive has very little to do with where the market is just now, it is simply about lending and lending practices in the past.