Ridiculous listing prices

BikingBud

MobileSaver said:

lookstraightahead said:

I'm seeing a lot of situations like this as well. Houses offered on quickly, taken off the market, then back on later. 

This is nothing new though; way before the added complexities of coronavirus was a thing, one in four house purchases fell through - primarily simply because the buyer changed their mind.

Why do they change their minds, i wonder? Without asking and understanding why, it's maybe not simple as some may think.

• Did  they offer on 2 houses and decide the other was better?
• Did they decide they didn't want to live there as the schools/area was not what they wanted?
• Did they have to change jobs?
• Or the job they were expecting to get didn't come through?
• Did the survey throw up something that was unknown or would cost too much/ they hadn't budgeted for?
• Did a chain fall apart and force the other sales to be cancelled? 
• Were their aspirations dashed due to financial limitations?
• Or are 25% of the potential buyers really just fickle?

Things are very rarely simple, there are always complex reasons and factors. We do not see those factors but they do have an influence and to categorise them as simple is over simplistic. 

Crashy_Time

MobileSaver said:

NameUnavailable said:

I thought it was just me - I have noticed properties coming onto the market this year are 10-20% higher than most comparable properties. I'm not sure what is driving the optimism.....

Pure speculation but I would suggest that there is a shortage of properties coming on to the market because many people won't be comfortable with viewings and viewers during the pandemic. Similarly demand has changed over the last 12 months with probably more people than ever before wanting bigger properties and bigger gardens and ideally in less-urban locations. So the sellers who are on the market are thinking why not try and get a better price?

Turn it around; if you had something that others want and that you knew was in short supply, would you try and get the highest or the lowest price you could for it?

The economy and property bubble was in trouble before Covid, people who couldn`t afford bigger properties with bigger gardens then certainly can`t afford it now, and especially if the sellers are going to add 20%! What would the thought process be that drives a seller to do this in the middle of the biggest downturn in living memory?

RelievedSheff

Crashy_Time said:

MobileSaver said:

NameUnavailable said:

I thought it was just me - I have noticed properties coming onto the market this year are 10-20% higher than most comparable properties. I'm not sure what is driving the optimism.....

Pure speculation but I would suggest that there is a shortage of properties coming on to the market because many people won't be comfortable with viewings and viewers during the pandemic. Similarly demand has changed over the last 12 months with probably more people than ever before wanting bigger properties and bigger gardens and ideally in less-urban locations. So the sellers who are on the market are thinking why not try and get a better price?

Turn it around; if you had something that others want and that you knew was in short supply, would you try and get the highest or the lowest price you could for it?

The economy and property bubble was in trouble before Covid, people who couldn`t afford bigger properties with bigger gardens then certainly can`t afford it now, and especially if the sellers are going to add 20%! What would the thought process be that drives a seller to do this in the middle of the biggest downturn in living memory?

Well they are selling so someone is buying them.

Who do you suggest that might be?

Crashy_Time

RelievedSheff said:

Splatfoot said:

I sold my house last year, completed November for 485k. A comparable house in the same road went up for 600k in October and was under offer within a month! I was pretty dumbstruck at the time. I was pleased to note that 3 months down the line, it fell through and is back on again. I know that sounds mean but the price is ridiculous.. Still at 600k though but they won't make the SD holiday this time so any buyer will have to find an extra 20k. To me, it seemed like pure greed.

It is worth what someone is willing to pay for it. What you completed for is pretty irrelevant. 

So certainly not worth 600k then?

RelievedSheff

Crashy_Time said:

RelievedSheff said:

Splatfoot said:

I sold my house last year, completed November for 485k. A comparable house in the same road went up for 600k in October and was under offer within a month! I was pretty dumbstruck at the time. I was pleased to note that 3 months down the line, it fell through and is back on again. I know that sounds mean but the price is ridiculous.. Still at 600k though but they won't make the SD holiday this time so any buyer will have to find an extra 20k. To me, it seemed like pure greed.

It is worth what someone is willing to pay for it. What you completed for is pretty irrelevant. 

So certainly not worth 600k then?

If someone is willing to pay £600k plus then yes, that is what it is worth. 

You might not like that but that changes nothing.

It must be difficult sat in your rented bedsit wondering what might have been had you not sold out 15 years ago. 

SpiderLegs

Crashy_Time said:

MobileSaver said:

NameUnavailable said:

I thought it was just me - I have noticed properties coming onto the market this year are 10-20% higher than most comparable properties. I'm not sure what is driving the optimism.....

Pure speculation but I would suggest that there is a shortage of properties coming on to the market because many people won't be comfortable with viewings and viewers during the pandemic. Similarly demand has changed over the last 12 months with probably more people than ever before wanting bigger properties and bigger gardens and ideally in less-urban locations. So the sellers who are on the market are thinking why not try and get a better price?

Turn it around; if you had something that others want and that you knew was in short supply, would you try and get the highest or the lowest price you could for it?

The economy and property bubble was in trouble before Covid, people who couldn`t afford bigger properties with bigger gardens then certainly can`t afford it now, and especially if the sellers are going to add 20%! What would the thought process be that drives a seller to do this in the middle of the biggest downturn in living memory?

Perhaps they believe that the biggest downturn in living memory is just an anomaly.

Crashy_Time

RelievedSheff said:

Crashy_Time said:

MobileSaver said:

NameUnavailable said:

I thought it was just me - I have noticed properties coming onto the market this year are 10-20% higher than most comparable properties. I'm not sure what is driving the optimism.....

Pure speculation but I would suggest that there is a shortage of properties coming on to the market because many people won't be comfortable with viewings and viewers during the pandemic. Similarly demand has changed over the last 12 months with probably more people than ever before wanting bigger properties and bigger gardens and ideally in less-urban locations. So the sellers who are on the market are thinking why not try and get a better price?

Turn it around; if you had something that others want and that you knew was in short supply, would you try and get the highest or the lowest price you could for it?

The economy and property bubble was in trouble before Covid, people who couldn`t afford bigger properties with bigger gardens then certainly can`t afford it now, and especially if the sellers are going to add 20%! What would the thought process be that drives a seller to do this in the middle of the biggest downturn in living memory?

Well they are selling so someone is buying them.

Who do you suggest that might be?

Who do you think is buying them?

Crashy_Time

http://www.plumplot.co.uk/Cambridgeshire-property-transactions.html

RelievedSheff

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

MobileSaver said:

NameUnavailable said:

I thought it was just me - I have noticed properties coming onto the market this year are 10-20% higher than most comparable properties. I'm not sure what is driving the optimism.....

Pure speculation but I would suggest that there is a shortage of properties coming on to the market because many people won't be comfortable with viewings and viewers during the pandemic. Similarly demand has changed over the last 12 months with probably more people than ever before wanting bigger properties and bigger gardens and ideally in less-urban locations. So the sellers who are on the market are thinking why not try and get a better price?

Turn it around; if you had something that others want and that you knew was in short supply, would you try and get the highest or the lowest price you could for it?

The economy and property bubble was in trouble before Covid, people who couldn`t afford bigger properties with bigger gardens then certainly can`t afford it now, and especially if the sellers are going to add 20%! What would the thought process be that drives a seller to do this in the middle of the biggest downturn in living memory?

Well they are selling so someone is buying them.

Who do you suggest that might be?

Who do you think is buying them?

Well someone clearly is or they wouldn't be selling.

Is it really any great surprise given we are the middle of a pandemic that the number of properties coming to the market has reduced?

I thought Covid was an anomaly you were ignoring by the way?

SpiderLegs

Crashy_Time said:

I was allowing for Covid as an anomaly regarding transactions not as part of the norm.

Crashy it would help if you could maintain even a brief semblance of consistency across threads.