Advice needed on Selling Bungalow

youth_leader

Good luck tarsh and do remember how diverse and sometimes just plain odd, the human race is.  I was waiting for my viewing agent once when a couple turned up early.  I went down to the drive and offered to show them around but they said they wanted to have a look around the area - which was just a windy country road, without any pavement.  I went off just before the agent was due and she phoned 30 minutes later to say the couple had texted to say 'they'd become very ill and had to rush to hospital' and were cancelling the viewing.  Winner of the funniest and flimsiest excuse but in hindsight, if they'd done their research and used Google they'd have seen we were surrounded by fields. 

tarsh

Thanks youth_leader, you got that right

YoungBlueEyes

That's one of the best things about folks on here. If you're brave enough to put the RM listing you'll get surprisingly in-depth feedback, sometimes things you'd never even thought about because it's all normal to you.

Doozergirl

youth_leader said:

Good luck tarsh and do remember how diverse and sometimes just plain odd, the human race is.  I was waiting for my viewing agent once when a couple turned up early.  I went down to the drive and offered to show them around but they said they wanted to have a look around the area - which was just a windy country road, without any pavement.  I went off just before the agent was due and she phoned 30 minutes later to say the couple had texted to say 'they'd become very ill and had to rush to hospital' and were cancelling the viewing.  Winner of the funniest and flimsiest excuse but in hindsight, if they'd done their research and used Google they'd have seen we were surrounded by fields. 

Maybe they got hit by a car 😬

Sarah1Mitty2

mi-key said:

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

I'm not a fan of it either, but I suppose the problem is if you just put it on at 465K because that's the minimum you need, then you get people coming along offering 10% under that and assuming you will accept it because that's what the internet tell them is a fair offer to make..

Most people will adjust their offer after a valuation anyway, so unless the property is priced sensibly that could involve a big adjustment in many cases.

Not really true. People may adjust their offer if their lender values it lower, but that doesn't mean the seller has to accept it or reduce the price. It mainly depends on hte LTV the buyer is dealing with. Only FTBs or people stretching themselves to the limit need to worry about the lenders valuation.

Why would someone with or without a mortgage want to overpay for a bungalow? In the real world people are not going to stretch to "make up the difference" when they see values falling, there are two problems highlighted it seems about facilities available in the house and the fact that the house and land is overlooked by what looks like a council estate, the way to get round these perceived shortfalls is to price them away by cutting the price until there are noticeably more enquiries.

Which once again shows you know nothing about selling houses... If people followed your advice everyone would just list their houses for half the estate agents valuation. I wonder why that is..

No, no one is talking about reducing by half, what has been suggested is that the original over half a million asking price was ridiculous and the house needs to reduce by 100 or maybe 150k, that is how you sell a house in this market, and the OP obviously knows this as they have already reduced the price!

mi-key

No, no one is talking about reducing by half, what has been suggested is that the original over half a million asking price was ridiculous and the house needs to reduce by 100 or maybe 150k, that is how you sell a house in this market, and the OP obviously knows this as they have already reduced the price!

Really? You think a seller whos house isn't selling at £525K should reduce it to £375K? In what world does this ever happen? 

'In this market' houses are selling every day, and people aren't knocking 30% off mid price properties to get them to sell.

Sarah1Mitty2

mi-key said:

No, no one is talking about reducing by half, what has been suggested is that the original over half a million asking price was ridiculous and the house needs to reduce by 100 or maybe 150k, that is how you sell a house in this market, and the OP obviously knows this as they have already reduced the price!

Really? You think a seller whos house isn't selling at £525K should reduce it to £375K? In what world does this ever happen? 

'In this market' houses are selling every day, and people aren't knocking 30% off mid price properties to get them to sell.

Sorry my mistake, I meant 100k - 125k off, down to 375k at this point might not be needed.

mi-key

Sarah1Mitty2 said:

mi-key said:

No, no one is talking about reducing by half, what has been suggested is that the original over half a million asking price was ridiculous and the house needs to reduce by 100 or maybe 150k, that is how you sell a house in this market, and the OP obviously knows this as they have already reduced the price!

Really? You think a seller whos house isn't selling at £525K should reduce it to £375K? In what world does this ever happen? 

'In this market' houses are selling every day, and people aren't knocking 30% off mid price properties to get them to sell.

Sorry my mistake, I meant 100k - 125k off, down to 375k at this point might not be needed.

I still don't think you will find sellers reducing a £525K ( even if that is optimistic ) down to £400K. Unless the seller is really desperate to sell, or its a probate property they just want to get rid of at any price so its all profit.

House prices have not dropped anywhere near 25% 

Pretty much the only time you see reductions like that is when its one of those multi million pound London properties that has been hugely overvalued, and has a very tiny pool of buyers who could afford it ( even less now that the Russians can't buy them ! ) 

Emily_Joy

mi-key said:

I still don't think you will find sellers reducing a £525K ( even if that is optimistic ) down to £400K. Unless the seller is really desperate to sell, or its a probate property they just want to get rid of at any price so its all profit.
House prices have not dropped anywhere near 25%

How about:

mi-key

Emily_Joy said:

mi-key said:

I still don't think you will find sellers reducing a £525K ( even if that is optimistic ) down to £400K. Unless the seller is really desperate to sell, or its a probate property they just want to get rid of at any price so its all profit.
House prices have not dropped anywhere near 25%

How about:

Yes, there will always be individual cases as I said. Just plucking one from the internet doesn't reflect what is happening as a whole. I'm sure I could look at thousands of listings on rightmove for houses at £575K that havent been reduced at all...