How to price our house

Tinkertonian

markin said:

With a drop of 50k on the asking price are people going to think they are getting a bargain, Or that it could drop another 50K and they should hold off?

What did the houses actually sell for from the land reg Data?

Have the 3 beds dropped 50K from last summer?

A 3-bed that was on at the same time as us last year sold for £410, listed at £400. Similar houses sold recently listed at £360, I can’t yet see the land reg data. 

Sarah1Mitty2

Tinkertonian said:

markin said:

With a drop of 50k on the asking price are people going to think they are getting a bargain, Or that it could drop another 50K and they should hold off?

What did the houses actually sell for from the land reg Data?

Have the 3 beds dropped 50K from last summer?

A 3-bed that was on at the same time as us last year sold for £410, listed at £400. Similar houses sold recently listed at £360, I can’t yet see the land reg data. 

Not sure if all areas are dropping quite as quickly as this, is there an issue in your area affecting prices?

gwynlas

£425k last year down to £350K plus sounds a lot and I doubt that you would find an onward purchase with such a large percentage drop placing you at a disadvantage. If I was you I would hold off until weather improves and use the time to get the house and garden looking fresh and beautiful giving the market time to settle then possibly trying at £395K

Sarah1Mitty2

gwynlas said:

£425k last year down to £350K plus sounds a lot and I doubt that you would find an onward purchase with such a large percentage drop placing you at a disadvantage. If I was you I would hold off until weather improves and use the time to get the house and garden looking fresh and beautiful giving the market time to settle then possibly trying at £395K

It was asking 400k, sold at 410k and similar is now 360k, basically a 40k drop from last years asking price, not 75k as you stated, and onward purchase won`t be a problem because this is now happening all over at all levels of the market. Weather isn`t the issue in all this, we have had one of the mildest winters in years!

jonnydeppiwish!

Tinkertonian said:

markin said:

With a drop of 50k on the asking price are people going to think they are getting a bargain, Or that it could drop another 50K and they should hold off?

What did the houses actually sell for from the land reg Data?

Have the 3 beds dropped 50K from last summer?

A 3-bed that was on at the same time as us last year sold for £410, listed at £400. Similar houses sold recently listed at £360, I can’t yet see the land reg data. 

It’s a very interesting situation at the moment, our area is similar (SE England) but won’t know for certain until June/July time when the figures come through.
20-30 properties coming on daily but probably 15-20 reductions each day.

Obviously won’t know for sure but it’s not looking good for sellers like it was in Apr-August.

Good on you Op for have the gumption to understand your area - if it’s worth more you may end up with an offer over.

GLWS!

GreenWiz

In recent weeks, at least in Sussex and Kent, prices dramatically inflated by 25% and more, a well-known ploy to artificially raise the baseline average particularly when the market dropping as it is, EAs desperate to get all to believe otherwise. Googling "House Prices February 2023" shows the real picture. Buyers don't generally bite at these silly prices but then they reduced slightly so still unrealistic over-valuations seem less so and the market manipulated. That we heading in to March/Spring and increased buy/sell movement no coincidence. These latest outlandish asking prices a divisive tactic to protect high commissions at buyer's expense and sellers cost in at least delayed/no sales/inflated price for subsequent purchase. Buyers and sellers need to unite against EAs commision -motivated market-manipulation, they solely profiteering at all other's expense. Sounds like your revised valuation and sale more realistic for all  - best wishes for it. 

Sarah1Mitty2

GreenWiz said:

In recent weeks, at least in Sussex and Kent, prices dramatically inflated by 25% and more, a well-known ploy to artificially raise the baseline average particularly when the market dropping as it is, EAs desperate to get all to believe otherwise. Googling "House Prices February 2023" shows the real picture. Buyers don't generally bite at these silly prices but then they reduced slightly so still unrealistic over-valuations seem less so and the market manipulated. That we heading in to March/Spring and increased buy/sell movement no coincidence. These latest outlandish asking prices a divisive tactic to protect high commissions at buyer's expense and sellers cost in at least delayed/no sales/inflated price for subsequent purchase. Buyers and sellers need to unite against EAs commision -motivated market-manipulation, they solely profiteering at all other's expense. Sounds like your revised valuation and sale more realistic for all  - best wishes for it. 

In many cases lenders down-valuing will put a stop to EA tricks.

RelievedSheff

Sarah1Mitty2 said:

GreenWiz said:

In recent weeks, at least in Sussex and Kent, prices dramatically inflated by 25% and more, a well-known ploy to artificially raise the baseline average particularly when the market dropping as it is, EAs desperate to get all to believe otherwise. Googling "House Prices February 2023" shows the real picture. Buyers don't generally bite at these silly prices but then they reduced slightly so still unrealistic over-valuations seem less so and the market manipulated. That we heading in to March/Spring and increased buy/sell movement no coincidence. These latest outlandish asking prices a divisive tactic to protect high commissions at buyer's expense and sellers cost in at least delayed/no sales/inflated price for subsequent purchase. Buyers and sellers need to unite against EAs commision -motivated market-manipulation, they solely profiteering at all other's expense. Sounds like your revised valuation and sale more realistic for all  - best wishes for it. 

In many cases lenders down-valuing will put a stop to EA tricks.

How many years have you been spinning that same line now?

Sarah1Mitty2

jonnydeppiwish! said:

Tinkertonian said:

markin said:

With a drop of 50k on the asking price are people going to think they are getting a bargain, Or that it could drop another 50K and they should hold off?

What did the houses actually sell for from the land reg Data?

Have the 3 beds dropped 50K from last summer?

A 3-bed that was on at the same time as us last year sold for £410, listed at £400. Similar houses sold recently listed at £360, I can’t yet see the land reg data. 

It’s a very interesting situation at the moment, our area is similar (SE England) but won’t know for certain until June/July time when the figures come through.
20-30 properties coming on daily but probably 15-20 reductions each day.

Obviously won’t know for sure but it’s not looking good for sellers like it was in Apr-August.

Good on you Op for have the gumption to understand your area - if it’s worth more you may end up with an offer over.

GLWS!

That sounds like a lot, great news for potential buyers though.