Houses listed higher than ever?

lookstraightahead

I think properties stay on the market sometimes because the vendors don't really want to move, they just like to think they do.

daivid

Skiddaw1 said:

It fascinates me a bit when a house sits on the market for yonks at the same price. I suppose if you're in no particular hurry to sell you can afford to wait for someone to bite but it does seem odd that you wouldn't reduce the price eventually. There's one near us that's been on the market for well over a year now for example. I love it that the blurb mentions that it won't be on the market for long so buy it whilst you can!

https://www.rightmove.co.uk/properties/122397503#/?channel=RES_BUY

I'm not sure with higher priced properties like that one but when a more average house is overpriced you get the effects of general price rises and time on the market working against each other. This probably makes it harder for the over optimistic seller to accept a reduction. A house near me has been on for 18 months, when it went up I thought it was way over what it was worth and I still think it's overpriced now, but sold prices are closing in. If the vendor actually wants to sell (I have my suspicions…) then I think they would be best taking it off the market for long enough to appear as a new listing.

RelievedSheff

Where we are the market has been quite quiet for a few months but in the last week or so a lot of the properties that had been listed and just sat on the market have now gone under offer or SSTC. So there does seem to be some movement again.

Prices are down a little on what was being asked last summer but not by massive amounts and prices are way above what these properties were bought for when they were new 4-5 years ago.

ReadingTim

lookstraightahead said:

I think properties stay on the market sometimes because the vendors don't really want to move, they just like to think they do.

They want to - if they can get a certain price.  But they don't need to, so don't keep dropping the price until someone bites.  

ch3shirecat4

houses are at the highest prices they have ever been at, its due to the inflation, but i think soon enough they will come back down, but at the moment it is not the right time to buy a house especially for first time buyers 

peter3hg

I find this property listing fascinating.
https://www.rightmove.co.uk/properties/113048279

Originally listed at £325k in September 2021.
Put up to £335k 7 months later in April 2022.
Reduced back down to £325k in August 2022.
Increased to £330k in December 2022.
Increased to £335k this week.

I just don't understand the logic. If they couldn't sell it with the market how it was in late 2021/early 2022 then clearly it was overpriced but presumably the owners don't accept that.
I imagine a normal estate agent wouldn't want to keep it on their books so long as it doesn't exactly give a good impression, but it is Purple Bricks.

spoovy

lookstraightahead said:

I think properties stay on the market sometimes because the vendors don't really want to move, they just like to think they do.

This is certainly the case with some people. I know a couple who have agreed a price at least three times that I'm aware of in the last few years, and pulled out every time. They've lived in the same house for about 40 years. I think they just like to tell their friends that they're moving house.

BobT36

Case in point, this one LOL: https://www.rightmove.co.uk/properties/129710942#/?channel=RES_BUY
They thought they were going to get £400k for that? (December), today reduced to £300k. 

Sure it's got a big garden, lot of land there, but look at it. Visible mould allover, boarded up garage, terrible disrepair, kitchen is destroyed, etc etc..

So, how is a house like that (even in it's "reduced" state) worth half of this? 
https://www.rightmove.co.uk/properties/134774435#/media?channel=RES_BUY&id=media0&ref=photoCollage
Surely even if count the land it's only around a third as good, if that?? Again more like a quarter. Considering it's state it should be around £200k max, yet they expected £400k? And this is the NORTH. 

BikingBud

Skiddaw1 said:

It fascinates me a bit when a house sits on the market for yonks at the same price. I suppose if you're in no particular hurry to sell you can afford to wait for someone to bite but it does seem odd that you wouldn't reduce the price eventually. There's one near us that's been on the market for well over a year now for example. I love it that the blurb mentions that it won't be on the market for long so buy it whilst you can!

https://www.rightmove.co.uk/properties/122397503#/?channel=RES_BUY

We stayed in a B&B just on the end of the road as it comes to the bridge, River Garth it is very pretty but right on the river and very susceptible to flooding 

So I wouldn't be offering on it and certainly not for £1.5 million

BikingBud

peter3hg said:

I find this property listing fascinating.
https://www.rightmove.co.uk/properties/113048279

Originally listed at £325k in September 2021.
Put up to £335k 7 months later in April 2022.
Reduced back down to £325k in August 2022.
Increased to £330k in December 2022.
Increased to £335k this week.

I just don't understand the logic. If they couldn't sell it with the market how it was in late 2021/early 2022 then clearly it was overpriced but presumably the owners don't accept that.
I imagine a normal estate agent wouldn't want to keep it on their books so long as it doesn't exactly give a good impression, but it is Purple Bricks.

Nice to have decking so you can sit nearer to the train line, must make the glass of vino after a hard day all the more soothing!