London flat for sale - how many viewings to expect

Sarah1Mitty2

SXX said:

Mstty said:

Sarah1Mitty2 said:

Mstty said:

London is a big place with wild variations on prices and add in that August is a slow month for property with holidays.

I would also add many people are hunkering down in their properties waiting for all this to blow over (some are at the Winchester)

What is your motivation to sell?

They will have a long wait probably, all the indications are that we are returning to more normal monetary policy with rates higher for longer and more in line with historical averages.

Maybe,

But some of us have been here before with recessions and mortgage rate spikes. No one.said life was easy but the benefits of property ownership can't be measured in just monetary terms.

Be interesting to look back in a few years time at the actual statistics of what happened. Lots of mystic mega out there acting like they can predict the future with accuracy for a quick buck.

Well said.  I got onto the property ladder in 1998 so have seen and/or experienced the ups and downs of property ownership.

Just to add another comment re viewings, if I had engaged the 3 agents (who all said they would have got me at least 20 viewings in the first week) on a multi-agency contract, then I should have got 60 viewings in the first week! 

1998 was the beginnings of the massive property bubble that is now bursting, you didn`t experience any downs really, and the low rates designed to save banks also bailed out people with mortgage debt as a side effect, the people who are going to experience the real downs of property "ownership" are those with large mortgage debts now, people who believed that rates would stay low forever.

Sarah1Mitty2

MeteredOut said:

Schwarzwald said:

and i dont even think it is a matter solely of pricing at this stage.

In a simple world, without the emotional baggage both buyers and sellers carry, its always about pricing, but I appreciate we don't live in that world.

However, the price is the simplest lever that can be moved to both get viewers and get a sale.

In your example, if the one that is £125K lower is not getting any traction, I'd not automatically "think the cheaper one is kind of a steal"; it too might be overvalued for its current market.

This is easily possible in the current market, the OP should be using PropertyLog to get a feel for what is going on in their market and pricing accordingly IMO.

AFF8879

Why does it always seem to be the same 2-3 names that derail threads into the generic house price debates we’re supposed to avoid…

Mstty

AFF8879 said:

Why does it always seem to be the same 2-3 names that derail threads into the generic house price debates we’re supposed to avoid…

They are affectionately called "crashy" probably the same account and people and they have been putting people off buying homes here for years not just the current economic situation.

I, and others, just tend to ignore them but it really is time the moderators stepped up their crashy game.

This particular user is spamming multiple posts derailing them as you say with the same rhetoric repeated over and over again.

Will the mods do anything?

Sarah1Mitty2

SXX said:

Hello - My (London) flat went onto the market about 2.5 weeks ago.  I've had 3 viewings. 

A couple of estate agents I have spoken to say that is too low and they would have booked in 20 by now.  I don't believe that is true because I think most viewings come from Right Move etc but one of the EA said that most of their viewings (about 75%) are outside of Right Move etc.

I think this is all just inflated sales talk and I am not really buying it.  After all it's just their word.  They haven't actually provided any evidence to show their high viewings number.

Is my interpretation correct of the EA or should I really have had far more viewings than 3?

(two of the viewings were potentially interested, hinted at numbers but no offers).  One thought the flat was too small).

The EA`s are just trying to get you on their books, you have to be realistic about price if the viewings are not turning up and instruct the EA accordingly.

Sarah1Mitty2

CSI_Yorkshire said:

Sarah1Mitty2 said:

Mstty said:

Sarah1Mitty2 said:

Mstty said:

London is a big place with wild variations on prices and add in that August is a slow month for property with holidays.

I would also add many people are hunkering down in their properties waiting for all this to blow over (some are at the Winchester)

What is your motivation to sell?

They will have a long wait probably, all the indications are that we are returning to more normal monetary policy with rates higher for longer and more in line with historical averages.

Maybe,

But some of us have been here before with recessions and mortgage rate spikes. No one.said life was easy but the benefits of property ownership can't be measured in just monetary terms.

Be interesting to look back in a few years time at the actual statistics of what happened. Lots of mystic mega out there acting like they can predict the future with accuracy for a quick buck.

No, you have never experienced this economic climate before, no one has, it is the result of a 15 year financial experiment being unwound, there is absolutely no comparison with the 80`s or 90`s (when you could buy ex-council houses for 12k in many parts of the UK)

Nobody has experienced this before, but it's all just a reset to long-term average conditions?

Right.

That`s right, this is uncharted ground economically, no one is arguing otherwise?

EssexHebridean

Sarah1Mitty2 said:

MeteredOut said:

Schwarzwald said:

and i dont even think it is a matter solely of pricing at this stage.

In a simple world, without the emotional baggage both buyers and sellers carry, its always about pricing, but I appreciate we don't live in that world.

However, the price is the simplest lever that can be moved to both get viewers and get a sale.

In your example, if the one that is £125K lower is not getting any traction, I'd not automatically "think the cheaper one is kind of a steal"; it too might be overvalued for its current market.

<snip> the OP should be using PropertyLog <snip>

Are you on commission? There doesn't seem to be a thread on the board where you don't make that precise suggestion...

Sarah1Mitty2

EssexHebridean said:

Sarah1Mitty2 said:

MeteredOut said:

Schwarzwald said:

and i dont even think it is a matter solely of pricing at this stage.

In a simple world, without the emotional baggage both buyers and sellers carry, its always about pricing, but I appreciate we don't live in that world.

However, the price is the simplest lever that can be moved to both get viewers and get a sale.

In your example, if the one that is £125K lower is not getting any traction, I'd not automatically "think the cheaper one is kind of a steal"; it too might be overvalued for its current market.

<snip> the OP should be using PropertyLog <snip>

Are you on commission? There doesn't seem to be a thread on the board where you don't make that precise suggestion...

That would be quite the exaggeration I think, PropertyLog is a great tool for people trying to save money, why shouldn`t they be made aware of it?