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House has been on the market for 6 months

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Comments

  • RelievedSheff
    RelievedSheff Posts: 12,710 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    ReadySteadyPop said:
    swingaloo said:
    Most replies on this thread seem to be from posters who think the OP is selling a bungalow for some reason.
    What is the OP selling?
    If you go back to post one it tells you.

    A house.
  • ReadySteadyPop
    ReadySteadyPop Posts: 2,030 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    RelievedSheff said:
    ReadySteadyPop said:
    swingaloo said:
    Most replies on this thread seem to be from posters who think the OP is selling a bungalow for some reason.
    What is the OP selling?
    If you go back to post one it tells you.

    A house.
    There seemed to be confusion that it might be a bungalow.
  • blueskies1985
    blueskies1985 Posts: 20 Forumite
    10 Posts First Anniversary
    If a house hasn’t sold within the first 6 weeks it’s overpriced.
    There’s no other reason why it’s not selling. 
    Even a dilapidated flat in a manky area of town will sell at the right price. 
    It’s not about what you need for the house, it’s about what people are willing to pay for it. 
  • ReadySteadyPop
    ReadySteadyPop Posts: 2,030 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    blueskies1985 said:
    If a house hasn’t sold within the first 6 weeks it’s overpriced.
    There’s no other reason why it’s not selling. 
    Even a dilapidated flat in a manky area of town will sell at the right price. 
    It’s not about what you need for the house, it’s about what people are willing to pay for it. 
    Demand is not strong enough for houses to shift in 6 weeks, the monthly debt cost on a mortgage now is making a lot of people hesitant about buying I think.
  • RelievedSheff
    RelievedSheff Posts: 12,710 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    ReadySteadyPop said:
    blueskies1985 said:
    If a house hasn’t sold within the first 6 weeks it’s overpriced.
    There’s no other reason why it’s not selling. 
    Even a dilapidated flat in a manky area of town will sell at the right price. 
    It’s not about what you need for the house, it’s about what people are willing to pay for it. 
    Demand is not strong enough for houses to shift in 6 weeks, the monthly debt cost on a mortgage now is making a lot of people hesitant about buying I think.
    And yet market reports suggest otherwise:

    https://www.nationwidehousepriceindex.co.uk/reports/house-price-growth-remains-solid-in-february
  • ReadySteadyPop
    ReadySteadyPop Posts: 2,030 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    RelievedSheff said:
    ReadySteadyPop said:
    blueskies1985 said:
    If a house hasn’t sold within the first 6 weeks it’s overpriced.
    There’s no other reason why it’s not selling. 
    Even a dilapidated flat in a manky area of town will sell at the right price. 
    It’s not about what you need for the house, it’s about what people are willing to pay for it. 
    Demand is not strong enough for houses to shift in 6 weeks, the monthly debt cost on a mortgage now is making a lot of people hesitant about buying I think.
    And yet market reports suggest otherwise:

    https://www.nationwidehousepriceindex.co.uk/reports/house-price-growth-remains-solid-in-february
    In the situation we are discussing there has been one offer at 50k under asking.
  • Slinky
    Slinky Posts: 11,359 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ReadySteadyPop said:
    blueskies1985 said:
    If a house hasn’t sold within the first 6 weeks it’s overpriced.
    There’s no other reason why it’s not selling. 
    Even a dilapidated flat in a manky area of town will sell at the right price. 
    It’s not about what you need for the house, it’s about what people are willing to pay for it. 
    Demand is not strong enough for houses to shift in 6 weeks, the monthly debt cost on a mortgage now is making a lot of people hesitant about buying I think.

    This is ignoring that a big percentage of property purchases are made without a mortgage.  Chalet bungalow along our street went in under 2 weeks.

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    Total (1/11/25) £1954.45/£2025 96%

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    Total £1410/£2024 70%

    Make £2023 in 2023 Total: £2606.33/£2023 128.8%




  • ReadySteadyPop
    ReadySteadyPop Posts: 2,030 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Slinky said:
    ReadySteadyPop said:
    blueskies1985 said:
    If a house hasn’t sold within the first 6 weeks it’s overpriced.
    There’s no other reason why it’s not selling. 
    Even a dilapidated flat in a manky area of town will sell at the right price. 
    It’s not about what you need for the house, it’s about what people are willing to pay for it. 
    Demand is not strong enough for houses to shift in 6 weeks, the monthly debt cost on a mortgage now is making a lot of people hesitant about buying I think.

    This is ignoring that a big percentage of property purchases are made without a mortgage.  Chalet bungalow along our street went in under 2 weeks.

    The "equity" built up ultimately comes from new borrowing at the bottom of chains, we are not long enough into normalising interest rates for massive sea changes to show up yet, eventually though there is less cash generated by property sales for the next purchase.
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