Another one - no interest in house

Walter_J

I think that you are going to have to get used to the fact that you are going to make a loss on this house. The sooner you realise this the smaller the loss will be.

Hanging out for a higher price while the market tumbles will simply ensure that you don't sell. In two or three years time it could well be worth less than £100k. If this is less than your mortgage then you won't be able to sell and will be be stuck there for possibly ten years.

A big trap is opening up in front of you. Slash your asking price now!

RHemmings

Walter_J wrote: »

I think that you are going to have to get used to the fact that you are going to make a loss on this house. The sooner you realise this the smaller the loss will be.

Hanging out for a higher price while the market tumbles will simply ensure that you don't sell. In two or three years time it could well be worth less than £100k. If this is less than your mortgage then you won't be able to sell and will be be stuck there for possibly ten years.

A big trap is opening up in front of you. Slash your asking price now!

We do certainly get over-optimistic vendors on these threads. But I think there comes a point where comments can become over-pessimistic. I think it's quite possible that the housing market is at a turning point, and a tumble is possible. But saying that a massive slash of the price is the only way to sell might (you can never guarantee these things) be just a little too extreme given evidence.

I've found a house on rightmove which has a higher asking price than the current house in question, but is SSTC. We don't know whether an offer is made, but it has an asking price higher than the current property, looks similar, and is nearby. But SSTC.

http://www.rightmove.co.uk/viewdetails-6899088.rsp?pa_n=4&tr_t=buy

I notice that on rightmove the price for the property we're discussing is now £150K, wasn't it £154K before? So a drop has occurred, and clearly the state of the market is being taken seriously by the OP.

As a message to the OP, I do think the market is in a state of uncertainty, and it's at times like this that it's most difficult to predict what something is likely to sell for, and how long it's going to take. And what the consequences will be if you fail to sell quickly. But as I'm sure you understand, it's your house and your decision. In threads like this, I prefer to stick to presenting facts found through net.research rather than add too much of my own opinion.

PasturesNew

RHemmings wrote: »

I've found a house on rightmove which has a higher asking price than the current house in question, but is SSTC. We don't know whether an offer is made, but it has an asking price higher than the current property, looks similar, and is nearby. But SSTC.

http://www.rightmove.co.uk/viewdetails-6899088.rsp?pa_n=4&tr_t=buy

That one has a garage + the garage is to the side, thus making the plot larger.

A garage makes a property more desirable to most people in most areas.

RHemmings wrote: »

I notice that on rightmove the price for the property we're discussing is now £150K, wasn't it £154K before? So a drop has occurred, and clearly the state of the market is being taken seriously by the OP.

No. Theirs was £150k. The competition they were showing us was £154k
So the OP hasn't dropped the price

Strapped

ginvzt wrote: »

Thanks for all your comments.



Thanks for all the comments.

<snip>

We didn't expect to get the asking price, we would be happy with anything over £140k. We put at the price it is because we wanted to have some space for negotiation. We are going to reduce the house price now and probably offer to pay the stamp duty for the buyer.

Probably best not to advertise this on an open website, with the exact address!

neas

Strapped wrote: »

Probably best not to advertise this on an open website, with the exact address!

Good Point, someone just will offer you 138k :P and you will bite his hand off . Nice discount mhehe.

WTF?_2

What sellers should do depends on the direction they believe the market is going to take:

The optimistic view at the moment is that prices will stagnate. If you believe that, hold out for what you want if there's no pressing need to sell up.

The pessimistic view is that prices are going to decline, possibly by a very considerable amount and maybe over a long period of time. If you believe this then your strategy is to undercut the competition and be prepared to cut more in order to achieve a sale before prices decline any more. Then rent for a while.


No prizes for guessing I would recommend the second course of action.

johnycoldears

RHemmings wrote: »

You've got to remember that any property bear with half a brain or more posts on here and/or globalhousepricecrash.com. housepricecrash.co.uk therefore gets stuck with the kind of poster without enough intelligence to find a quality forum. And it shows.

Hmm, anyone remember Life of Brian :

BRIAN:
Are you the Judean People's Front?
REG:
F**k off!
BRIAN:
What?
REG:
Judean People's Front. We're the People's Front of Judea! Judean People's Front. Cawk.
FRANCIS:
W**rs.
:rotfl: