Have viewings slowed or stopped?

neverdespairgirl

Rover wrote: »

The cream of the banking industry ....

rich, thick, and rises to the top?

toomanyshoes

posh*spice wrote: »

Hi
I thought I'd tell a little story about the last recession. I have no idea if this relates to now or not, but it might help somebody. My F-I-L died in 1992. My husband, sisters and M-I-L were the beneficiaries of his will - most of which were the sale proceeds of his house. In the summer of 1992 they had a number of estate agents value the property (the market was dead in 1992) and their valuations varied massively. My hubby (David;)) wanted to sell at the lowest valuation and the others wanted to sell at the highest valuation. So, of course, they had to go with the highest (to keep everyone happy) - well the market kept dropping - and eventually they would agree to drop the price and the market would fall some more and they would eventually drop the price.....
..it took over 2 years to sell the house. If they had bit the bullet right at the beginning (as Mr Beckham wanted) they would have been quids in...

Anyway, just thought I'd share. I've no idea if this is going to be relevant or not to the current market...;)..:D

Very relevant. This is similar to my postion. I had one beneficiary who wanted a higher price when mum's property went on the market last October. Like the situation you describe, we had to go with that higher price to keep him happy.

Of course property did not sell as it was about £25K over price.

The rest, sadly, is history.

Greed and ignorance certainly do not pay in a market on the cusp of a fall.

Stevie1

In our area (NW, one of those nice south Manchester suburbs) prices haven't been reducing, quite the opposite.

It is quieter and slower than it was, but maybe previously it has just been insane.
I am not sure who is refusing to accept the change in market, sellers or EAs. Some new instructions have been coming on the market at prices higher than properties that haven't sold for months and months (on same road etc) are on for. It feels like people expect reductions so are hiking prices to compensate

Whatever it is, it is not "crashing", it is just stabilising. Our EA (who sold our house) told me they've had 4 sales this last week although not achieving asking prices. Some places will remain attarctive for a veriety of reasons, so cannot generalise.

dopester

Stevie1 wrote: »

In our area (NW, one of those nice south Manchester suburbs) prices haven't been reducing, quite the opposite.

Well I know all about South Manchester: Heaton Moor, Hale, Bramhall, Wilmslow, Alderley Edge, Prestbury.... and have seen some alarming slashing of prices, and if you don't think a blood-bath is coming.... let's see you post back on this thread in 12 to 18 months time.

Stevie1

Whatever dude. We're obviously not looking at the same places or properties.

And just in case you're getting confused, I am not one of those sellers, in fact, at the moment any "alarming slashing of prices" would do me good (but I'm not a hell bent HPCer either).

Soooo boring all these clear-cut, adamant predictions, one could almost think god made you all with a crystal ball up your a*#@se

mwhitt

well we decided on another 10k reduction yesterday against ea wishes another 6 viewings booked over this weekend including another 2nd viewing , our position is we have been here 14 years so have plenty of equity left, we have come down from 220k to 184k in 3 months would really like to move, though we pulled out the barbados holiday brochures last night & are beginning to think sod it lets go back. just noticed in our postcode bn17 for march only 4 properties have sold compared to 70 last march according to houseprices.co.uk which i guess can be called a stalled market.

jangor_2

On the market in Kent for two months, just one viewer who wanted to see if my house was the same layout as her Mums and whether she could see her Mum's house from my house!!

Toto

We've been looking for a house to buy for the past 18 months. The trouble is everything is just horribly overpriced and even though we can borrow the money and have a decent deposit, I just can't take the asking prices seriously. Around here an ex council 4 bed place (not the best location) is going for around £330,000 - £350,000. To me, that's just plain stupid. Even worse are the 5 year old 'newish builds' which are marketed for £400,000+. There are very few price drops and even some increases on property bee.

House prices can keep on rising into infinity as far as I'm concerned, it doesn't mean I'm going to pay those prices. I would rather sit here in rented to be honest. I think there comes a time when buyers just think enough is enough, that house isn't worth that to me. And all of the rate cuts and incentives in the world won't change that. I'd rather have a mortgage at 10% on a reasonably priced house than 3.5% on an overpriced shoe box in a crap part of town.

carolt

Toto wrote: »

We've been looking for a house to buy for the past 18 months. The trouble is everything is just horribly overpriced and even though we can borrow the money and have a decent deposit, I just can't take the asking prices seriously. Around here an ex council 4 bed place (not the best location) is going for around £330,000 - £350,000. To me, that's just plain stupid. Even worse are the 5 year old 'newish builds' which are marketed for £400,000+. There are very few price drops and even some increases on property bee.

House prices can keep on rising into infinity as far as I'm concerned, it doesn't mean I'm going to pay those prices. I would rather sit here in rented to be honest. I think there comes a time when buyers just think enough is enough, that house isn't worth that to me. And all of the rate cuts and incentives in the world won't change that. I'd rather have a mortgage at 10% on a reasonably priced house than 3.5% on an overpriced shoe box in a crap part of town.

Couldn't have put it better.