Need some help

SquatNow

bikerqueen wrote: »

not saying you're wrong - but do you have that on copy and paste?

Pretty much... it's saved in a text file.

While I hate to repeat my answer, people keep repeating the question.

Any question along the lines of "my house isn't selling" has the same answer... slash the price.

While giving people hugs and telling them how nice their house is and how the photos don't do it justice will make them feel better, it's doesn't actually help them sell the house. In fact, exactly the opposite... it encourages them to hold out for a higher price. "oh it's just bad photos if we take better ones it will sell"... well not if it's the most expensive property of it's type in a 10 mile radius!

Saying that it's a poor photos or poor description implies that buyers are even looking at them, when they won't be unless the property is in the bottom 30% price wise of the avialable properties of that type.

People start at the cheap properties and work upwards until they reach the maximum of their affordability, they don't start at the top and work downwards.

SquatNow

pepperjulie wrote: »

So buy your reckoning, if my house is on the market for 12 weeks I should be happy to put myself into negative equity? I cannot see anyone wanting to do that just to sell their house.

If you've had no significant interest in your house and can't afford to drop the price then you can't sell, it's simple as that. Your in the negative equity trap and stuck there till you hand the keys back or you pay off the mortgage.

Prices are dropping: Fact

A philanthropist isn't about to come along and offer you the price you want just so you can sell at the price you need to, and then take the £10k loss for you. There is no wizard of Oz, it's just a man behind a curtain.

Miss.Sian-Marie

Please don't insult our intelligence.

We know that taking pretty pictures and fancy writing isn't going to make it sell, we are in no rush to sell and we know the market is not great right now.

However, I do think price reducing by £10k per week is a ridiculous idea as it will leave us in negative equity. Who would do that I have no idea.

I know how people look for houses hence why I suggested dropping the price to £180k for the time being so she appears in two different search criteria's on Rightmove.

Believe it or not I do know what I'm talking about, I do recall my Mum coming on here asking for opinions...not to be insulted with stupid suggestions.

SquatNow

Miss.Sian-Marie wrote: »

The house has been on the market for about 3 weeks now, I think dropping £10k per week is a little too excessive don't you?! Desperate times call for desperate measures but not stupidity and we are nowhere near desperate yet.

If you've had no interest in 3 weeks at the current price, interest is not going to increase. Prices are dropping, so every day other houses get their prices dropped and become cheaper than yours, and get looked at first.

The term for this is "Panic Early". If people are going to panic, best to be ahead of the crowd rather than at the back of a queue. The longer you wait, the more the risk you will chase the market down.

Miss.Sian-Marie wrote: »

What people are failing to realise is that we have an unusual property, okay so no it's not a spaceship but compared to some of the other stuff that is on the market in our village, our house is very unusual.

If it's unusual it will appeal to less people, thus it is worth even less.

If there are 1000 buyers and only 1% would be interested in your house, then only 10 people might buy it. If the number of buyers halves then only 5 people will be interested.

Miss.Sian-Marie

Well, all I am willing to say is that we're not going to rise to the bait, we're not going to go and get ourselves into negative equity just because some "squatter" behind a computer screen says our house isn't worth what an ESTATE AGENT valued it at and we have price dropped accordingly to what we feel necessary.

Like I have said we asked for opinions not criticism, having worked in the business myself and knowing enough people who work in it at present and have worked in tougher markets than this I think we will be able to find our way from here.

So thank you for your witty + sarcatic replies and I hope you have yourself a wonderful evening.

SquatNow

Miss.Sian-Marie wrote: »

Please don't insult our intelligence.

No insult intended, I appologise if any was felt.

Miss.Sian-Marie wrote: »

We know that taking pretty pictures and fancy writing isn't going to make it sell.

Often when people come on here they get a very pink and fluffy "It will be OK responses". Sadly it will NOT be ok and people need to be told this.

Miss.Sian-Marie wrote: »

we are in no rush to sell and we know the market is not great right now.

Either you want to sell or you don't. If you want to sell you'll have to slash the price. If you don't want to sell then stop trying.... no offense.

Miss.Sian-Marie wrote: »

However, I do think price reducing by £10k per week is a ridiculous idea as it will leave us in negative equity. Who would do that I have no idea.

You personal finacial situation is none of my business. Neither is it the business of potential buyers who wont care less how much money you need to pay of your outstanding mortgage, they will pay what they think it is worth and can afford.

Miss.Sian-Marie wrote: »

I know how people look for houses hence why I suggested dropping the price to £180k for the time being so she appears in two different search criteria's on Rightmove.

If the house is priced at £180k and each month prices drop by 2.5%, then next month the "Market price" will have dropped by £5k. If you really want to sell you need to be £5k cheaper than anything else, not £5k more expensive than everything else.

Miss.Sian-Marie wrote: »

Believe it or not I do know what I'm talking about, I do recall my Mum coming on here asking for opinions...not to be insulted with stupid suggestions.

I never try to insult people apart from BTL landlords, and no insult was intended. I am just trying to help and sometimes that means tough love rather than telling people to hold on and things will get better.

SquatNow

Miss.Sian-Marie wrote: »

Well, all I am willing to say is that we're not going to rise to the bait, we're not going to go and get ourselves into negative equity just because some "squatter" behind a computer screen says our house isn't worth what an ESTATE AGENT valued it at and we have price dropped accordingly to what we feel necessary.

I'm sorry, but if you can't sell the property at a high enough price to pay off the mortgage, then you ARE in negative equity. Simply refusing to drop the asking price doesn't change that.

Miss.Sian-Marie wrote: »

Well, all I am willing to say is that we're not going to rise to the bait, we're not going to go and get ourselves into negative equity just because some "squatter" behind a computer screen says our house isn't worth what an ESTATE AGENT valued it at and we have price dropped accordingly to what we feel necessary.

Most people get valuations from several estate agents and then go with the estage agent that says they can get them most for their property... make sense, getting the best price and all.

Sadly this means estate agents have a nasty habit of deliberately significantly overvaluing in order to get customer to sign up with them, and then a few weeks later advising the customer to reduce the price.

pamaris

Hi... what you have to do is take a good look at market conditions.... first consider whether property has been in a 'bubble'... then consider whether you think things are going to 'pick up again'.

Consider whether prices actually are in for a long slide. If they are, then you HAVE to undercut whatever you see around you rather than blending in and trying to stand out simply because your house is nice or different. House prices have slidden in the past, and they are sliding now. Would you rather have 167k now or 147k in a year from now?

The boom is over, so it seems foolhardy to wait for things to pick up.

If I were you, I'd price for a quick sale & move to be with your boyfriend. Get on with your life. I got on with mine. That meant taking a hit not by selling for less than I wanted but by buying for more than I'd prefer. I know that prices are falling. I bought anyway to get on with my life.

My point is, it's your life. What's the point in putting your life on hold for the sake of a few thousand pounds? Yes, a 'few thousand' is a lot of money, but you win some & you lose some. You just might win by undercutting the competition & moving quickly.

It wasn't the best decision financially for us to buy, but I just tried to do the best with the cards we were dealt & in the end I'm happy, my kids are happy, and we've gotten on with our lives.

To stand out, you need to price at less than the competition. It is unfortunate for you but life sucks that way sometimes. In any case, you'll be better off than most as you'll have 65-70k in the bank! So buck up. It ain't so bad.

p.s. Consider these things carefully & not emotionally... most people on this board are quite savvy as far as macroeconomic observations go.

bookduck

mouseprice.net says that the average for your area is £157400 but no 20 sold for £190000 about this time last year.. I don't think they take a falling market into consideration. I'd check with the others and see what recent price they sold for, if I were you

To be honest they all look similar. Your entering a cul-de-sac and you have a workshop or lorries or garages in front of you.

The floor layout is not traditional, always walking down stairs to go to the bathroom

It is the middle of summer in a few weeks, time to sell. Not much sells in winter, so you may be in there another 9 months and the market may have dropped much further.

Persoanlly, I get the feel of fishbowl effect and twitching curtains.

You do have the best back garden though.

gfplux

Hello again peperjulie,
See what checking the measurements does. WOW !
Using your figures your house is 33% bigger than the other bungalow and your bungalow costs only 6% more. WOW again
You have to do what you have to do. however I am a great believer in using the facts, presenting them well and then let the market decide.
I really do get a feeling that because of the boom everyone has forgotten how to sell a house. You don't let it hang in the wind and sell it in 2 days (as it was during the BOOM) Of course there are fewer buyers and fewer mortgages but that should not stop anyone from doing their best and trying.
Good Luck and ignore those people who seem to get so angry when they sit hidden behind a computer screen.