prices aint budging

Pete0926

No problem with the HIP,it is done via EA,and paid for if and when the house is sold.

dannyboycey

Fight back?? How? They can be stubborn and decide not to sell, but not a lot more than that. The knock-on effect will be fewer houses on the market and even less sales, inadvertantly lowering prices even more. They are the lucky ones - many others will be forced to sell, and the unluckiest will be repossesed.

Fight back? Not a chance.

LilacPixie

I just really don't understand what all this house prices stuff is about to be honest.

It seems to me that only those who desperatly need to sell will drop prices by a massive amount. Those who have a less urgent need to sell will keep their price at a level they hope it will acheive.

When it comes down to the wire the property belongs to the seller and they can ask whatever price for it they want. If you as a buyer are not willing to pay that price then don't.

Fuchsia_a

pickles110564 wrote: »

It is up to the seller what price they want for their home not what the doom mongers are trying to scare them into thinking what is happening.

Yep, it's up to sellers what price they want to sell it for, but that doesn't mean that anyone will actually pay it. It's ultimately the financial restrictions and decisions of buyers that dictate how much they offer, and if they all offer amounts below the price the seller has stated or don't offer at all then either the house doesn't sell or the seller will have to reduce their expectations. It's a bit like saying that a supermarket could price all of their lemons at £300 if they wanted to. :rolleyes:

phil_b_2

hostman wrote: »

Jesus, not ANOTHER thread with someone suggesting the "fight back" has begun?

Fight back to what? Ever increasing and unsustainable debt levels?

I have almost 400 properties saved on Rightmove for my local area (Luton), all properties I would consider viewing / buying as a first time buyer up to £160k and I see up to ten reductions EVERY DAY.

Why would sellers suddenly hang on even more and why would buyers suddenly begin offering asking prices with the amount of bad news we have coming out daily about the housing market, mortgage market and generally worsening economy?

The BBC do this all the time with their uneducated "business correspondents". They interview someone who is supposed to be a fore most expert in their chosen field, who says something like "Oil went down 0.0001c today, we're all saved" and then the BBC correspondent picks up on it and says "so there we go, Oil is getting cheaper, so we could see cheaper petrol prices".

It is ridiculous and so is this thread.

LMAO! wow, you're easily irritated 'old boy. Way to blow an observation out of proportion.

I am suggesting the market is seeing the flood gates open and making some kind of effort to hold them back. I didnt realise there was some big theory of a 'fight back' bouncing around these boards as you suggest.

With such a large monthly fall, what better way to restore some faith in the market and get buyers confidence up than to make the following months fall minimal to nil? If I was an estate agent I would be urging my clients strongly to not drop a single penny for this month. Its all abot public perception, and if falls slow down or stop things coudl change quite a lot.

WTF?_2

skap7309 wrote: »

Kinda noticed this to. Nestoria average house prices for my town have gone UP in the last 2 months the latest being a 1.8% increase. Last month was a 1.2% increase.
Fair enough 2 beds dropped a massive -4.4% in May (the ones im interested in) but 2 months of overall rises? What are sellers thinking?

Are we talking asking prices or price upon completion?

As to why asking prices might to up, it's so that they can offer a 'discount' to the seller and still get their cash. Or so they think.

That sort of strategy works for retail goods when the market is good but for something as expensive and important as a house in a time when all the media are trumpeting significant falls (with more falls predicted) I doubt that buyers will bite.

What sellers apparently don't realise is that
(a) We are only at the start of the declining prices stage and
(b) The overall poor market is set to last for a number of years. Probably 2-3 years of falling prices and 2-3 years of stagnation. oh, and
(c) The economy is set to get very bad indeed. They may find themselves in the position where they have to sell that second property, or even their main house.


Many are still happy to delude themselves that this is the correction and that things will be back on course in 6-9 months time. All they have to do is ask for a bit more on their house now so as to be able to offer a discount, or else just wait for half a year until sales pick up. I have no sympathy for someone afflicted with such greed and stupidity.

skap7309

pickles110564 wrote: »

It is up to the seller what price they want for their home not what the doom mongers are trying to scare them into thinking what is happening.

Get real the green shoots are poking through.

Dont mean to be rude pickles but that does not make sense my friend.
In my business its up to me what price i mark it up as (what i think its worth innit lol :rolleyes: ) but if something does not sell - i HAVE to lower the price. If it was up to me what price i want to sell my business would cease to exist instantly.
Its the same as buying a car for instance - say that nice BMW is up at 100k when its only worth 50k no-one would touch it with a barge pole. Therefore it will never sell.

Its about keeping up with market trends - housing at the moment is plummeting. No green shoots from where im sitting.

skap7309

Fuchsia_a wrote: »

Yep, it's up to sellers what price they want to sell it for, but that doesn't mean that anyone will actually pay it. It's ultimately the financial restrictions and decisions of buyers that dictate how much they offer, and if they all offer amounts below the price the seller has stated or don't offer at all then either the house doesn't sell or the seller will have to reduce their expectations. It's a bit like saying that a supermarket could price all of their lemons at £300 if they wanted to. :rolleyes:

Thanks - exactly what i was getting at.

MissMoneypenny

phil_b wrote: »

If I was an estate agent I would be urging my clients strongly to not drop a single penny for this month.

If you were an EA, you would go bust. EAs need the commission from sales to survive. They work for themselves, not the client.

Pete0926

Fuchsia_a wrote: »

. It's ultimately the financial restrictions and decisions of buyers that dictate how much they offer, and if they all offer amounts below the price the seller has stated or don't offer at all then either the house doesn't sell or the seller will have to reduce their expectations. :rolleyes:

Or withdraw their house from the market, (if they are able to)
Or potential sellers will not even enter the market (if they don't have to):)