Friday, Nov 23, 2007
Homes just aren't selling as like they used to!
Times Online: How to Sell Your Home
This couple in West Sussex are asking for 825k for their clapboard - ahem - sorry, New England style house in West Sussex. They're amazed that it's not selling after 2 months on the market and just don't know what to do.
“We know that the right buyers are out there – it’s just a question of finding them,” says Jane. “They are going to be younger, probably City-based, with enough imagination to appreciate the Marrakesh influences of our interiors.”
Yes, that's right, younger and working in the City. I love that they are your typical 2nd / 3rd home on the rung couple trying to sell to a first or second-time buyer but their house is so ridiculoulsy over-priced that no-one in that age-group could ever afford or want it. Sellers are still living in dreamland.
15 Comments
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1. Landedgentry said...
£825K?, I think the 'Marrakesh influences' must be smoking too much sheesha
2. Genie said...
It's obvious what they need to do...just raise the asking price to £5m plus and sell like a hot cake!
“We are selling homes at over £5 million quite easily,” says Crispin Holborrow at Savills. “It’s the homes below £1 million that are proving slower to sell.”
3. Letthemfall said...
Fingers down the throat for this one
4. Smugly said...
Oh dear, looks like the estate agents are now having work for their money...“A house may have a great view – something we may have underplayed in our initial marketing – so we’ll get fresh pictures taken and really stress that aspect of the house for a few weeks.”
5. the reaper said...
“We know that the right buyers are out there – it’s just a question of finding them,” says Jane
she means mugs,not buyers,shurely?
6. uncle chris said...
I suspect the only sensibly priced buying opportunities in the next year or two will be repossessions going to auction. There is a definite stalemate afoot with some very naive sellers around (including a friend of mine) who think of EA valuations in terms of cash in the bank. Most will be left chasing the market down, whereas with a bit of common sense they could get out now and limit their paper losses. In any case, if it comes to a stalemate, then I and many others are quite willing to wait many years if necessary until sanity returns to the market.
7. Kiwicraig said...
Shouldn't get too greedy when the bubble has burst! They allegedely only paid £270k for this property - see: http://www.channel4.com/4homes/ontv/grand-designs/houses/S/sussex_newengland-2.html
8. inbreda said...
“We know that the right buyers are out there – it’s just a question of getting them drunk,” says Jane
9. Letthemfall said...
Chant after me
“We know that the right buyers are out there...
“We know that the right buyers are out there...
“We know that the right buyers are out there...
I'll bet the neighbours are praying they are
10. enuii said...
Kevin McCloud sums it up as 'an incongruous American building, constructed from a kit'; perhaps that's why it wont shift!
11. speculatorone said...
Work this one out. An estate agent sells (STC) a barn conversion in August that had an asking price of £450k. That sale falls through in Sept. It then sells again in Oct, again asking price is £450k. That sale has now fell through and the property is back on the market. Not for the original asking price of £450k but £475k? can you work that one out or am I missing something? They are either trying to be clever or extremely stupid.
12. su said...
Speculatorone.
I've seen a couple of similar tactics in Scotland. They must be from a parallel universe or something because other sellers with similar properties are dropping their prices!
13. drewster said...
I love this quote from the estate agent in London:
"The fringe areas of the capital will suffer first and suffer most. These may be the same places that have been labelled “up and coming” in the last few years."
That's to all those people who said "oooh you should buy a bed-sit in South Norwood and get on the ladder before it's too late!". Up-and-coming yeah right.
14. Deadspider said...
http://www.hamptons.co.uk/prop_details/HOR070555.pdf
15. Renterabroad said...
KiwiCraig - thanks for posting that link. I am disgusted by the couple in question, and by the media.