Tuesday, May 27, 2008
This is hilarious [bbc flash movie]
BBC: The housing market dilemma
"A long nine months since our house has been on the market and we've tried everything.... painting the walls.... doing the garden.... we just don't know what to do next..." [can they be serious?] To be fair, two of the experts come to the genius solution that they might just have to........ lower the price. The rightmove expert actually suggested taking it off the market and "relaunching" it [after painting the front door red] to a "refreshed and different market sector".
Posted by pendulum @ 10:59 PM (665 views) Add Comment
11 Comments
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1. Scottie said...
Looks like she done everything except reduced the price. House probably dropped 10-20% in value since she listed. All the paint in the world won't cover the gap.
Drop it 5 % a month untill it sells. If you dont do that the market will leave you behind ,The maketI guess is dropping 2-3% per month even though its not yet showing in the asking prices..
2. Medhyk said...
ouch...ouch...ouch
3. Energyassessor. Org said...
She's been miss sold a HIP by the sound of it. They don't expire just because you take it off the market (unless it's already been on the market for 12 months) and £600??? We only charge £300!
4. Charlie Brooker said...
Here's a revolutionary idea : reduce the price?
5. Im_outta_here said...
This is absolutely hilarious! "We've tried everything.... painting the walls.... doing the garden.... we just don't know what to do next..."! How about offering them a free car, paying their stamp duty for them or paying their mortgage for 6 months- though this does not seem to be doing the trick for Barrats or Wimpey.
When will people just admit to the fact that house values go down as well as up?
6. paul said...
It's funny how the BBC present it as a dilemma, when its actually just market forces doing their work, forcing sellers to lower prices in a self reinforcing virtuous spiral.
7. geed said...
I agree Paul, whats the dilemma? It is an overpriced and overvalued house on the market, one of many (all).
Droping the price by 15% will give her the best chance
8. Loneranger said...
I loved the 'self-marketing' strategy at the end of the film ...'if anyone is looking for a nice property in Muswell Hill etc'
Interesting that she is prepared to lower the price by 10% as suggested by the 'experts' ie estate agents but she is not prepared to take it off the market as she has already spend £600 on her HIP and will have to pay again if she takes it off the market for a while. £600 is peanuts considering how much of an impact the crash will have on prices! Another denial case in my opinion........
9. uncle tom said...
The piece misses the vital question "where are you looking to move to?"
If she is looking to sell and not buy another property, my advice would be:
"we're in an over-priced market that is now correcting. Get ahead of the curve and be ready to accept a low price now, rather than holding out and finding that you have to accept an even lower price in a few months time."
If she is looking to buy a similarly priced property, my advice would be:
"look around, but when you find a place you like, tell the vendor where you live and make it clear that your offer has to relate to the best price you can get for your old place. If you get a bad offer, relay that back to the vendor of the place you want move to - if they say no, you say no. Don't get conned into believing that your old neighbourhood's prices are dropping, but the neighbourhood you want to move to is holding firm. While there will be some regional variations, the fall in prices is fast becoming a nationwide phenomenon."
~~~
When Miles Shipside first appeared on the scene, he was an appalling self-publicist who clearly knew very little about the property market.
A few years on and he still hasn't learnt much, has he?
10. confused76 said...
Be realistic, the market has moved on!
with 33 pages of reduced price properties per post code, and some on the market for over 200 days, a minimum price reduction of 15% is needed in order to sell
http://www.propertysnake.co.uk/site/postcode/nw6
11. it_is_going_with_a_bang said...
Surely this cant be London can it? The place where property prices never go down .... the area of the country protected by some supernatural force from anything else.
Nice to see one agent still sticking with paint the front door and people will forget it was you from the last time.
If they didn't buy it the first time and the market has gone down - why would they buy it months later. Denial of the highest order.
10% drop in one hit. Not forgetting that doesnt account for the final agreed selling price - at least another 5% off.
So that will be 15% off the original asking price.