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House Price Crash Forum

Such Small Decreases


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I just flicked through my regular Rightmove search to look for any price changes. As has been the case recently there are lots of small decreases but mostly they are so small they seem pointless.

One property had been reduced from 96,995 to 94,995.

Although its always nice to see a bit of property bee yellow on the screen, £2,000 off a £95,000 - whats the point. I can't imagine a 2% reduction is going to change anyone's mind on a property.

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Oh well, at least it's better than that phase last year when people started putting the price on their properties UP after a year or more on the market.

People's mindset is so accustomed to a 15 year bull market, it will take them quite a while to figure out the mechanics of it going the other way for a while. For example: it is better to sell sooner than later, and he who cuts fastest loses least. Don't worry though, markets are patient tutors.

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Although its always nice to see a bit of property bee yellow on the screen, £2,000 off a £95,000 - whats the point. I can't imagine a 2% reduction is going to change anyone's mind on a property.

Given the stagnation of our current situation, I find the falls somewhat reassuring - it means that buyers aren't biting.

Case in point: My next door neighbour has had their house on the market for well over a year now. They brought back in 2004 and have recently reduced their price to 2.75% below what they paid back then. So far we are only aware of one viewing (their first since listing) and even they didn't seem that impressed.

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I've spoken to a guy whose house has been for sale for over a year now.

Him: I'm desperate to sell it.

Me: Lower the price then by at least 10%.

Him: That would be well below its real value.

Me: The real value in your case depends on how much a buyer wants to pay.

Him: We're out of recession, things will start picking up slowely.

:o

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