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Buffer Bear

Update - Not Selling (South London)

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Posted on other threads but here is an update. House being marketed (overpriced). No viewings or offers. Family do not want to reduce. Under pressure (from me)property reduced by 30k (still overpriced by 30k). 8 viewings. No offers (well, one for 25% less than the asking price. - I laughed. Someone on HPC methinks :lol: . Family is not prepared to negotiate). This offer at least means my family take me a bit more seriously now. Common feedback "too much work" so not selling. We will be luck to get the amount offered above in another 6 months :ph34r: .

Sorry for being vague on exact location etc but I don't want to give the game away......after all, I still have a property to sell (try to sell :unsure: ).. :rolleyes::unsure:

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Posted on other threads but here is an update. House being marketed (overpriced). No viewings or offers. Family do not want to reduce. Under pressure (from me)property reduced by 30k (still overpriced by 30k). 8 viewings. No offers (well, one for 25% less than the asking price. - I laughed. Someone on HPC methinks :lol: . Family is not prepared to negotiate). This offer at least means my family take me a bit more seriously now. Common feedback "too much work" so not selling. We will be luck to get the amount offered above in another 6 months :ph34r: .

Sorry for being vague on exact location etc but I don't want to give the game away......after all, I still have a property to sell (try to sell :unsure: ).. :rolleyes::unsure:

Is it your house you're selling?

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Posted on other threads but here is an update. House being marketed (overpriced). No viewings or offers. Family do not want to reduce. Under pressure (from me)property reduced by 30k (still overpriced by 30k). 8 viewings. No offers (well, one for 25% less than the asking price. - I laughed. Someone on HPC methinks :lol: . Family is not prepared to negotiate). This offer at least means my family take me a bit more seriously now. Common feedback "too much work" so not selling. We will be luck to get the amount offered above in another 6 months :ph34r: .

Sorry for being vague on exact location etc

No, but you don't have to be quite so vague on the price. 30K over on a 500K house is within negotiating range, on a 180K house it isn't.

tim

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Is it your house you're selling?

I own a share.

No, but you don't have to be quite so vague on the price. 30K over on a 500K house is within negotiating range, on a 180K house it isn't.

tim

The clue is in the offer made which was about 25% lower than the asking price. Having now used a calculator, the offer was 28% lower. The property is on for under 400k.

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SW or SE London?

In catchment area of any desired schools?

Anything recently sold in the immediate area coming up with the Rightmove comparison tool?

SW, no, yes. Our asking price is competitively priced (in range) but if someone offered 20k - 30k lower than the asking price, I would bite their hand off.

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The clue is in the offer made which was about 25% lower than the asking price.

As you didn't say what that 25% less was in real numbers that was no clue at all.

tim

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Are you saying 25% off the price of a house, any price house, is not significant? I did say we had reduced it by 30k and it was still 30k overpriced.

tim, give me a break, I was simply posting some anecdotal evidence. Take it or leave it. I don't come here to argue and fight. I need to reserve my energy for more important matters.

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Are you saying 25% off the price of a house, any price house, is not significant? I did say we had reduced it by 30k and it was still 30k overpriced.

tim, give me a break, I was simply posting some anecdotal evidence. Take it or leave it. I don't come here to argue and fight. I need to reserve my energy for more important matters.

Of course it's significant.

But it was you that introduced these two figures, 60K overpriced and 25% off but didn't give us enough info to see if they were in any way related.

If the house is priced at 250K then the 25% off represents the 60K overprice that you mentioned.

But if it is priced at 1 million then it doesn't.

In order for us to make meaningful replies about this offer, it is necessary for us to know which it is (and unreasonable for you to expect otherwise)

tim

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Sorry for being vague on exact location etc but I don't want to give the game away......after all, I still have a property to sell (try to sell :unsure: ).. :rolleyes::unsure:

Not trying to start a row but this confused me, if you want to sell it surely you would publish the detail, maybe someone will think "that will do me guv"

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My reading of it is that his family want to sell at the greedy price and won't come down, and he doesn't want to sell so is happy to let them be greedy and say "told you so" later. Am I right?

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Not trying to start a row but this confused me, if you want to sell it surely you would publish the detail, maybe someone will think "that will do me guv"

Well I can't now because I've shown my hand.....

My reading of it is that his family want to sell at the greedy price and won't come down, and he doesn't want to sell so is happy to let them be greedy and say "told you so" later. Am I right?

No it is not the greedy price. It is in line (slightly cheaper) than similar properties now, which is why the family think it is reasonably priced. They do not understand the reality of overpriced houses(let's be fair 95% of the population don't) so they are not going to suddenly become HPCers.

Actually, I would like to sell and as seen by my status, am a bear. I believe the market will crash. I don't think there is any real benefit from holding the property but we are under no pressure to sell. Through sad circumstances, we have inherited more than one property. I am not selfish enough to insist it is only MY view that is important. If it was I would knock off another 30-40k in the hope of getting a quick sell.

Edited by Buffer Bear

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Of course it's significant.

But it was you that introduced these two figures, 60K overpriced and 25% off but didn't give us enough info to see if they were in any way related.

If the house is priced at 250K then the 25% off represents the 60K overprice that you mentioned.

But if it is priced at 1 million then it doesn't.

In order for us to make meaningful replies about this offer, it is necessary for us to know which it is (and unreasonable for you to expect otherwise)

tim

Look, the only thing that really matters is if your putting in an offer or not. You're a bear so I doubt it.

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Got an offer. Will post counter details if 'accepted.'

Thanks for your anecdotal - there is lots of stuff I have to keep quiet because I don't want anyone to work out who I am and telling the story would give it away. I can probably say thismuch though : I am watching my friends houses on the market, I told them not to hang about at Christmas time. They did because they wanted to get the garden finished and now they have reduced it three times to £380k.

Edited by Reluctant Heretic

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It's gone mysteriously quiet..... :unsure: . Well maybe not mysteriously :rolleyes::lol: . Maybe the offer has been withdrawn? I should call my family member, who is the main contact, to get an update.

Edited by Buffer Bear

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It's gone mysteriously quiet..... :unsure: . Well maybe not mysteriously :rolleyes::lol: . Maybe the offer has been withdrawn? I should call my family member, who is the main contact, to get an update.

I'm listening.

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Listen to this then.

Family member wants to change EA. I am not overly impressed with their service but ultimately, no matter how poor the EA, a sensibly priced property would sell. I personally think another reduction would encourage more offers but to keep reducing it will possible encourage potential buyers to hold off in anticipation of a further reduction, hence the importance of getting the asking price correct in the first instance. :rolleyes: Somehow, I think the EA will be changed rather than the price. Looks like we will be chasing the market down.....At some point, I will need to raise this but things are sensitive at the moment. :(

Edited by Buffer Bear

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Listen to this then.

Family member wants to change EA. I am not overly impressed with their service but ultimately, no matter how poor the EA, a sensibly priced property would sell. I personally think another reduction would encourage more offers but to keep reducing it will possible encourage potential buyers to hold off in anticipation of a further reduction, hence the importance of getting the asking price correct in the first instance. :rolleyes: Somehow, I think the EA will be changed rather than the price. Looks like we will be chasing the market down.....At some point, I will need to raise this but things are sensitive at the moment. :(

What do they think changing agent will bring to the table? I'm sure all agents have the same buyers on their books in London suburbs?

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Listen to this then.

Family member wants to change EA. I am not overly impressed with their service but ultimately, no matter how poor the EA, a sensibly priced property would sell. I personally think another reduction would encourage more offers but to keep reducing it will possible encourage potential buyers to hold off in anticipation of a further reduction, hence the importance of getting the asking price correct in the first instance. :rolleyes: Somehow, I think the EA will be changed rather than the price. Looks like we will be chasing the market down.....At some point, I will need to raise this but things are sensitive at the moment. :(

I think you should post your experiences here: http://forums.moneysavingexpert.com/showthread.php?t=1707749&page=266 it's a support thread at MSE for people struggling to sell. They all seem to think that changing agents is the solution to all their selling woes and that dropping the price is pointless because the problem is lack of buyers not overpriced houses (WTF!!!???)

Anyway I don't condone hpcers going in there on the rampage as it ruins the thread, it's like a scientific experiment where intervention of the observer ruins the results, it's best left alone to see the thoughts and sentiments of actual vendors. But I think your experience and realistic attitude of the Market would be beneficial. Also you'll get lots of *HUGZ* for not being able to sell an overpriced house!

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What do they think changing agent will bring to the table? I'm sure all agents have the same buyers on their books in London suburbs?

Never mind changing agent - what happened to the previously stated offer...? :unsure:

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What do they think changing agent will bring to the table? I'm sure all agents have the same buyers on their books in London suburbs?

Correct.

I think you should post your experiences here: http://forums.moneysavingexpert.com/showthread.php?t=1707749&page=266 it's a support thread at MSE for people struggling to sell. They all seem to think that changing agents is the solution to all their selling woes and that dropping the price is pointless because the problem is lack of buyers not overpriced houses (WTF!!!???)

Anyway I don't condone hpcers going in there on the rampage as it ruins the thread, it's like a scientific experiment where intervention of the observer ruins the results, it's best left alone to see the thoughts and sentiments of actual vendors. But I think your experience and realistic attitude of the Market would be beneficial. Also you'll get lots of *HUGZ* for not being able to sell an overpriced house!

If I do post, will let you know... :ph34r:

Never mind changing agent - what happened to the previously stated offer...? :unsure:

Family member told me they were going to negotiate but I don't know what has happened since. Haven't asked. Family birthday party this weekend and really did not want to spoil the atmosphere with my 'silly' questions.. :unsure: I think the offer is off the table but let's wait and see.

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The agent is being changed in a few weeks time. I stated that there was little point because if the property was priced competitively, the house would sell and the EA would be irrelevant. We have agreed that when the agent is changed, we will knock off another 20k, to generate realistic offers. We have lost nearly 2 months and if we had put it on at the newly 'agreed' price, we might have been in a different situation today..... :rolleyes:

Ps the 'offer' never materialised.....

Edited by Buffer Bear

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There certainly seems to be a marked slow down in sales at the moment in South London. Seeing little going under offer in my bee searches. Million pound houses still coming on daily...

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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