Jump to content
House Price Crash Forum
Realistbear

E As Tell Homeowners To Drop Prices

Recommended Posts

http://uk.finance.yahoo.com/news/home-owners-must-reduce-prices-by-10pc-to-sell-properties-tele-630dfc5eaa79.html?x=0

Home owners must reduce prices by 10pc to sell properties
Myra Butterworth, 17:18, Tuesday 12 October 2010
Home owners must accept offers of 10 per cent below the asking price to sell their properties, warn estate agents who are the gloomiest they have been about the housing market for 18 months.

10% ? :blink:

Share this post


Link to post
Share on other sites

I love the quote "Tom Goodley, a RICS member form Norfolk, said: There appears to be a lot of over priced houses on the market, and a shortage of buyers. The basic economics of supply and demand must prevail."

Yet that is only 10%!

At last the chickens are coming home to roost. panic sellers coming soon to an EA near you!!

Share this post


Link to post
Share on other sites

tee - hee. I'm in the South East (near London) - viewed a place couple of weeks ago, on for 249K, offered 150K - declined, increased to 180K vendors thought about it for a couple of days & then declined. Ah, Estate agent phoned me today - they want to accept my offer!!! tee, hee. Hmm, do I want it now prices are starting to fall :rolleyes:

200 yrs old, etc, etc,

Semi-rural unmortgagable - renovation costs circa 70K...........BUT partridges wandering across back garden. hmm we'll see

And ya, if I do decide to go for it - then I will re-evaluating back to 150K.... :lol:

Share this post


Link to post
Share on other sites

Problem is EAs have to get houses on their books in the first place and they do that by talking up how many potential buyers they have and what great prices they can get.

They then sign the seller to a 3 or 6 month sole agency.

Then they have to start the gentle process of deflating the sellers expectations. Trouble is, people usually leap at 'my house is worth 800k,' but are less likely to want to hear 'maybe you should reduce to 720' a couple of months down the line.

A house near where I live was on the market for 1.1m, 200k above the most ever paid in that street for similar houses. Sat there for months, got reduced to 1m dead.

A very similar house came up, in slightly worse condition but it was a probate sale that the heirs wanted to push through. Went on at 775k and sold within a few days.

The owners of the more expensive house changed estate agents once, then eventually took it off the market. Another very average house has just gone on the market in the same street for £1.2m. That's 50% above what any house has ever sold for in that street before.

Share this post


Link to post
Share on other sites

£150k sounds good where roughly in the south east?

I'll let you know if I decide not to buy it. Its a very quiet area- no yobbos (especially after you drive over the little kissing bridge to get to the cottage) :rolleyes:

Share this post


Link to post
Share on other sites

I'll let you know if I decide not to buy it. Its a very quiet area- no yobbos (especially after you drive over the little kissing bridge to get to the cottage) :rolleyes:

Ok fair enough. Sounds like my sort of place. How about just the county?

Share this post


Link to post
Share on other sites

I'll let you know if I decide not to buy it. Its a very quiet area- no yobbos (especially after you drive over the little kissing bridge to get to the cottage) :rolleyes:

How far's the nearest pub?

Share this post


Link to post
Share on other sites

Err,sorry. No pubs in village (Got to compromise somewhere)

Sorry, I should have added - this place used to be an 'Ale House'. Neighbour has old, old pics/local historian. (Fact, honest - forgot to mention it)

BUT, 1st prob is: when we viewed there was 'steam ' coming up from ground - I do not jest. Though it is on mains sewers now, I can only think maybe this is an old cesspit.....?

No sign of a cellar either. Anyone any idea of an old ale house usually has cellar? Its not an old pub, just an old ale house

Edited by Muskoka

Share this post


Link to post
Share on other sites

Maybe a question to start a new thread about?

Anyway, I think the news about estate agents telling vendors to drop prices is great news, if the MSM pick up on it then people will lower asking prices AND vendors will either accept the lower offers or lower their asking price accordingly .... maybe both :D:D:D:D

Share this post


Link to post
Share on other sites

BUT, 1st prob is: when we viewed there was 'steam ' coming up from ground - I do not jest. Though it is on mains sewers now, I can only think maybe this is an old cesspit.....?

No sign of a cellar either. Anyone any idea of an old ale house usually has cellar? Its not an old pub, just an old ale house

Evening mist rising? Does that sometimes if the conditions are right and the ground's damp (would've been even more obvious on any nearby streams or rivers). Did it turn foggy?

Share this post


Link to post
Share on other sites

http://uk.finance.yahoo.com/news/home-owners-must-reduce-prices-by-10pc-to-sell-properties-tele-630dfc5eaa79.html?x=0

Home owners must reduce prices by 10pc to sell properties
Myra Butterworth, 17:18, Tuesday 12 October 2010
Home owners must accept offers of 10 per cent below the asking price to sell their properties, warn estate agents who are the gloomiest they have been about the housing market for 18 months.

10% ? :blink:

Well in the last month i have seen a lot of price reductions so i suspect there is something going off.

Share this post


Link to post
Share on other sites

I love the quote "Tom Goodley, a RICS member form Norfolk, said: There appears to be a lot of over priced houses on the market, and a shortage of buyers. The basic economics of supply and demand must prevail."

Yet that is only 10%!

At last the chickens are coming home to roost. panic sellers coming soon to an EA near you!!

What makes a panic seller? Most people in nice houses will ride out the storm, no?

Share this post


Link to post
Share on other sites

What makes a panic seller? Most people in nice houses will ride out the storm, no?

Ah, but what about nice people in most houses..?

Share this post


Link to post
Share on other sites

What makes a panic seller? Most people in nice houses will ride out the storm, no?

In 1994 it did not matter if you had five lever locks on all your doors and windows. If a house in your road sold for 25% less then your house instantly was worth 25% less. A panic seller is someone who has no option but to sell ahead of the curve. In turn this reduces the price of all the other houses in the road even more.

Share this post


Link to post
Share on other sites

What makes a panic seller? Most people in nice houses will ride out the storm, no?

Not if they've been riding the storm for three tears already! This may seem like their last chance how many would want to wait another three years. (in reality more like ten, but I'm speaking as a deluded vendor would think)

Edited by Pent Up

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 225 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.