Pauly_Boy Posted June 20, 2011 Share Posted June 20, 2011 Until the number of forced sellers goes up, everyones going to try their luck and sit on there hands! It's rubbish, and it's almost a vicious cycle, people won't sell because they can't find anything they like on the Market. Quote Link to comment Share on other sites More sharing options...
NEO72 Posted June 20, 2011 Share Posted June 20, 2011 My parents bought their house in 2003 for £99k. I ask them what they think it would be worth today and they said £150k. In reality similar houses have sold recently for near £200k and were even higher at peak. I expect it's the same for most vendors who bought more than five or so years ago. They have little idea of what it's worth until mr estate agent comes in with his bull shit over valuation. Then the vendor thinks that IS the value, he goes on rightmove to see what he can buy with his new found wealth, maybe factors in a few luxuries with the profits he's cleverly made. So then when Mr estate agent rings up a month later advising him to reduce after 0 viewings he won't. Even though the almost identical house next door failed to sell after nearly four years on the market at 20% less (true story). Because it will be a phycological loss. He's already spent the money in his mind. Spot on - I imagine this is a familiar scenario all over the country. Perhaps when their 3 series' and stocks of hair gel need replacing the fact they have filled their windows with overpriced cr@p should start to sink in.. Seriously, it beggars belief that any business that could increase turnover massively with very little effect on profit per unit (i.e. by valuing lower) would act this way. ***STOP PRESS****** Remember people, that not only is this asking prices, its initial asking prices. No price drops are ever measured by Rightmove. None. Ever. No matter how much the asking price drops, its not included in Rightmove reports. Thus, it will always be strongly biased towards an upward trend. Dammit man, I thought we'd managed to go a whole thread without this being brought up Quote Link to comment Share on other sites More sharing options...
200p Posted June 20, 2011 Share Posted June 20, 2011 (edited) They "want" to get the market moving, it ain't happening. Get yer prices doown! Also, If you go in to the EA and don't use their mortgage broker, (they won't get their fee) so you probably won't get the house. If you use their mortgage broker, a new application can take 6 weeks to approve.... add on more time..... (and in that time people can get cold feet) The market is just going soooo slow at the moment. EAs need to sort this out or they will be closing more shops. Bear markets, a whole new ball game. Edited June 20, 2011 by Money Spinner Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted June 20, 2011 Share Posted June 20, 2011 Interesting Daily Mail headline on this. Sellers will soon face reality and cut prices Read more: http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=537808&in_page_id=57#ixzz1Ppo2I8xA Quote Link to comment Share on other sites More sharing options...
Laughing Gnome Posted June 20, 2011 Share Posted June 20, 2011 (edited) Until the number of forced sellers goes up, everyones going to try their luck and sit on there hands! It's rubbish, and it's almost a vicious cycle, people won't sell because they can't find anything they like on the Market. Enough already, I've got to ask: is the market your god, as in... you know, The God? And can we say "...so I put it on the MrGod..."? Or should we fear The Wrath of the Hidden Hand? It's like an episode of Scooby Doo! Edited June 20, 2011 by Laughing Gnome Quote Link to comment Share on other sites More sharing options...
Laughing Gnome Posted June 20, 2011 Share Posted June 20, 2011 And another thing. Whats with moving black day threads! Outrageous - black day threads are the raison d'etre of the main forum!!! Quote Link to comment Share on other sites More sharing options...
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