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geezer466

Dropping To Catch A Falling Knife Is Becoming Fashionable

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Ours has been on the market 4 months and only 1 viewing to date. First 3 months priced at £450k (estate agents valuation) no viewings. So I dropped price to £425k and got 1 viewing, feedback was nice house but wants a bigger kitchen. Since then nothing so I've just changed agent and dropped the price to £375k on the new agents advice. Straight away 3 viewings are booked in. Keep dropping until you catch up with the market I'm afraid. We paid £350k for the house in 2005 and spent £25k moderninising, so it looks like we will probably make a small loss but we have relocated so have no choice and that's just how the market is.

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Sentiment is very definitely turning!!!!

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When I recently looked at parts of NW London on Zoopla I was surprised to see many price reductions, occasionally even substantial ones. Prices are still way too high but they are certainly coming down, even in London.

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£350k in 2005, so the house is probably worth no more than £200k in a loon free market.

What about in a loon free economy, even at £200k it sounds way overpriced.

Although considering what they paid for it what area is it, they've only made £75k in 6 years of living in it. Sounds a very bad investment choice....

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The most important part of the OP is that the seller is now really contemplating making a loss on the sale. It's all very well people cutting asking prices down from kite flying original prices, but to admit to yourself that you might not get what you paid for it is a leap many people cannot contemplate.

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The most important part of the OP is that the seller is now really contemplating making a loss on the sale. It's all very well people cutting asking prices down from kite flying original prices, but to admit to yourself that you might not get what you paid for it is a leap many people cannot contemplate afford.

Corrected for you. :)

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This is very pragmatic; what makes me laugh are the people who bought ten, twenty plus years ago for comparatively little and DEMAND "today's" prices because THAT IS WHAT THE HOUSE IS WORTH!

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I've watched this site for a long time now and as a str, I took everything on board. We bought our house in 2004 for £220k and spent £40k on genuine improvements (not twigs in vases).

We had it valued in 2007 for £310k.

To beat the Market down we put it for sale last autumn for £195k and sold after three months for £185k.

I am very pleased to see now that we have massively caused the asking prices in the road to drop as our sold price is now publically available.

I don't know what the opposite of a price ceiling is but we certainly plummeted our road back to 2001 prices.

Now renting and starting to see some great properties drop into our price range to buy!

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I've watched this site for a long time now and as a str, I took everything on board. We bought our house in 2004 for £220k and spent £40k on genuine improvements (not twigs in vases).

We had it valued in 2007 for £310k.

To beat the Market down we put it for sale last autumn for £195k and sold after three months for £185k.

I am very pleased to see now that we have massively caused the asking prices in the road to drop as our sold price is now publically available.

I don't know what the opposite of a price ceiling is but we certainly plummeted our road back to 2001 prices.

Now renting and starting to see some great properties drop into our price range to buy!

:D troll post ;)

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I've watched this site for a long time now and as a str, I took everything on board. We bought our house in 2004 for £220k and spent £40k on genuine improvements (not twigs in vases).

We had it valued in 2007 for £310k.

To beat the Market down we put it for sale last autumn for £195k and sold after three months for £185k.

I am very pleased to see now that we have massively caused the asking prices in the road to drop as our sold price is now publically available.

I don't know what the opposite of a price ceiling is but we certainly plummeted our road back to 2001 prices.

Now renting and starting to see some great properties drop into our price range to buy!

I'm confused. You lost £75k (+ fees) in 6 yrs and now can't wait to jump back in?

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I'm confused. You lost £75k (+ fees) in 6 yrs and now can't wait to jump back in?

Will only buy in a few years time when market has dropped enough to be reasonable. Then I will only buy a forever home. I can't afford to make a habit of losing so much money! I want to buy a home not an investment!

Had to sell as job relocated. Didn't want it sat on the market at an unachievable price. Estate agent wanted it on at £230k, I knew that it just wouldn't sell for that.

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Will only buy in a few years time when market has dropped enough to be reasonable. Then I will only buy a forever home. I can't afford to make a habit of losing so much money! I want to buy a home not an investment!

Had to sell as job relocated. Didn't want it sat on the market at an unachievable price. Estate agent wanted it on at £230k, I knew that it just wouldn't sell for that.

Fair enough. It sounds like you really did get your fingers burnt on that one though!

When we sold in 2008 we priced ours at 10% off the asking price of the houses near us, then took 5% below asking offer. We had a better thing to move to and wanted out ASAP because of the financial shitstorm that was circling. Luckily that was still 30% above the price paid in 2004.

Sadly very few people in nice houses appear to have that desire or need to sell, so are sticking to their inflated asking prices.

Edited by the stig

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I've watched this site for a long time now and as a str, I took everything on board. We bought our house in 2004 for £220k and spent £40k on genuine improvements (not twigs in vases).

We had it valued in 2007 for £310k.

To beat the Market down we put it for sale last autumn for £195k and sold after three months for £185k.

I am very pleased to see now that we have massively caused the asking prices in the road to drop as our sold price is now publically available.

I don't know what the opposite of a price ceiling is but we certainly plummeted our road back to 2001 prices.

Now renting and starting to see some great properties drop into our price range to buy!

Where was this, if you don't mind my asking?

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Where was this, if you don't mind my asking?

West Yorkshire.

The annoying thing is that we bought our house as a home not an investment . We didn't have a liar loan, didn't mew, had a repayment mortgage, no arrears ever and yet we were shafted financially by the decisions of politicians, bankers and people who took on too much debt to fund a lifestyle!

Oh well, onwards and upwards (for me, not the housing market!)

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This is very pragmatic; what makes me laugh are the people who bought ten, twenty plus years ago for comparatively little and DEMAND "today's" prices because THAT IS WHAT THE HOUSE IS WORTH!

They have MEW so can't afford less

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I've watched this site for a long time now and as a str, I took everything on board. We bought our house in 2004 for £220k and spent £40k on genuine improvements (not twigs in vases).

Genuine improvements? Adding floorspace?

DG, Upgrading heating etc is not improvements - it's just getting it to an accepted standard.

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Genuine improvements? Adding floorspace?

DG, Upgrading heating etc is not improvements - it's just getting it to an accepted standard.

Agree

Acceptable Standard = easier to sell so is always worth doing.

Unless living space has been enlarged by way of an extension then improvements are simply nothing more than general maintenance on the fixtures and fittings..

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Definitely.

My wife has friends in Dorset they've had their property on the market for at least a year (quite possibly more), when I search theirs it's over priced to the competition. Others are dropping at getting sales, they've not even had a viewing! :lol:

Oh! And they are on their third agent! :D

Doesn't that say something about the Agents too then?

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  • 284 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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