MC Fur Q Posted September 1, 2011 Share Posted September 1, 2011 OK, so I've been waiting for house prices to get sensible for 4 years now and, after a couple of false alarms, I'm still waiting. As a recent dad, I'm getting to the stage where I can't wait too much longer and so we put our house on the market 3 weeks ago. It's on for £145k while similar houses in our area are on for £155 to £165k. I figured they're overpriced as I trust the estate agent (he's a relative). After 3 weeks on, we've had one viewing, a divorcee cash buyer but a history of doing up houses. She ended up going for a house round the corner on for £120k which needs lots of work doing. Today the estate agent has rung me asking if I want to drop the price to £140k. Reasons not to drop include: He commented that August is a slow month due to school holidays That comparable houses are on for far more, ours already looks like a bargain on RM The houses on for £140k are on busy roads with work to be done Or, am I just being greedy? Quote Link to comment Share on other sites More sharing options...
RichB Posted September 1, 2011 Share Posted September 1, 2011 How much do you want to sell? Quote Link to comment Share on other sites More sharing options...
SHERWICK Posted September 1, 2011 Share Posted September 1, 2011 How many £s do you need to realise your plans for world domination? Quote Link to comment Share on other sites More sharing options...
Mildura Posted September 1, 2011 Share Posted September 1, 2011 Possibly not the best forum to be asking such a question! But, only 1 viewing in 3 weeks is telling its own story, even accounting for summer holidays, not everybody is away. Perhaps the best thing to do would be to give it a couple of weeks into September then drop if there has been no improvement. I'm also not entirely sure how much impact dropping from £145k to £140k will have, to really make a difference you may have to be bolder. Quote Link to comment Share on other sites More sharing options...
nixy Posted September 1, 2011 Share Posted September 1, 2011 OK, so I've been waiting for house prices to get sensible for 4 years now and, after a couple of false alarms, I'm still waiting. As a recent dad, I'm getting to the stage where I can't wait too much longer and so we put our house on the market 3 weeks ago. It's on for £145k while similar houses in our area are on for £155 to £165k. I figured they're overpriced as I trust the estate agent (he's a relative). After 3 weeks on, we've had one viewing, a divorcee cash buyer but a history of doing up houses. She ended up going for a house round the corner on for £120k which needs lots of work doing. Today the estate agent has rung me asking if I want to drop the price to £140k. Reasons not to drop include: He commented that August is a slow month due to school holidays That comparable houses are on for far more, ours already looks like a bargain on RM The houses on for £140k are on busy roads with work to be done Or, am I just being greedy? At least you're questioning your 'greed'. Realisms no bad thing. What about putting it on with all the agents in your area, instructing them to start at £145k, but also instructing them to reduce the price by £1000 per month 'til sold?? just a thought. Quote Link to comment Share on other sites More sharing options...
Redcellar Posted September 1, 2011 Share Posted September 1, 2011 (edited) It all dpends on your next buy. How much do you need to get it? Work out how much, and therefore what you could financially go down to and then how long you can wait for a sale. If it's needed quickly then drop to a low figure. I have to agree with a previous poster. And a £5K drop wouldn't make me reconsider a property. Not sure £10K would either. For such a small shift I would be viewing it already and offering the lower price. One viewer hints the price isn't the selling point. Another problem with slowly dropping £5K here £2K there is you water down the price drop over a series. Which is more tempting one off £15K reduction or £5K .... 1 month later £2K ... 1 month later £2K etc. etc? It just doesn't have a big impact if you spread it over a year or two. I look at a house once and wouldn't look again unless there was a real reason and a big drop might be just that reason. Gradually dropping it wouldn't get my attention and there are so many other houses to look at I don't think I would spot your price drop amongst the masses. Edited September 1, 2011 by Redcellar Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 1, 2011 Share Posted September 1, 2011 (edited) If you are moving up the pyramid then your selling price doesn't matter, it's relative to the next one you buy. Sell at any price and make sure you get the same %drop on the one you buy. EDIT: unless you are in Negative Equity...then you're f**ked The actual price only matters to them at the bottom of the pyramid selling scam ( i.e. first time buyers ) and them at the top trying to cash in ( old bast*rds ). Edited September 1, 2011 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
Guest_flaps_* Posted September 1, 2011 Share Posted September 1, 2011 Possibly not the best forum to be asking such a question! But, only 1 viewing in 3 weeks is telling its own story, even accounting for summer holidays, not everybody is away. Perhaps the best thing to do would be to give it a couple of weeks into September then drop if there has been no improvement. I'm also not entirely sure how much impact dropping from £145k to £140k will have, to really make a difference you may have to be bolder. I saw a beaut on propertysnake only today who has reduced the price from £315,000 to £314,500 after about 300 days on the market I bet they are sat there now, quivering in anticipation, awaiting the stampede..... Quote Link to comment Share on other sites More sharing options...
Redcellar Posted September 1, 2011 Share Posted September 1, 2011 If you are moving up the pyramid then your selling price doesn't matter, it's relative to the next one you buy. Sell at any price and make sure you get the same %drop on the one you buy. The actual price only matters to them at the bottom of the pyramid selling scam ( i.e. first time buyers ) and them at the top trying to cash in ( old bast*rds ). Yes, it's like a TV gameshow. People consider the value of their property as if it's hard cash in the bank. It's not until you sold it. So consider any gains you make as like winning cash on a TV show. You didn't have the money when you started so anything you make is a positive. That way you can drop the price and you are still a winner! People always seem gutted when they get free money. They seem to want to be miserable that they didn't get more, just beacause they saw it on offer or someone else did get it. Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted September 1, 2011 Share Posted September 1, 2011 If you are moving up the pyramid then your selling price doesn't matter, it's relative to the next one you buy. Sell at any price and make sure you get the same %drop on the one you buy. EDIT: unless you are in Negative Equity...then you're f**ked The actual price only matters to them at the bottom of the pyramid selling scam ( i.e. first time buyers ) and them at the top trying to cash in ( old bast*rds ). Love it Quote Link to comment Share on other sites More sharing options...
Redcellar Posted September 1, 2011 Share Posted September 1, 2011 I saw a beaut on propertysnake only today who has reduced the price from £315,000 to £314,500 after about 300 days on the market I bet they are sat there now, quivering in anticipation, awaiting the stampede..... Hee hee. Waiting by the phone for all the calls. But there are none. Check the phone line, it must be broken. Ah well, good luck to them. A fool and their money are easily parted. So they just need to find that one fool. Quote Link to comment Share on other sites More sharing options...
bumpy Posted September 1, 2011 Share Posted September 1, 2011 OK, so I've been waiting for house prices to get sensible for 4 years now and, after a couple of false alarms, I'm still waiting. As a recent dad, I'm getting to the stage where I can't wait too much longer and so we put our house on the market 3 weeks ago. It's on for £145k while similar houses in our area are on for £155 to £165k. I figured they're overpriced as I trust the estate agent (he's a relative). After 3 weeks on, we've had one viewing, a divorcee cash buyer but a history of doing up houses. She ended up going for a house round the corner on for £120k which needs lots of work doing. Today the estate agent has rung me asking if I want to drop the price to £140k. Reasons not to drop include: He commented that August is a slow month due to school holidays That comparable houses are on for far more, ours already looks like a bargain on RM The houses on for £140k are on busy roads with work to be done Or, am I just being greedy? Any buyer with any intelligence will offer no more than 90% of asking price ie £130. Reducing to £140 may get you more interest and in turn allow you to say no to a 10% reduction. Swings and roundabouts. Quote Link to comment Share on other sites More sharing options...
juvenal Posted September 1, 2011 Share Posted September 1, 2011 I saw a beaut on propertysnake only today who has reduced the price from £315,000 to £314,500 after about 300 days on the market I bet they are sat there now, quivering in anticipation, awaiting the stampede..... They'll be hoping to win that £500 back - on a hard deal on the curtains and carpets.... Quote Link to comment Share on other sites More sharing options...
generation jones Posted September 1, 2011 Share Posted September 1, 2011 I would wait till say, mid-October and re-evaluate then. If i were viewing a house at £140-145k i would assume that an extra £5,000 or so is built into the asking price for negotiation in any event. If viewings don't ramp up in September then is the time to consider a drop. Quote Link to comment Share on other sites More sharing options...
Terribad Posted September 1, 2011 Share Posted September 1, 2011 troll thread imo Quote Link to comment Share on other sites More sharing options...
profitofdoom Posted September 1, 2011 Share Posted September 1, 2011 I would wait till say, mid-October and re-evaluate then. If i were viewing a house at £140-145k i would assume that an extra £5,000 or so is built into the asking price for negotiation in any event. If viewings don't ramp up in September then is the time to consider a drop. Last July I sold my house and took a considerably cheaper one in p/ex.At the time it was on at £155k and I just left it on the market at that price.I had several viewing and then an offer of £140k this June.I turned it down but sold it to a friend at that price instead.I loked round last month and saw a 3 bed semi on at £129,950 and ended up paying £111k.So people are obviously prepred to take a hit in some cases. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted September 1, 2011 Share Posted September 1, 2011 Greed doesnt come into. If your not getting viewings your price is too high, end of. Quote Link to comment Share on other sites More sharing options...
MC Fur Q Posted September 1, 2011 Author Share Posted September 1, 2011 Greed doesnt come into. If your not getting viewings your price is too high, end of. I wonder if anyone is. How much do you want to sell? Not too fussed TBH. I think there are plenty of drops to come along and we don't have a house that we want to move to. There are a few on our RM saved properties list but most are overpriced. My favourite is overpriced by 40k. We've decided not to view until we have accepted an offer on ours. troll thread imo Thanks. I guess you've not read any of my previous posts or my blog... Quote Link to comment Share on other sites More sharing options...
MC Fur Q Posted September 1, 2011 Author Share Posted September 1, 2011 Perhaps the best thing to do would be to give it a couple of weeks into September then drop if there has been no improvement. That's what we're thinking at the moment. If August really is a slow month things ought to pick up... if anyone is buying nowadays. Quote Link to comment Share on other sites More sharing options...
peter_2008 Posted September 1, 2011 Share Posted September 1, 2011 OK, so I've been waiting for house prices to get sensible for 4 years now and, after a couple of false alarms, I'm still waiting. Reasons not to drop include: He commented that August is a slow month due to school holidays That comparable houses are on for far more, ours already looks like a bargain on RM The houses on for £140k are on busy roads with work to be done Or, am I just being greedy? This may sound very obvious, but have you checked recent sold price? In my area, most asking prices are 25% 30% above recent sold price. The vendors are so dislutional, I just ignore those. Beside, even if there are idiots who are willing to offer a higher price, the ortgage application will fall through anyway. Banks simply will NOT lend more than recent sold price. The fact that you neighbour's houses are asking for £160k is irrelevant. If I sell my magic beans for £2M and any other guy sell them for £1M, does that make it a bargain? Quote Link to comment Share on other sites More sharing options...
Nationalist Posted September 1, 2011 Share Posted September 1, 2011 Have you found one to move to? So long as you get a matching discount on your next purchase drop to whatever it takes to make the sale. Perhaps you should flag your details as "will consider offers" or some such, then attempt to pass on the haircut. Quote Link to comment Share on other sites More sharing options...
winkie Posted September 1, 2011 Share Posted September 1, 2011 OK, so I've been waiting for house prices to get sensible for 4 years now and, after a couple of false alarms, I'm still waiting. As a recent dad, I'm getting to the stage where I can't wait too much longer and so we put our house on the market 3 weeks ago. It's on for £145k while similar houses in our area are on for £155 to £165k. I figured they're overpriced as I trust the estate agent (he's a relative). After 3 weeks on, we've had one viewing, a divorcee cash buyer but a history of doing up houses. She ended up going for a house round the corner on for £120k which needs lots of work doing. Today the estate agent has rung me asking if I want to drop the price to £140k. Reasons not to drop include: He commented that August is a slow month due to school holidays That comparable houses are on for far more, ours already looks like a bargain on RM The houses on for £140k are on busy roads with work to be done Or, am I just being greedy? So what do you want to buy?....say to the friendly agent sure will drop only if you can drop the same percentage on a house you want to buy or get them to drop on their commission. Quote Link to comment Share on other sites More sharing options...
MC Fur Q Posted September 1, 2011 Author Share Posted September 1, 2011 This may sound very obvious, but have you checked recent sold price? Yes, the house across the road sold for 142k in December. It doesn't have the extended kitchen or garage that we have but it does have a conservatory. Quote Link to comment Share on other sites More sharing options...
MC Fur Q Posted September 1, 2011 Author Share Posted September 1, 2011 Perhaps you should flag your details as "will consider offers" or some such, then attempt to pass on the haircut. I hope the agent is already saying that. I could say drop it to 140k but with the offers in excess of prefix and then I will have become everything that I detest. Quote Link to comment Share on other sites More sharing options...
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