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Amount Of Overnight Price Drops On Rightmove Seem High-Is This Normal?

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jsut done a last 24 hr search on RM for leics and notts.roughly 61% of entries were drops in price and the other 39% new instructions in notts and about 53% of leics were price drops.

does anyone do a similar search regularly and can they tell me if these proportions are normal?

just interested that's all.

thanks if you can shed any light.

If I understand correctly, and if I approximate your figures to 60% and 40%, that just means that for every 4 houses listed, there are 6 price reductions, so on average each house on Rightmove is being reduced 1.5 times, or for every two listed one gets reduced once and one gets reduced twice. I think.

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There has to be a point where people, who may even be mortgage free, panic and start dropping their price? They realise that the longer they wait, the less they will get? why keep empty flats/holiday homes etc, especially if things are tight?

Edited by dances with sheeple

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There has to be a point where people, who may even be mortgage free, panic and start dropping their price?

Very true.....people generally don't move on a whim they move because they have a good reason to move, and sometimes time is of the essence....when it homes onto them that their house is not worth as much as they thought it was, they overcome their denial and start living in the real world their attitudes will change...they will bite the bullet and do what the only right thing is to do...drop the price or forever live in the past, in a place they don't want to be living in. ;)

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Very true.....people generally don't move on a whim they move because they have a good reason to move, and sometimes time is of the essence....when it homes onto them that their house is not worth as much as they thought it was, they overcome their denial and start living in the real world their attitudes will change...they will bite the bullet and do what the only right thing is to do...drop the price or forever live in the past, in a place they don't want to be living in. ;)

Like a wealth destroying heat seeking missile with Krusty`s face (or is it her ass?) on it?

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I do a 24 hour search daily but fear that now I have begun viewing that I will put people off reducing.

Get the reduction in BEFORE you view. Say to the agent "If they are interested in £x I will view it"

Why waste your time if you won't pay what it's on for now?

No reductions no viewings.

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Get the reduction in BEFORE you view. Say to the agent "If they are interested in £x I will view it"

Why waste your time if you won't pay what it's on for now?

No reductions no viewings.

Good idea. I will try that tomorrow.

I know it will not work though as many of the EAs I speak with still, IMPO, are somewhere between denial and laa-laa land.

I had one today who claimed that they had loads of cash buyers looking to buy this month, to which I told her that I expect to see her sales office devoid of houses for sale by Oct and the land reg figures to show the best sales in Swansea for several years.

She looked at me confused.

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Good idea. I will try that tomorrow.

I know it will not work though as many of the EAs I speak with still, IMPO, are somewhere between denial and laa-laa land.

I had one today who claimed that they had loads of cash buyers looking to buy this month, to which I told her that I expect to see her sales office devoid of houses for sale by Oct and the land reg figures to show the best sales in Swansea for several years.

She looked at me confused.

Everybody on here should try it.

Which is best, vendor to friend or neighbour?

"We had another viewing this week"

Or

"Nobody will even view our house unless we drop it at least £x"

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I had one today who claimed that they had loads of cash buyers looking to buy this month, to which I told her that I expect to see her sales office devoid of houses for sale by Oct and the land reg figures to show the best sales in Swansea for several years.

She looked at me confused.

What do you expect when you use words like 'devoid' in conversation with an estate agent. Next time say empty and they'll get what u mean init.

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Good idea. I will try that tomorrow.

I know it will not work though as many of the EAs I speak with still, IMPO, are somewhere between denial and laa-laa land.

I had one today who claimed that they had loads of cash buyers looking to buy this month, to which I told her that I expect to see her sales office devoid of houses for sale by Oct and the land reg figures to show the best sales in Swansea for several years.

She looked at me confused.

That kind of language probably wasn't in her pop-up-book! :D

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Get the reduction in BEFORE you view. Say to the agent "If they are interested in £x I will view it"

Why waste your time if you won't pay what it's on for now?

No reductions no viewings.

If TMT bought a house, there would be nothing left for him to do.

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If I understand correctly, and if I approximate your figures to 60% and 40%, that just means that for every 4 houses listed, there are 6 price reductions, so on average each house on Rightmove is being reduced 1.5 times, or for every two listed one gets reduced once and one gets reduced twice. I think.

Except that a one off search will exclude all of the properties that have sold (at asking) in the time frame of the maximum length of listing.

All you are measuing here is the number of originally-overpriced properties that have been reduced.

tim

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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% +
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      • Even
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