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The Masked Tulip

Denial, A Greed Or Simply Maddness

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A house that I have been keeping an eye on in Gowerton, Swansea, (They sold for about 125K to 175K 3 or 4 years ago), has been on the market for at least the past 12 months at 350K. It has not sold.

It has now appeared for sale with a different EA at, wait for this, 380K.

Surely, this is simply seller greed/denial. How can anyone conclude a 30K increase after 12 months on the market is beyond me. IMPO, this is one of the main reasons why HPs are not falling dramatically across the country - denial and greed.

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i think with all the news and having the hosue unsold for 12 months at 350k rules out denial.

i think you will find this is pure greed.

like my friends mum who was trying to sell for silly money.

shes seen 35k turn into 140k on the telly, and she wants her 140k too.

prices will continue to fall for 1-3yrs to a low of -40% no matter what.

if they want to leave the house on the market for all that time for 380k - let them.

nothing will happen to it - nothing.

Edited by right_freds_dead

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I've been watching a house in bristol that was on for £210k for a year with no sale and has now changed agents and is on for £215k.

ril

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This used to happen around here until about a year ago.

I suspect the vendor gets hacked off with zero viewings and 'silly offers' and assumes it's the fault of the EA, who, in late 2003, put the property on the market with what was, at that time, a reasonable, maybe slightly optimistic valutaion.

After all their house is lovely, they say so themselves, and worth every penny of (insert figure here). It's all the EA's fault for attracting impoverished buyers.

They ring another EA who is only too pleased to tell them what they want to hear and instils even more confidence by saying they might be able to get even more for it. Vendor immediately signs up to this. New EA gets a stab at selling another property and can always ring the vendor later to suggest a reduction back to the original price, thus the vendor hasn't "lost" anything.

However since it was indeed the price which was the issue in the first place the property carries on sitting there for months and then comes back down to the original price.

Sadly by that time similar properties have been and gone, sold for, say, 30k less. With such an oversupply of similar ones, nobody is going to pay the higher price, so it needs to be put down again. And again.

We haven't reached the point of realisation yet (I don't know how many years it has to be on the market before that happens - 3 years?)

Lately however the opposite seems to be true in that when the vendor changes EAs, the price falls, rather than rises, as the new EA knows it's fairly pointless even taking it on at the current price let alone a higher one.

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Guest Charlie The Tramp

Saw a period dwelling in Beccles Suffolk on the market for 90k in 1998 a bargain IMO, after 12 months and a reduction of 5k still not sold. Six months later price increased to 120k sold like a flash. One year on back on the market for 250k, once again sold quickly.

I really blew out on that one. :(

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  • 301 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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