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Home Owners Increasingly Pessimistic On Property Values


rantnrave
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I believe the wife knows the sellers of the ex-£365k job, but 'knowing' in that part of the country can mean anything from intimate acquaintance to merely swerving around them in the road. From the conversation we had at the time, she clearly believed the sellers who had accepted £325k had done the right thing pulling out as they'd accepted far less than they might have got. At the time I felt like suggesting it was a brave thing to let buyers go, but decided against. I'll report back how the would-be sellers of the £329k property fare, as they are obviously motivated to sell and it looks like they'll be setting a new price point for the locality, one that won't be winning them any new friends.

Well that's a completely mentalist attitude. They put it on the market at a value they were happy with and could have sold. Be lucky to get an EA with interest to even market it now, and lucky to get anyone even viewing it.

I suspect they were one of the many who are just trying the market. If I wanted to sell, how much and how quickly etc. AKA time wasters.

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I think age is playing a part here this time round.

First of all many sellers/potential down sizers are far older than they were in the last crash (the average age of someone with a decent sized home is much higher). Older people tend to be more stubborn and opinionated - full stop.

Secondly older people 'have seen it all before' - any previous fall in prices has been recovered in a few years...so all you need to do is wait and they have a much longer time perspective.

This is the oldies crash....it won't happen if they have their bloody way.They may have to die in their over valued properties.

Good post.

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I suspect they were one of the many who are just trying the market. If I wanted to sell, how much and how quickly etc. AKA time wasters.

The official line is they were planning to retire, but the guy decided to hang on for another couple of years. Concluding they'd accepted too low an offer, of course, could have been a big part of it. Either way, there's a very real chance that by as soon as the end of this year they will be regretting that decision to put it mildly.

Also, in response to the other poster's remark about oldies, the hopefully seller of the £399k property (god help me, but that's insane) was well into retirement and I understand had plans to do the downsizing thing, but couldn't make the maths work unless he got a tidy sum. My guess is he got a hefty dose of reality pretty quickly (maybe an offer so cheeky it forced a change of underpants) and he pulled out sharpish. Got a sneaky feeling I'll be making regular Rightmove visits to that neck of the woods in the coming months. It could get very interesting...

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still plenty of people out there that might think prices have gone down but 2 things that will play a factor:

the "I'm not going to give it away" mentality

the "My house is different to the other ones on the street - conservatory, bigger garden, better position/corner plot etc..." mentality which generally means that they think theirs would sell in a day and for 10-20% more than everyone else's.

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Anyone who took out a 95%+ mortgage over the past 5 years might as well just hand the keys back to the bank. Being in negative equity for the rest of your life is not exactly appealing.

A country full of muppets is what we have here, who should have never been allowed anywhere near a self cert (liar loan) application form.

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Makes the rightmove bounce in asking prices this month all the more puzzling. Vendors still appear to be overly-optimistic with their asking price IMO. I am surprised that there are not more wanting out before the winter lull starts.

Seasonal. Only serious sellers[1] over the summer so lower asking prices, but now lots of kite-flyers.

[1] to a first-order approximation.

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