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GAL BEAR

Our Flat On Market - Not A 'sniff' So Far

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I posted on here a couple of weeks ago that my sister and I have put our Mum's flat up for sale.

(our Mum passed away in March).

So far not a 'sniff' of interest.

I have rung the Estate agent a couple times, they sound like they can't wait to get me off the phone.

The guy who is handling the sale is a the son in law of a girl I work with so he has been pretty

honest with me about the property market. He said things are 'rough here!'

When I asked him to explain, he said up to about March-time people were queueing up outside his

office to buy each morning as soon as they opened up, now NO-ONE !

I am a 'Bear' and want/need the market to crash as I don't own a property and up until poor Mum passed away had no hope in hell of ever owning one. Due to this I am waiting with baited breath for the words "Reduce the price" from the EA but so far nothing has been said.

One interesting thing (which I may have mentioned before) the EA Valued the flat back in March

(then it took a while to go thru probate etc) at the same price he valued it at 2 weeks ago, so no

NO PRICE INCREASE IN 5 MONTHS ! which would have been unheard of last year !!!

I will keep you all updated as promised.

I really do feel that things are going to get 'bad' over the next few months (but good for us Bears !) ;)

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I am waiting with baited breath for the words "Reduce the price" from the EA but so far nothing has been said.

Why not ask him? Just say "What price does this place need to be to get a seller in 4 weeks?" and explain he will then have four weeks to sell it before you go to another agent. Or you could look round for yourself for the cheapest comparable property on the market. Then put yours on at £5k less.

I know your sister is resisting a price reduction, but I really hope you can talk her round. I was an EA myself for ten years, and I was always being asked when the market would fall. I always said I didn't know. Then in Spring of this year, things changed. I called it in April, and firmly believe that it is this period that the LR figures released today are reflecting.* We still have the effects of the rate rises and the Credit Crunch to come, let alone the media storm that is coming when +0.1% turns to -0.1%. The feeling you've got? That is a very sensible urge to sell that flat fast before it becomes a mill stone around your neck.

*LR figures include completions that happened (mainly) in the preceeding 1-2 months. A sale takes on average 2 - 3 months to go through from agreeing a price.

Today the LR released the July report, which therefore is completions in (mainly) June + July. These are therefore sales agreed in April and May.

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I posted on here a couple of weeks ago that my sister and I have put our Mum's flat up for sale.

So far not a 'sniff' of interest.

We've had more 'luck' with one of ours.

I'll post more details, including postcode etc. so those who are interested can do their own Land Reg. search on price paid at purchase & sale once we have exchanged contracts, however -

  • Put on market in June at EA's suggested price of £115k. No interest afer a couple of week.

  • Reduced to £110k. A couple of viewings & an offer of £93k :lol:

  • A few weeks later reduced to £108k More viewings, but no offers.

  • Thinking about reducing to £106k

  • Another viewing, offer £98k rejected.

  • Revised offer £105k, accepted.

So the estate agent was wrong. The flat is worth £105k, not the £115k he originally suggested.

FWIW, we use a similar technique when finding the true market rental value of a property when we have a vacancy & we want to get a tenant in soonish (we drop the 'asking rent' by £10 - £20 every week until somebody signs up).

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Why not ask him? Just say "What price does this place need to be to get a seller in 4 weeks?" and explain he will then have four weeks to sell it before you go to another agent. Or you could look round for yourself for the cheapest comparable property on the market. Then put yours on at £5k less.

I know your sister is resisting a price reduction, but I really hope you can talk her round. I was an EA myself for ten years, and I was always being asked when the market would fall. I always said I didn't know. Then in Spring of this year, things changed. I called it in April, and firmly believe that it is this period that the LR figures released today are reflecting.* We still have the effects of the rate rises and the Credit Crunch to come, let alone the media storm that is coming when +0.1% turns to -0.1%. The feeling you've got? That is a very sensible urge to sell that flat fast before it becomes a mill stone around your neck.

*LR figures include completions that happened (mainly) in the preceeding 1-2 months. A sale takes on average 2 - 3 months to go through from agreeing a price.

Today the LR released the July report, which therefore is completions in (mainly) June + July. These are therefore sales agreed in April and May.

Yes, I have tried to talk my sister round but she thinks I am mad when I say prices are going to fall and we might find ourselves chasing the market down, she says "You have been telling me the market is going to crash for 3 years and its hasn't ! "

I really don't think she will be convinced till she sees it on the 10 oclock news !!!

Anyway we will see what happens in the next few weeks, I suspect 'no change' and that may convinve her.

Edited by GAL BEAR

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I posted on here a couple of weeks ago that my sister and I have put our Mum's flat up for sale.

(our Mum passed away in March).

So far not a 'sniff' of interest.

I have rung the Estate agent a couple times, they sound like they can't wait to get me off the phone.

The guy who is handling the sale is a the son in law of a girl I work with so he has been pretty

honest with me about the property market. He said things are 'rough here!'

When I asked him to explain, he said up to about March-time people were queueing up outside his

office to buy each morning as soon as they opened up, now NO-ONE !

I am a 'Bear' and want/need the market to crash as I don't own a property and up until poor Mum passed away had no hope in hell of ever owning one. Due to this I am waiting with baited breath for the words "Reduce the price" from the EA but so far nothing has been said.

One interesting thing (which I may have mentioned before) the EA Valued the flat back in March

(then it took a while to go thru probate etc) at the same price he valued it at 2 weeks ago, so no

NO PRICE INCREASE IN 5 MONTHS ! which would have been unheard of last year !!!

I will keep you all updated as promised.

I really do feel that things are going to get 'bad' over the next few months (but good for us Bears !) ;)

I have been sitting about waiting to sell for most of the year. Spoke to an Ea who was fairly definite that you have to go up to 30% off asking to get a sure sale at the moment. He blames it all on LTV's coming down and reckoned he had never seen so many knock backs from lenders than is happening right now. I am in North London and have no idea what the market is like elsewhere but I would be fairly certain that everything is overpriced by 20% + at mo.

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Anyway we will see what happens in the next few weeks, I suspect 'no change' and that may convinve her.

Rather than playing wait-and-see, try asking her what she thinks you should do if you get no interest for another two or three weeks. It might be easier for her to agree to a price drop in a future that she's confident will not arrive, rather than later presenting her with a request for a price drop NOW.

In fact, why not ask her why she thinks you've had no interest so far, and what steps she feels need to be taken to fix it.

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We've had more 'luck' with one of ours.

I'll post more details, including postcode etc. so those who are interested can do their own Land Reg. search on price paid at purchase & sale once we have exchanged contracts, however -

  • Put on market in June at EA's suggested price of £115k. No interest afer a couple of week.

  • Reduced to £110k. A couple of viewings & an offer of £93k :lol:

  • A few weeks later reduced to £108k More viewings, but no offers.

  • Thinking about reducing to £106k

  • Another viewing, offer £98k rejected.

  • Revised offer £105k, accepted.

So the estate agent was wrong. The flat is worth £105k, not the £115k he originally suggested.

FWIW, we use a similar technique when finding the true market rental value of a property when we have a vacancy & we want to get a tenant in soonish (we drop the 'asking rent' by £10 - £20 every week until somebody signs up).

£93K seems ok, whats so funny, its within 15% of the asking price, dare I ask how much you paid for it.

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Rather than playing wait-and-see, try asking her what she thinks you should do if you get no interest for another two or three weeks. It might be easier for her to agree to a price drop in a future that she's confident will not arrive, rather than later presenting her with a request for a price drop NOW.

In fact, why not ask her why she thinks you've had no interest so far, and what steps she feels need to be taken to fix it.

Be an active seller... it is a buyers market now....good luck.

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Yes, I have tried to talk my sister round but she thinks I am mad when I say prices are going to fall and we might find ourselves chasing the market down, she says "You have been telling me the market is going to crash for 3 years and its hasn't ! "

I really don't think she will be convinced till she sees it on the 10 oclock news !!!

Anyway we will see what happens in the next few weeks, I suspect 'no change' and that may convinve her.

Asker your sister, to ask the EA, 'Is it now a buyers market?' Then explain to her what that means. Also, tell her to look at the American housing market :o

Sorry, to hear about your bereavement. :(

Edited by Belfast Boy

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I've no idea what needs to be done with a property following probate but seeing as you and your sister have diametrically opposed viewpoints on the housing market, is there any possibility she could buy out your half of the property? At least then you'll both think you've done ok out of it.

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I've no idea what needs to be done with a property following probate but seeing as you and your sister have diametrically opposed viewpoints on the housing market, is there any possibility she could buy out your half of the property? At least then you'll both think you've done ok out of it.

Excellent, stiff your own sister :lol:

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I posted on here a couple of weeks ago that my sister and I have put our Mum's flat up for sale.

(our Mum passed away in March).

So far not a 'sniff' of interest.

It really could just be down to the time of year - everyone on holiday, kids not back at school etc. I bought my first flat in the autumn having been the only person to look at it in over a month, I sold it around 18 months later in pretty much identical market conditions in around a week.

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I posted on here a couple of weeks ago that my sister and I have put our Mum's flat up for sale.

(our Mum passed away in March).

So far not a 'sniff' of interest.

I have rung the Estate agent a couple times, they sound like they can't wait to get me off the phone.

The guy who is handling the sale is a the son in law of a girl I work with so he has been pretty

honest with me about the property market. He said things are 'rough here!'

When I asked him to explain, he said up to about March-time people were queueing up outside his

office to buy each morning as soon as they opened up, now NO-ONE !

I am a 'Bear' and want/need the market to crash as I don't own a property and up until poor Mum passed away had no hope in hell of ever owning one. Due to this I am waiting with baited breath for the words "Reduce the price" from the EA but so far nothing has been said.

One interesting thing (which I may have mentioned before) the EA Valued the flat back in March

(then it took a while to go thru probate etc) at the same price he valued it at 2 weeks ago, so no

NO PRICE INCREASE IN 5 MONTHS ! which would have been unheard of last year !!!

I will keep you all updated as promised.

I really do feel that things are going to get 'bad' over the next few months (but good for us Bears !) ;)

THis seems to be the difference between Southern and Northern EAs.

In the North, you show buyers round yourself. THis means that the EAs underprice - it's no skin off their noses if you have to show a thousand sticky beaks round. This happened to me in Yorks and I received >6 offers, sealed bids etc. The guy underpriced the place and I had to work to get the price up.

In the South, well London anyway, the EAs do the showing so they want to minimise their work.. This means that they over price the place and you get much fewer viewer and much fewer offers. This happened to me in London and I received a single offer the week before it would have been prudent to have dropped the price 5%.

I've no idea which gets you the best price, but the Northern apporach makes for more work for you.

BTW I also think the market in London / SE has slowed... the EAs morale dropped visibly during thie time we were selling (May - Aug). Still, we had an offer within 3 wks. Northern market also dead according to EA (during July) - they were very suprised to see the amount of interest my house garnered... it must have been very underpriced.

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So far not a 'sniff' of interest.

I have rung the Estate agent a couple times, they sound like they can't wait to get me off the phone.

The guy who is handling the sale is a the son in law of a girl I work with so he has been pretty

honest with me about the property market. He said things are 'rough here!'

Maybe it would help if he advertised it on Rightmove. ;)

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THis seems to be the difference between Southern and Northern EAs.

In the North, you show buyers round yourself. THis means that the EAs underprice - it's no skin off their noses if you have to show a thousand sticky beaks round. This happened to me in Yorks and I received >6 offers, sealed bids etc. The guy underpriced the place and I had to work to get the price up.

In the South, well London anyway, the EAs do the showing so they want to minimise their work..

I don't know what price range you have experience of but for "ordinary" houses very few EAs do accompanied viewings in outer London areas I've bought and sold in, something like 1 in 10 if that. They only accompany if a member of the EA staff hasn't seen the property before and needs to see it to describe to buyers (eg poorly decorated and in need of repairs becomes "lots of potential, just needs some vision and a bit of DIY"). They also should accompany if the house is minus its owners at the time of a viewing.

EAs in certain Southern towns such as Bournemouth/Pool are more likely to accompany but even there it's not always at all.

Edited by The Last Bear

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Yes, I have tried to talk my sister round but she thinks I am mad when I say prices are going to fall and we might find ourselves chasing the market down, she says "You have been telling me the market is going to crash for 3 years and its hasn't ! "

I really don't think she will be convinced till she sees it on the 10 oclock news !!!

Anyway we will see what happens in the next few weeks, I suspect 'no change' and that may convinve her.

Did you / her see the 10 o'clock news tonight? Said that without London, prices actually fell.

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Did you / her see the 10 o'clock news tonight? Said that without London, prices actually fell.

Not sure if the veterans would agree on this, but their seems to be a lot more momentum for a fall at the moment. Rather than the 10 o'clock news I suspect it will be the Sun / red top headlines that guinely get the prospects of a crash in the main stream. Houses lose 50 pounds a day type head line. If it ever occurs, I'm getting bearish all the time

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We've had more 'luck' with one of ours.

I'll post more details, including postcode etc. so those who are interested can do their own Land Reg. search on price paid at purchase & sale once we have exchanged contracts, however -

  • Put on market in June at EA's suggested price of £115k. No interest afer a couple of week.

  • Reduced to £110k. A couple of viewings & an offer of £93k :lol:

  • A few weeks later reduced to £108k More viewings, but no offers.

  • Thinking about reducing to £106k

  • Another viewing, offer £98k rejected.

  • Revised offer £105k, accepted.

So the estate agent was wrong. The flat is worth £105k, not the £115k he originally suggested.

FWIW, we use a similar technique when finding the true market rental value of a property when we have a vacancy & we want to get a tenant in soonish (we drop the 'asking rent' by £10 - £20 every week until somebody signs up).

Dropping the price on a weekly basis seems rather quick to me. I sold my first property and am renting out my current property and had to wait 6 months to sell the former for 5 thousand more than original asking price and renting for asking price after waiting a month. Had I dropped the price I would have lost out on many thousands.

Do not drop your price. You just need to be more patient. It takes time to sell a flat and you should anticipate waiting approx 6 months to 1 year to cross the Ts and dot the Is . If it is a nice flat and priced correctly it will shift no doubt. Just because it doesn't sell fast doesn't mean it is priced too high. Lots of places take a while to sell and still get over asking price.

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Dropping the price on a weekly basis seems rather quick to me. I sold my first property and am renting out my current property and had to wait 6 months to sell the former for 5 thousand more than original asking price and renting for asking price after waiting a month. Had I dropped the price I would have lost out on many thousands.

Do not drop your price. You just need to be more patient. It takes time to sell a flat and you should anticipate waiting approx 6 months to 1 year to cross the Ts and dot the Is . If it is a nice flat and priced correctly it will shift no doubt. Just because it doesn't sell fast doesn't mean it is priced too high. Lots of places take a while to sell and still get over asking price.

This would make sense in a rising market but in the current market I would suggest that you need to sell as soon as possible to maximise the price you get.

A couple of points;

How is your agent marketing the flat? Is it advertised on Rightmove? If your agent doesn't subscribe to Rightmove change your agent NOW! For most people now, Rightmove is the first place to go when looking for a house or flat. A listing there is pretty well essential. The days of buyers tramping round from agent to agent are gone.

What's the decor like?

I'm very sorry to hear of your bereavement and I am sure that everything in the flat reminds you of your loss, but if you want to sell the place for the best price you don't want it to look like an old lady lived there.

It's a cliche, but the House Doctor woman is right. Cream walls, plain carpets or good quality laminate, no nick-nacks, spotless modern-looking bathroom & kitchen, contemporary furnishings are all things which help sell a house quickly. I needn't cost a lot of money - just a bit of time. If you and your sister were both to take a week or two off work and get stuck in you would probably earn yourselves thousands.

Having said that, I do like the idea of selling out to your sister!

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I posted on here a couple of weeks ago that my sister and I have put our Mum's flat up for sale.

(our Mum passed away in March).

So far not a 'sniff' of interest.

I have rung the Estate agent a couple times, they sound like they can't wait to get me off the phone.

The guy who is handling the sale is a the son in law of a girl I work with so he has been pretty

honest with me about the property market. He said things are 'rough here!'

When I asked him to explain, he said up to about March-time people were queueing up outside his

office to buy each morning as soon as they opened up, now NO-ONE !

I am a 'Bear' and want/need the market to crash as I don't own a property and up until poor Mum passed away had no hope in hell of ever owning one. Due to this I am waiting with baited breath for the words "Reduce the price" from the EA but so far nothing has been said.

One interesting thing (which I may have mentioned before) the EA Valued the flat back in March

(then it took a while to go thru probate etc) at the same price he valued it at 2 weeks ago, so no

NO PRICE INCREASE IN 5 MONTHS ! which would have been unheard of last year !!!

I will keep you all updated as promised.

I really do feel that things are going to get 'bad' over the next few months (but good for us Bears !) ;)

If it doesn't sell after 4-6 weeks you need to drop the price by 10%. If it doesn't sell after that then it will be a struggle.

My friend is finding that all is not rosey. Been trying to sell a 2-bed flat on the outskirts of Bristol since April, nothing yet. He informs me that in that area FTBs are extinct and that only getting the odd sniff from 'investors'.

Where I was staying with my gran last year in Devon there are many many properties still on the market 1 year on!!!!

She's just had her 4-bed bungalow valued at £385K when the same were selling at £360K in mid 2004 so possibly no real change in price in the last 3 years or more.

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I have been sitting about waiting to sell for most of the year. Spoke to an Ea who was fairly definite that you have to go up to 30% off asking to get a sure sale at the moment. He blames it all on LTV's coming down and reckoned he had never seen so many knock backs from lenders than is happening right now. I am in North London and have no idea what the market is like elsewhere but I would be fairly certain that everything is overpriced by 20% + at mo.

Yep, an EA friend of my parents advised them not to put in offers of more than 20% below and stated that things are fairly stagnant (Devon) appart from the odd chance offer of 20%+ off asking price.

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£93K seems ok, whats so funny, its within 15% of the asking price, dare I ask how much you paid for it.

Once we have exchanged (i.e. it's definitely 'in the bag') then I'll give sufficient details for you to be able to check what I say. If I post 'the numbers' now I'll be jumped on and accused of bovine scatology.

If you don't see a follow up post from me by the end of September fell free to send me a 'private' reminder.

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If I post 'the numbers' now I'll be jumped on and accused of bovine scatology.

:lol:

If you're making any profit at the expense of a FTB family, being accused of a little cow lovin is the least of your worries.

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