Wednesday, November 28, 2007

How to sell during a slump

How to shift your house in hard times

"...if your home has been on the market for three months, then reassess the asking price. Even if the initial price was perfectly reasonable, the market is not what it was in August."

Posted by mary @ 07:59 AM (928 views)
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4 thoughts on “How to sell during a slump

  • converted lurker says:

    Mon Dieu!! is this Moneyweek or Mail on Sunday, Jeezus wept by their standards that is 5hite; “tidy up” “don’t do too much diy”….how’s about “just keep lowering the price by 1% a day until someone bites, if that doesn’t work go and kill yourself”

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  • They can’t even bring themselves to use the word ‘drop’ or ‘lower’, it has to be ‘reassess’. Well I’m glad to report that lots of people are ‘reassessing’ their asking prices in my local area, and I’ve started seeing the words ‘or nearest offer’ attached to prices. That’s something I’ve never seen before on a property schedule. Crash going nicely here, but it’s still well off the point where I would be comfortable to jump in with a cheeky offer. Rental costs are still less than half those of buying the equivalent house.

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  • converted lurker says:

    Agreed Uncle, I’m really getting pi55ed off with the denial everywhere in the meeja, yes the news is mostly bearish, but it’s just so carefully manicured (in order to prevent mass house selling panic) it’s untrue. The only benefit is short term, the medium/long effects cannot be rolled back

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  • To be fair, MoneyWeek has been the most bearish (and most accurate) of sources in the past two years. This article is one of the first to actually tell people to reassess (i.e. lower) the price since the credit crunch began. This article mainly has practical advice for what to do and what not to do if you’re struggling to sell.

    Interesting quote from the article:
    “With house-price growth slowing many buyers believe renovation work is the best way to add value to a property, so they’re looking for properties they feel they can upgrade. As a result, one of the main areas experiencing a slowdown in sales is new-build homes and properties that already have a shiny new kitchen and loft conversion.”
    No doubt that will kill off all those do-up-a-house property porn shows on tv, if they find the newly renovated house doesn’t sell!

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