Thursday, October 2, 2008

How many others are like this?

A homeowner's struggle to sell

A short 90 second story of an endearing lady wishing to sell her beautifully kept house. Despite dropping the price the situation remains hopeless.

Posted by yoyo1 @ 09:42 AM (1763 views)
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23 thoughts on “How many others are like this?

  • Poor lady,

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  • I’ve found this house and checked the local prices. Basically she is [still] asking to much…

    I did actually feel sorry for her when i thought she had made a sensible price reduction. It seems she is having us on.

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  • I’m unable to view the video but if it’s the clip I saw this morning then I’m not sure exactly what her point is,and why I’m supposed to give a f*uck ? She says she can’t sell but I’m guessing she means she can’t sell without making a heap of debt ridden money.

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  • I meant sell and make a heap of money..

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  • 189k for that festering turd – it should be 50k max

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  • japanese uncle says:

    In this particular case, nearly 40% HPC has already been realized, and I am afraid she will not be able to sell her house without offering more than 50% discount from the original asking price. The later the cheaper mentality has now been firmly embedded into the minds of the market, apart from the severe mortgage availability constraint. From now, there is a roller coaster ride ahead. Just going down like a juggernaut.

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  • The house is in a pleasant location in mid Suffolk, but there’s not much money out there.

    It’s a home that should be reasonably affordable to an average income young family; but in that part of the world, a typical young family is unlikely to have a nett income of more than £30k.

    So really, even £100k looks expensive..

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  • DROP THE PRICE, ITS NOT ROCKET SCIENCE

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  • I’m sure some mug will come along and save her, last week some mug came along and bought my place for 6x the UK average salary.

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  • Always makes me laugh when you see people interviewed… There are 2 sets of people with the standard response… People who can’t sell who always say “I just don’t know why I can’t find a buyer”. Then there are VI’s and Gordon Brown who always say “There is still a lot of demand for housing but mortgage availability is really poor”. Then there are the buyers who inevitably say “I will buy when prices are sensible – they have come down a bit but are still way too expensive”. If these vendors were running companies, they would go bankrupt. Its simple supply & demand – the most basic of commercial principles. They need to realise that the longer they hold out the worse it will get. We’ll continue to see monthly drops, what confidence is left will reduce further so people won’t buy, so prices will drop a bit more and on and on and on… JUST DROP THE F***ING PRICE TO A SENSIBLE LEVEL… YOU WILL FIND A BUYER… VOLUMES WILL INCREASE… CONFIDENCE WILL RETURN… PRICES WILL STABILISE… PLEASE… FOR THE LOVE OF GOD… JUST DROP THE PRICE!!!

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  • Did anyone else hear Sian Williams on Breakfast this morning whining on about how awful the YoY fall in house prices are ? Errr like this is a bad thing Sian ? But don’t worry she said “cos prices are still 60% higher than a decade ago” – Oh that’s okay then ! Silly moo.

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  • When did she buy it and what did she pay for it? For all we know she may have paid well under £100k for it.

    When did she put it on the market? First it was ‘last summer’, but then she says ‘nearly a year’. It must have been last autumn, in which case she missed the boat by two or three months.

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  • Her final comment, “I can’t go lower because then I won’t have the equity to buy anywhere else”, is the nub of this though. It needs the whole market to drop in price for things to start again. Individual sellers won’t drop their prices too much, because for the most part, they have to buy somewhere else. Though maybe the sensible thing would be to try to sell on the cheap now, put the money in a bank and rent for a few years, and hope the market drops way down. I do feel a bit sorry for her: that comment suggests that she really does just want to trade down, and isn’t trying to make a silly profit.

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  • “Estate agents have told Patricia Duval has been told she needs to drop to almost £100,000 below her original asking price in order to sell her house. ”

    And she doesn’t do it and the silly greedy cow wonders why it doesn’t sell.

    Sympathy? Thoughts of eugenics more like.

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  • Sian Williams then went on to congratulate the City of Durham as it was the only region that had recorded a price rise last month, they then read from a huge pile of emails that were generally positive about house price reductions.The viewing public get it but it’s as if the editorial staff at BBC news have all had lobotomies? Amazingly the penny still hasn’t dropped in the mass media, no wonder a site like this is thriving in the face of such incredible stupidity.

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  • This Lady like millions of others has been Duped by we all know who. Unrealistic in the first place,her dream was limited to a period of unfettered greed stimulated by government irresponsibility,that was never going to last.
    Victims will be plentiful and those responsible have made a mint. They’ll not shed a single tear for these people.
    Lesson : The day you need to sell your house does not necessarily coincide with it’s highest value. It is therefore NOT a good business model.

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  • Poor lady? In what way – poor as in not rich? poor as in unfortunate? or both? The realisation that a house is worth what someone is willing to pay is about to hit these people between they eyes. I feel sorry for her health problems, and i feel sorry that she has been sold the myth. I also feel sorry that she didnt originally price it under the market. That what people now have to do if they are serious about selling, she was badly advised by agents for not agressively chasing the market down to start with…..or perhaps she just went with the agent whose story and anticipated price was the one she wanted to believe.

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  • She’s got a roof. More than some.

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  • eyeoftheweasel says:

    Handle_it,

    Yes I too saw Sian whining on Breakfast this morning. She seemed in utter disbelief that the e-mails and texts the BBC had received were overwhelmingly saying either that price falls were a good thing or expressing a complete lack of sympathy about falling house prices. Wonder how much she has invested in BTL?

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  • 18. techieman said…”perhaps she just went with the agent whose story and anticipated price was the one she wanted to believe”

    Nail on the head there Techie. But it’s a trait of human nature that estate agents have always exploited in order to get the business, and the policy is one reason agents were (justifiably IMHO) accused of ramping up prices. There will be plenty of cases like this where vendors end up chasing a falling market – it happened in the last crash.

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  • matt_the_hat says:

    @ mrfibble
    >> last week some mug came along and bought my place for 6x the UK average salary.

    Probably the same mug has yet to attempt to get a mortgage, chickens and eggs spring to mind.

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  • She paid £150,000 for it in July 2004 and the estate agent reckons she will only get that for it now !!

    Check in out here : Bought in 2004 for 150k

    So, basically, the last 4 years of house price inflation has been wiped out and the market is still falling. She paid too much for it in 2004 and has only herself to blame.

    It is unfortunate but she, like almost all property owners/speculators/developers have bought into the property bubble/pyramid scheme and are now shouting “Why won’t my property sell”.

    Put simply:

    You bought for too much.
    Your expectations of prices rising were unrealistic and based on already paying too much.
    People perceptions of property value have now gone completely out the window
    No-one can now get finance to buy your overpriced property.

    The wheels have well and truly come off the property market.

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  • There’s a mindset now that everybody expects to get PAID to live somewhere. She had a home for four years and expects it not only didn’t cost her anything, she’ll have profit. This is the mental problem of bubbles. Whereas, people renting think there’s a cost to having a home and you won’t get reimbursed. Which is more realistic?

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