Saturday, Nov 14, 2009

Because you need to drop the price.Simples!

Times online: Why can’t I sell my home?

More than two years after putting her home up for sale (and four agents and price cuts of £170,000 later), Ms Donaldson is struggling to sell for the £625,000 that she needs to settle a “substantial” boomtime mortgage. She says: “When we bought it, there was us and another couple fighting over it. Now, despite all the work we have done, I can’t find one person to buy it.”

Posted by sold out @ 05:10 PM (2840 views)
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21 Comments

1. little professor said...

Umm.. WTF???

Bought in 2004 for £365k, put it back on the market at £795k. Even accounting for the £200,000 she says she spent doing it up, that's still ridiculously optimistic. Even worse, she refuses to drop the price below the current £625k - still almost double what she paid for it.

Saturday, November 14, 2009 06:21PM Report Comment
 

2. little professor said...

OK, this is it:

http://www.rightmove.co.uk/property-for-sale/property-23842900.html

Callis Court Farm, London Road, Ryarsh, West Malling, Kent, ME19 5AH, last sold 2004 for £200,000

Have a look at the previous sold prices for that postcode - the highest is £250k, and that's in summer 2008, when prices were still headed downwards. Her asking price is ridiculous.

Saturday, November 14, 2009 06:27PM Report Comment
 

3. Alfie said...

The bottom line is.. dont think that a house is an investment. If you spend 5,000 pounds to 'pimp a car up' does that mean its worth 5,000 pounds more?

Lets face the fact, people need to get real, and if that means losing money so be it. That way they may realise that a home is a roof over your head and not an investment. Let the collapse begin and lets all get back to reality.

Saturday, November 14, 2009 06:28PM Report Comment
 

4. little professor said...

sorrt, it's callis court bungalow, last sold 2004 for £370k

Saturday, November 14, 2009 06:30PM Report Comment
 

5. greenshootsandleaves said...

'Agents say that the best homes are selling well, in all regions of the UK'

Every would-be vendor somehow sees the definition of 'best homes' as including their property. They can't all be right. The market has subtle ways of letting you know.

Saturday, November 14, 2009 06:50PM Report Comment
 

6. smugdog said...

Must admit, this weekend appears to be a turning point for you bears! I tend to smell a whiff in the air of loss in steam in the "surreal" bull run. I therefore adjust my thoughts accordingly. Purchases may now wait a while. Thanks guys, your view are so invaluable. I’ve always said that I could change my spots in an instant!

Saturday, November 14, 2009 07:10PM Report Comment
 

7. gone-to-colombia said...

Hi Guys,
Have I missed something?
I've been away sailing for a week, and it seems as if the real turning point has been reached, even smugdog admits it.
Tell me what I've missed pleease!

Saturday, November 14, 2009 07:28PM Report Comment
 

8. wdbeast said...

gone-to-colombia – Nothing tangible, just a general malaise about the housing market (and economy).

Saturday, November 14, 2009 07:34PM Report Comment
 

9. mark wadsworth said...

I haven't read a comment by confused76 for a while. so allow me to fall back on our old favourite ....

MWAHAHAHAHAH

Saturday, November 14, 2009 07:36PM Report Comment
 

10. greenshootsandleaves said...

smugdog@5

Don't worry, smugdog! The bulls are only going into hibernation (Isn't that what you'd expect bears to do?)! They'll doubtless come out again in time for next year's spring bounce (if there is one).

PS I bet a lot of people wish they could, like you, change their spots and adjust their property strategy at the drop of hat. Perhaps you should tell Mrs Donaldson how it's done.

Saturday, November 14, 2009 07:48PM Report Comment
 

11. This comment has been removed as it was found to be in breach of our Blog Policies.

 

12. waitingtobuy said...

gone-to-col,if you want a pictorial view of the situation get on PROPERTYSNAKE, punch in any county ,and click on latest price drops.My county of wilts has 11 pages of recent price drops

Saturday, November 14, 2009 08:10PM Report Comment
 

13. smugdog said...

Waitingtobuy, my county has but a few, mesmerized and fooled perhaps! Many say that the distraction of a political battle into June may take many an eye off the ball, does anyone think that the election will have this much of an impact?

Saturday, November 14, 2009 09:24PM Report Comment
 

14. smugdog said...

And Flash, it only takes a few key strokes to stay in touch! Why don't you?

Saturday, November 14, 2009 09:31PM Report Comment
 

15. jallan said...

Banks would have to start lending irresponsibly again, to find a buyer for that house at 625,000. If I was paying 625,000 for a house, I would expect a mansion with a couple of horses so I could go riding over my land for hours.

Saturday, November 14, 2009 09:52PM Report Comment
 

16. Aidanapword said...

What I don't understand is: buy it for 365k, and spend 200k on it, and then 'need' to sell it for 625k (a further 60k beyond the sum of the two).

What did they spend the 60k (+ the capital repayments though should have paid) on?

Did they not have a deposit when they first purchased either?

*sigh* ... 'money' for nothing-ers wind me up.

Aidanapword

Saturday, November 14, 2009 11:22PM Report Comment
 

17. tenyearstogetmymoneyback said...

Good comment Alfie @ 3

Even if the "pimping" is done extremely well, all it does is take the product out of peoples price range.
To continue the car analogy yesterday yesterday I read a review of a top of the range Vauxhall Insignia. The biggest
problem with it is that it costs £34K. How many of those are they going to sell compared with the £18K base model ?

Also improvements are bound to be wrong. You fit a modern kitchen and the potential buyer wants Olde-Worldy.
You fit Olde_worldy and they want modern.

smugdog @ 13

I think everyone thinks the election will have a huge impact. Whoever, wins I think they will find all the problems
(potential repossesions) that have been swept under the carpet. If the Conservatives win it will be in their interest
to do so as soon as possible when they can still blame Labour economic incompetance.

Sunday, November 15, 2009 08:04AM Report Comment
 

18. Tennouji said...

@15 - Exactly. I wouldn't want to spent 625,000 and then have a living room with a nasty laminate floor, either.

Sunday, November 15, 2009 08:42AM Report Comment
 

19. doomwatch said...

625 to live in chav county. Avin a laff init.

Sunday, November 15, 2009 10:10AM Report Comment
 

20. tenyearstogetmymoneyback said...

I've been thinking about this a bit more.

How on earth do you manage to spend £200K doing up a bungalow other than knocking it down and starting again ?

:- Duncan

Money spent on "doing up" my house while I was waiting to get my money back (1989 - 1999) £300 !

Sunday, November 15, 2009 10:31AM Report Comment
 

21. greenshootsandleaves said...

10years@17 'How on earth do you manage to spend £200K doing up a bungalow other than knocking it down and starting again ?'

Whether she intended to or not, Jane has now in effect become a property developer and is having to learn the hard way the difference between spending money on a property and adding value to it. Where does it say that investors are always guaranteed their money back?

Sunday, November 15, 2009 01:44PM Report Comment
 

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