Are houses selling?
Discussion
How are other PH users seeing the housing market at the moment?
My house has been on the market since June and had 6 viewings but no offers. I know the summer is not a great time to sell and Brexit has probably put the wind up people. I am not in a hurry to sell but would like to know if it's the house that is the problem or the current market.
ETA
Sorry not allowed.
My house has been on the market since June and had 6 viewings but no offers. I know the summer is not a great time to sell and Brexit has probably put the wind up people. I am not in a hurry to sell but would like to know if it's the house that is the problem or the current market.
ETA
Sorry not allowed.
Edited by Big Al. on Wednesday 17th August 10:48
yellowtang said:
Does the asking price reflect the the fact that you have council type houses opposite you and a primary school in your back garden?
Sorry if that sounds harsh but I couldn't see anything wrong with the house (lovely family home inside) until I looked at street view, the position would, I imagine put a lot of people off. If you've priced it well however (I don't know the area) then you'll find a buyer. The market has cooled a little thanks to Brexit and the school holidays are never a good time to market a property.
Thanks Yellowtang, not harsh at all, those are the two biggest concerns of ours. It is priced reflecting this but I know it may still put people off. If it didn't have those negatives you would be looking nearer £460-£480. Nice to hear that this may be the only issue however and that we might just have to wait it out.Sorry if that sounds harsh but I couldn't see anything wrong with the house (lovely family home inside) until I looked at street view, the position would, I imagine put a lot of people off. If you've priced it well however (I don't know the area) then you'll find a buyer. The market has cooled a little thanks to Brexit and the school holidays are never a good time to market a property.
Rangeroverover said:
I'm an agent, many houses stay on the market as they are over priced, what usually happens is
Agent 1: In his heart of hearts he thinks its worth £450, he knows that two other agents will be pitching on it and he also knows that most householders will always go with the person who dreams up the biggest valuation. So he goes £475,000
Agent 2: will guess what agent 1 has done and go £485-490,000
Agent 3: will now value it at just under £500,ooo
As the losing agent when you call and ask them do they really think they can get that much, standard answer is "well its worth a go you never know". The problem is the vendor now has £500,000 in their mind, they look at houses on the basis that they will get every penny for their house and manage to knock 5-10% off the house they want to buy.
Everything that is priced right will sell, it may not be fast but within 6 months.
Fixer uppers are priced about the same as ready done, doesn't make much sense. Part of the reason they aren't selling is the sort of young buyer who wants them have already stretched as far as they can to get the house. Cash for doing the house up is real money not mortgage money and most of them don't have £20-50,000 extra cash
Thanks for that. Our house is priced at £40k below the estate agents valuation as initially we were in a hurry to sell. It is also marketed at £70k more than we paid for it in 2008! We have completely done it up inside and out including a new slate roof, bathrooms & kitchen, boiler, radiators, carpets etc. I would expect to get maybe 5% lower than the £400k I am asking for it but any less than that and I just wouldn't sell as I would be making a loss...Agent 1: In his heart of hearts he thinks its worth £450, he knows that two other agents will be pitching on it and he also knows that most householders will always go with the person who dreams up the biggest valuation. So he goes £475,000
Agent 2: will guess what agent 1 has done and go £485-490,000
Agent 3: will now value it at just under £500,ooo
As the losing agent when you call and ask them do they really think they can get that much, standard answer is "well its worth a go you never know". The problem is the vendor now has £500,000 in their mind, they look at houses on the basis that they will get every penny for their house and manage to knock 5-10% off the house they want to buy.
Everything that is priced right will sell, it may not be fast but within 6 months.
Fixer uppers are priced about the same as ready done, doesn't make much sense. Part of the reason they aren't selling is the sort of young buyer who wants them have already stretched as far as they can to get the house. Cash for doing the house up is real money not mortgage money and most of them don't have £20-50,000 extra cash
ChasW said:
As a seller I have fallen for the above and it probably cost me money as I was selling just as the market was dipping in the late 80s. If I had gone with the lowest price advised, £145k, I am sure I would have sold quicker at around £140k. Instead I held out, initially at £170k, and ended up taking my company's home equity offer, £132k, in desperation. The house sold eventually for less than £120k. I know that the total hit to the company was around £20k including interest and charges. I always remind my kids of what can happen.
My neighbour is a respected local agent. He makes me chuckle when he tells me stories of how clients tell him what their house is worth and set the price against his advice. He is usually right from seeing what sells in our area. BTW he told me he lost 5 sales in the week after Brexit. People pulling out in fear for their jobs, typically mid-career young family types.
I think estate agents for the main part are rung up from solicitors! Our last house we had three round, one said £225k, another said £280k and gth said £169k! The lady from gth seeing my wife's dissapointment said 'but that's what it's worth'. We sold for £255k!My neighbour is a respected local agent. He makes me chuckle when he tells me stories of how clients tell him what their house is worth and set the price against his advice. He is usually right from seeing what sells in our area. BTW he told me he lost 5 sales in the week after Brexit. People pulling out in fear for their jobs, typically mid-career young family types.
[quote=TR4man]As with all questions about how well or not things are selling, it is all down to the price being asked. Too many sellers have their egos massaged by estate agents who want their business by over-valuing their houses.
My dear old Mum has just sold her house to fund her care home fees and had two offers within a week of it going on the market and has just accepted another offer all within four weeks. It's not at the top end of the market and not exactly in Belgravia either but if there is realism from the seller about the value I believe anything will sell.[/quote?
Surely over valueing a property has a negative effect for the estate agent? For if it doesn't sell they have spent good money trying to sell it and the vendor just thinks they are not doing their job properly, why would they want that?
I am sure some so but if you go with an agent that has a good history of selling then they must be doing something right!
With regards to pricing it right, well that could change from the spring, to the summer, to the winter and we could all price or to sell. ..if it sells to quickly surely it's too cheap?
My dear old Mum has just sold her house to fund her care home fees and had two offers within a week of it going on the market and has just accepted another offer all within four weeks. It's not at the top end of the market and not exactly in Belgravia either but if there is realism from the seller about the value I believe anything will sell.[/quote?
Surely over valueing a property has a negative effect for the estate agent? For if it doesn't sell they have spent good money trying to sell it and the vendor just thinks they are not doing their job properly, why would they want that?
I am sure some so but if you go with an agent that has a good history of selling then they must be doing something right!
With regards to pricing it right, well that could change from the spring, to the summer, to the winter and we could all price or to sell. ..if it sells to quickly surely it's too cheap?
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