On 5 Aug 2010 at 12:39pm House Seller wrote:
House on market 2 weeks and no viewings???
On 5 Aug 2010 at 12:50pm overpriced wrote:
Estate agents might have overpriced it then...like every other house in town.
On 5 Aug 2010 at 1:03pm jrsussex wrote:
Strange thing the housing market. A friend in the estate agency business tells me that generally people have become more confident in the housing markey to the extent that those wanting to sell have have put their property on the market. This apparently has killed of the slight upward trend in property sales of 2/3 months ago due to so many places being made available so that overall prices have now fallen.
With regard prices it is a market that will always rely on more people wanting to buy than there are properties available and of course first time buyers of which they are, due mainly to uncompromising banks mortgage policies, surprisingly few. Without first time buyers the market barely creeps along.
On 5 Aug 2010 at 1:41pm FieldFairy wrote:
I think the market is about to turn down again and this time it will turn down slower but for longer with the eventual price decreases far greater. The recent price rises are not sustainable and do not signify a recovery. Compare your house to the others on the market that are the same and work out if it priced competitively. It also depends on why you are selling. If you are going up the property ladder, then no particular rush. If you are going down the ladder, then best to speed things up by a cautious price reduction. If you are jumping off the ladder and hoping to cash in, then both feet first and best of luck.
On 5 Aug 2010 at 7:29pm SHS wrote:
Maybe the newspapers could print something about the housing market now and again, could be an interesting topic, whad'y'all think?
On 5 Aug 2010 at 8:26pm An Economist wrote:
The demand curve for most things is generally downward sloping. If you find yourself at a point where demand = 0 then you have probably set the wrong price. I know I'm probably not being very helpful, but such is life :|.
On 6 Aug 2010 at 2:07am prospective buyer wrote:
Where is your house and what is it on for ?
There are two estate agents in this town that massively overprice. I'm not saying which ones, but I suspect if you are with one of those, then you won't get many serious viewings. Recent example - a house on a popular street went on at 650 K about a month ago. It rapidly dropped in price to 595k and is now on at 550k. It will probably soon drop to 500k. Another identiical house on the same road has sold for near enough that amount (under), which shows you that places are selling if priced right.
However much you think your house should be valued, buyers will only pay what they feel a house is worth and in these straightened times for many people, the recent increases in Lewes prices - about 20 pc from last year - are ridiculous. You can look at the price sold comparison websites and find out exactly what houses like yours have been selling for - bear in mind the peak of the market was 2008 and the trough was about March 2009.
Personally I feel we are heading for lower house prices which can only be a good thing generally as it enables the lower end of the market to get moving again - first time buyers etc, which will in turn stimulate further recovery higher up the price chain.
We viewed a house in the West end of town about 3 months ago. Lovely house, priced correctly, we were pipped at the post by another (cash) buyer and the house was sold within a week, new owners moved in within a month. The same house (next door) in a worse condition has been priced 50 k higher because the owners are convinced their house is worth more. Some viewings, but no one has offered the asking price.
Many houses in Lewes have been on the market for months and some for over a year. I think that says something about pricing. What owners hope for, what estate agents hype up (the Lewes bubble) and what is reality, are three separate things.
Good Luck, I hope you sell your house !
On 6 Aug 2010 at 8:15am House Seller wrote:
I think I know the agents who overprice (both independent right?)...I'm gonna give them a month and then go with an agent that probably gave the right valuation in the 1st place...I'm moving up the ladder so not desperate to move (so thought I would give the higher valuation EAs a go) but I have a child starting primary school in Sept and I don't want them to get too settled there as they are likely to have to change schools when we move,
I'm somewhat depressed!
On 6 Aug 2010 at 10:45am Angry wrote:
I reckon these high valuation agents should come on this forum and explain themselves....why do it if they just have to drop the price?
On 6 Aug 2010 at 11:55am FieldFairy wrote:
I don't think anybody selling something has to explain their price. The problem is that the buyers have lost the ability to work out the true value of what they are buying. If you can't work out the true value and price for something then you shouldn't be out shopping for it.
On 6 Aug 2010 at 12:18pm Clifford wrote:
FieldFairy - but there isn't a 'true value', there's just the price someone is prepared to pay. Which is why my house went up and up in 'value' until I bought it, went up a bit more and - as far as I can see - is now going down. It's still the same house.
On 7 Aug 2010 at 1:06am Brixtonbellle wrote:
I have a friend (who doesn't live in Lewes) who has had their house on for over a year. They initially put it on at an admittedly silly price - just to 'test the market'. Very few viewings and year later they have dropped the price by 200k (yes they are pretty well off !) and are refusing to drop the price any further despite having NO viewings in two months because that is what they feel the house is worth. Problem is, as others here have said, house prices look set to fall and they may never get what they want, however much they want that price. I really don't see how increasing prices are sustainable anyway as people are losing their jobs or accepting less wages to keep their jobs or cannot get mortgages, and the money to pay higher prices just isn't there unless you are part of the mega wealthy/ supa rich.
House seller - why not see what happens by dropping the price ? If there are buyers around and you get the right sort of price level then you could get a bidding war anyway, which could push the price to closer to what you want anyway ?
OOh and the other thing to mention is that people do get put off by the stamp duty levels, so that needs to be taken into account.
On 9 Aug 2010 at 8:28am House Seller wrote:
Mine is over 250K which I know is putting people off...
On 9 Aug 2010 at 10:32am Pedant wrote:
I don't understand House Seller. Do you mean you'll leave it at 250K in the hope that someone will turn up and buy it at that price? It's only 'worth' 250K if someone is prepared to pay that price. I'm prepared to bet you didn't pay 250K when you bought it.
On 9 Aug 2010 at 11:44am House Seller wrote:
Dumb comment....I bought it 10 years ago, of course it cost less...cretin
On 9 Aug 2010 at 12:35pm Pedant wrote:
House Seller - don't get petulant just because you don't understand. My point is your house hasn't got an actual 'worth' - you paid less than 250K and now you're asking 250K for the same house. You'll get what a buyer is willing to pay - and with your attitude I doubt if any viewer will hang around for long.
On 9 Aug 2010 at 12:52pm House Seller wrote:
Look, we all have something to bring to this discussion. But I think from now on the thing you should bring is silence.
On 9 Aug 2010 at 4:10pm Pedant wrote:
You're the one with the problem, House Seller. Not us.
On 10 Aug 2010 at 11:44am Perovskia wrote:
I am having the same problem.....1 month and no viewings. I think I will swap estate agents. Any advice on doing this?