FWIW ... walking past the local (South Coast) Estate Agent's I observed that of twenty-four 'houses' advertised on display boards in the window ... eleven bore little red corner-flags saying 'just reduced' . Make of that what you will.
what you need is a few cows in the loft to get rid of the spider eating old women.
RT
I believe last months figures were that the average SP was 90% of the listing price in the London area.
Regards Capitol
In message , Capitol writes
sounds believable, according to SB on Property Ladder tonight , nationwide, average selling price is 94% of the asking price.
alternatively:
people expect an average of 6% more than their house is worth ?
or estate agents upsell by an average of 6% just to get the contract ?
mind you, sarah beeney could tell me the grass is blue and I'd go all doe eyed and believe her without looking out teh window :-)
RT
They aren't alternatives, they may be explanations though. mostly I guess that houses are priced with the expectation that they will sell for a bit less.
In message , chris French writes
And lets not forget that 10% below average asking price was only £5,000 not "so" long ago.
I remember selling a house in 1999, (I bought it in 1992 for £110,000 when it was asking £125,000). My asking price was £180,000, and I got an offer of £170,000 - I snapped their hand off!! (Same house is now around £350,000.
I'd be temped to accept the offer and shuffle the sale through quickly so they don't have a chance to change their mind cos we are teetering on the edge of ... well if not a property crash then certainly a property sluggishness. In that position it is much better to be a buyer waiting to pounce when someone is desperate to sell (for whatever reason) than to be a seller.
Be prepared to sit in rented accommodation for six months if your circumstances permit
Anna
~~ Anna Kettle, Suffolk, England |""""| ~ Lime plaster repairs / ^^ \ // Freehand modelling in lime: overmantels, pargeting etc |____|
Which would put my property firmly in the £190K ballpark, not £185K. Also, the poperty has already been reduced in price twice. I am not in the business of giving it away. If people come and view a property on at £199,950, then they do, in my view, need to have a pretty good idea beforehand what they can actually afford. I could view houses at £300K, believing that "somehow" I would be able to find the cash. One has to be realistic. If they don't bite, someone else will. My niece took 15 months to sell her property in a different part of the country (shires not flat caps).
MM
Given your previous postings on this issue, I reckon you should take the offer and get on with finding the house that YOU want to buy.
We could talk about market prices, inflation during the time you have been on the market and all that crap but I get a very strong impression through all this that the original price was, for whatever reasons a bit optimistic. This then gives you a strong impression that you're not getting what it is actually worth. At the end of the day I would expect you are still making a fairly healthy profit.
Move on.
best regards and good luck with the sale, one way or the other.
David
Indeed.
In the end, the market value of a property is exactly what the highest bidder is prepared to offer at any particular time. At the moment, the market value of your property appears to be £185k.
Look at it this way: Currently you are being offered £185k. Let's say it does take 15 months to sell your property at £200k. This is equivalent to a price rise of 1.6% per quarter, or 6.4% per year. You might well be pleased with the extra £15k you have managed to squeeze out of a buyer, but if the house prices in the area you are looking at go up by more than 8% in those fifteen months you're just screwing yourself.
You have to make the call on whether you accept the offer, but just be aware that if you still haven't sold in six months time you may regret it - especially if prices are rising in the area you want to move to.
Al
Is it not a legal obligation for estate agents to confirm every offer received by writing to the vendor? I have not received any such written confirmation yet.
MM
If anything, the prices are firming up again in my area, but still falling (somewhat) in my target location. I thought along these lines, too, and did a quick survey on RightMove of local prices. If anything, my property is now *under*valued by several percentage points. The closest to my property locally, pricewise, is a 2-bed terrace on a very busy main road, or rather ugly flats. Everything else is *at least* 40K higher because they are not ex-LA properties. If I take my property off the market over the winter, ten to one I shall be able to command a higher price come the spring, especially if the MPC doesn't play silly buggers with the interest rate, which is unlikely in the run-up to the May election. In fact, I just bought a box of daffodil bulbs from Tesco and planted them in time for spring! Either I or the new owner will be greeted by a host of golden daffs to make Wordsworth proud.
MM
In message , MM writes
Yes but this is an average of course some will sell for maybe even more than the asking price, so may be less than 90%.
No, you are in the business of selling your house, what price you hold out for depends on a number of factors, but in the end you can only sell it for what some will pay for it, whatever you consider it's worth.
what they can afford and what they want to pay for you house might not be the same thing..... and anyway, if a buyer knows a house has been on the market for some time then they are more likely to consider it worth a punt at a house that is just a bit more than they can afford.
But when......?
I'm not sure that is a recommendation for holding out, unless you are in a position to be very flexible on your selling. We are going to soon put our house on the market. We will have a fixed date by which we want to be moved by (March/April next year) about 150 miles away. ' realistic' - as they say - pricing is likely because we want to sell as quick as we can
In message , Richard Faulkner writes
Is it a requirement that it has to be *in writing*, or just that they must notify the vendor?
Often the contract with the agent specifies that by phone is an acceptable alternative. Depends on the OP's contract.
Al
And if you go somewhere with a sensible interest rate you'll pay even less.
MBQ
Find the house you want to buy and offer them 10% below asking and go from there. What you lose on your sale you may well gain (and some) on your purchase.
MBQ
In message , chris French writes
It's actually a bit like saying your granddad smoked 60 a day and lived to 95.
In addition, if the niece sold her house in the fairly recent past, e.g. the past 5 years, anybody could ask much more than the current value, (100% more in some areas), and sell within 15 months.
As they say, past performance is no guarantee of future performance.
In message , Richard Faulkner writes
This should have read "I suggested an asking price of £40K"
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