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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to think that if your house hasn't sold for more than 2 years it's probably over priced

31 replies

LaurieFairyCake · 28/02/2011 15:45

I have a loose acquaintance who was moaning in a group at the weekend that her house hasn't sold. It's been on over 2 years and is probably a bit over priced.

Plenty of other properties sell in this small area but not that one. She has put the figures into Zoopla (?) and it says her house in excellent condition is worth £370k so she's had it on at 365 the whole time.

The trouble is that what she thinks is 'excellent' condition probably doesn't mean early 90's pine kitchen and plain square white tiled bathroom. The house is absolutely fine to me but its not 'done up' - to bring it up to schmancy kitchen and bathroom would probably cost someone 25k round here.

Everyone just nodded along but it's the price after 2 years isn't it?

OP posts:
saffy85 · 28/02/2011 15:50

Yeah probably if other places nearby of a similar size/layout are selling. I always thought kitchens and bathrooms are pretty important. Has she not had it valued by estate agents at all? As in actualy human beings?

TattyDevine · 28/02/2011 15:51

I would say so - its to high to get prospective buyers through the door just to look - its instantly dismissed on that basis.

She might get the £365k she wants if she just dropped it to £349,995 - if enough interest happened at once they might realise they were willing to pay £365k to get it, but if nobody is coming through the door to realise that, it will never happen.

Hey, if she's not willing to part with it for less than that, she's right not to drop her price. She probably shouldn't whinge though...

Shirleywhirly · 28/02/2011 15:53

ITA.

I know of houses still on the market after three years and the owners will not budge. Very frustrating for potential buyers!

curlymama · 28/02/2011 15:54

Is it on Zoopla? Can we see? Please? Grin

I would say that it's too high. If other properties in the area are selling, then there are obviously other, better properties on offer. You are right about the kitchen and bathroom, people don't want to have to replace them as soon as they move in, and if they do they expect to but a property cheaper because of it.

Id the house heavily decorated in the other rooms, or very cluttered?

ThreIsNoSpoon · 28/02/2011 15:57

Hmm. Probably! Especially if other properties are selling!

BUT what is the usual time for a house to be on the market? If it goes the weekend it is put up then probably underpriced, two years - over priced, one month to two months about right?

tyler80 · 28/02/2011 16:00

I know people who rejected offers just below their asking price 2 years ago and have still got their houses on the market now but priced lower than the offer they initially rejected.

Sounds like her price was too high even 2 years ago, more than likely it's worth slightly less now. Predicted prices on zoopla are very high compared to actual sale prices in this area, so I wouldn't go by that at all (although I'm not sure estate agents are much better tbh)

bumpsoon · 28/02/2011 16:14

A house is worth whatever someone else is prepared to pay for it , its that simple . After two years i would assume no-one is prepared to pay 365k and drop the price accordingly ,unless she really isnt in a rush to move and is willing to wait another few years for the hosuing market to recover .

sleeplessinseatle · 28/02/2011 16:17

I have a piece of china that will go up in value in afew years when it becomes an antique.

Might start advertising at that price now anyway coz Zoopla says I should.

said · 28/02/2011 16:19

God, do you live near me? One went up for sale about 3 years ago at a very optimistic price even then. 4 other houses have been on market at realistic prices and sold within weeks in the meantime. This seller has dropped their price by about 5% in the meantime. Don't you think they'd have got teh hint by now? It's also good condition but very dated.

EmEyeHi · 28/02/2011 16:20

Zoopla -- ooooo, something new

Cakeybaker · 28/02/2011 16:22

Buyers tend to watch the market (on rightmove, zoopla etc) and if a house is still there month after month they don't even bother to go see it. They assume there's something wrong with it just because it hasn't sold - and to be fair, there usually is a reason, whether it's price or condition.

Lizcat · 28/02/2011 16:28

Zoopla is wildly inaccurate as it looks at the houseprices of those sold recently in your area. For example all the houses recently sold in our road are 3 bedroom, ours is a 4 bedroom with recent valuation for agent (not trying to stroke our feathers) was £70,000 more than zoopla because ours is a very different house.
She needs to drop into a different price bracket ie below £350,000 so a whole load of new people get to see it.

tyler80 · 28/02/2011 16:33

Or, as on our street, it looks at two properties that have sold on the street for double what they're worth. They were bought at this price by a developer who wants to knock them down to gain access to land behind. It's no reflection on how much the other houses are worth

solooovely · 28/02/2011 16:40

How could it not have occured to her that it must be overpriced?!

slipperandpjsmum · 28/02/2011 17:05

Oh I think this house is on my road!! She will not reduce the price! Its described as excellent condition but I have had a peek on line (well, who doesn't) and without being too mean its hideous, well that is mean but it really is.

I wonder if she cannot afford to take a lesser price due to her financial situation??

AgentZigzag · 28/02/2011 17:05

We have neighbours whose house has been on the market for two years as well.

The garden and inside are really cluttered, and the picture they have in the estate agents makes it look really shit.

She wants to move back to where they're from, but he doesn't and I wondered if the house not selling suits them both.

He's given into to her and agreed to move so she's happy, but they don't bother making it saleable so he's happy to stay.

If they really wanted to sell it I'm sure they could, there's no way I'd hang about for two years, I'd rather go without the extra cash.

expatinscotland · 28/02/2011 17:08

Plenty of houses like that in this area. Owners won't budge so they get to keep their house.

An acquaintance needs to sell hers but wants too much for it already, sadly.

jade80 · 28/02/2011 17:22

That website reckons mine is worth 170,000-200,000! I do hope so, but I doubt it lol!

She must have had it properly valued too?

happycamel · 28/02/2011 17:28

I think this is a common problem. The house we're buying for £390k went on the market in July at £550k. Even at the height of the market I don't think it was worth that. They dropped it to £425k and then it started getting viewings but it was another 6 weeks before we had a buyer and could put an offer in.

Some people have some very odd ideas of what their houses are worth. But then, most people can't sell below the mortgage value and if they took out 100% or even 125% near the top of the housing market then there's no way they can drop. That's why I think houses prices won't fall far.

Allatsea1 · 28/02/2011 17:48

She might not be that desperate to move...If you are then you do what true sellers do and move heaven and earth to sell it at a price that will shift it.

Our last house was the only house to sell in our immediate area last year (and there were plenty on the market) but we were the only sellers able to break even on it. Your friend might need to make a certain amount for a deposit for the next house. They might be thinking if someone does come along with the moola, then great. If they don't then 'meh'.

2rebecca · 28/02/2011 17:59

A house is only worth what someone will pay for it.
She's obviously not bothered about selling.
If she is planning to buy another house then the relative difference between the 2 houses should be much the same.

DartsRus · 28/02/2011 18:18

We've got a house down the road that isn't selling, and yet two other house in the same road went very quickly. I'd guess the price is too high and they've a badly thought out extention at the rear.

smashingtime · 28/02/2011 20:22

Yes!

We just had a very realistically priced house come on the market in our road - slightly under the 'market value' which sold in 3 days! Amazing in this climate but clearly not everyone is greedy.

I've heard that kitchens and bathrooms aren't a concern for some buyers but if you are spending that kind of money I expect you would want something fairly decent?!

2rebecca · 28/02/2011 20:35

I think ideal bathrooms vary alot. I'd rather inherit a grotty bathroom and get my own done than inherit a flash bathroom with small bath and no bidet. Other folk love powerful showers.
The size of a bathroom would bother me more than what's in it, same with a kitchen.

FakePlasticTrees · 28/02/2011 20:39

You are probably right, but I'd have had to say "have you tried dropping the price?" - but then I can't be doing with people whinging about stuff that's their own fault.

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