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AIBU?

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Original poster

To wonder house sellers motives?

118 replies

96waystobehappy · 01/12/2023 16:04

Looking on Zoopla last night. Houses are not selling in our area (south coast).
They only sell if it’s a gem of a house or seller not delusional on price.

I don’t usually use Zoopla (usually rightmove) and being able to see the percentage of reduction was such an eye opener for me!

So many houses discounted things like 1%, 0.5%, 3%.

I had a bit of a nosy as I just love everything property and these are often houses that should have a fair bit of equity in them?

I would completely understand if there was no equity but otherwise why??

I never knew it was so prevalent so be adamant your house is worth what you want it to be worth! I thought that was a smaller group of people!?

Im just so confused? If I wanted to move and made 300k on my house, I’d just keep chopping it down until it sold. Why does no one do that now?

Also, live in an area with a lot of asset rich boomers and older. There are so many properties on over the 1 million mark (clearly owned for decades/ 60’s decor)that the owners just won’t reduce at all!? I just don’t get it. How much money do that actually want! And why??

If you have a house that’s been on the market for over 4 months, has made you plenty of money and you refuse to reduce or have reduced by less than 5% can you explain to me why please?

OP posts:
nutbrownhare15 · 01/12/2023 16:10

Presumably because they want the best price for their property and are prepared to wait in case they get it?

sugarandsweetener · 01/12/2023 16:12

presumably not in any rush or haven’t found one themselves. It’s not rocket science

Coatscoatscoast · 01/12/2023 16:13

Presumably lots of people are buying something as well as selling, and therefore need to make a certain amount to afford their purchase.

Superscientist · 01/12/2023 16:15

Some people haven't shifted out of the boom mindset. Also some people aren't willing to openly drop the price but might be willing to accept a lower price. That way they don't have the tell the Jones' that they have dropped the price!
It's quite area dependent too. We sold in 2022 and moved about 10miles down the road. The offer we accepted on our house as +4% and all houses on our estate sold for over the asking price and after one day of viewings. In the new area all the houses were on the market for 4weeks -2years. Often unofficially sold so showing up as available but they have accepted an offer only the sellers hadn't found somewhere to buy. Some of these are still on the market a year later and it was very frustrating as a buyer. In the ended we found a place and an offer 4% under the asking price was accepted

sugarandsweetener · 01/12/2023 16:15

How much money do that actually want! And why??

are you really asking this?

CaineRaine · 01/12/2023 16:17

We needed to achieve a certain price to make it possible to buy what we wanted in a more expensive area. We resisted estate agent pressure to drop the price and achieved very close to our asking price in the end. It wasn’t worth us moving unless we got what we needed to make the move worthwhile.

Coatscoatscoast · 01/12/2023 16:17

Friend of mine is holding out and is (knowingly) being a bit unrealistic with her price. But as she pointed out, so are the sellers of all the places she’s interested in buying. Until there’s a collective drop she won’t be able to afford to move without getting her asking price

Firapple · 01/12/2023 16:20

Your house is worth what someone will pay for it. If the seller is in no rush, they're happy to wait to make the sum they have in mind, whether it's next month or next year.

I find your insistence that they 'should' reduce their asking price because you estimate they have 'enough' equity a bit weird.

tenbob · 01/12/2023 16:21

One of the most read stories on the BBC website today is “House prices edge up as hopes rise of lower mortgage rates”

So people are reading that and convincing themselves they don’t need to cut the price

And IME, boomers seem the least able to accept dated decor means a price reduction because they are fixated on the idea that if they can comfortably live with the carpet/kitchen/bathroom, then it’s perfectly functional even if it’s not to everyone’s taste and you don’t reduce prices just because you have different opinions of style

I think the agents are probably not being totally honest with vendors at the moment because they are desperate for stock, although they’ll start getting desperate for sales quite soon so who knows

https://www.bbc.co.uk/news/business-67587236

Young woman looking in estate agents' window

House prices edge up as hopes rise of lower mortgage rates

The Nationwide says there are "encouraging signs" that mortgage rates are starting to come down.

https://www.bbc.co.uk/news/business-67587236

hermioneee · 01/12/2023 16:21

I do get what you mean. You only need to see the property boards where people ask for feedback on their listing that completely ignore the obvious which is.. it's always price.. not the size of the bedrooms, or the lack of plants on the drive.. it's the price.

But then as others have said it can come down to the house you want to move to. And Zoopla etc have a lot to answer for.

ActDottie · 01/12/2023 16:24

nutbrownhare15 · 01/12/2023 16:10

Presumably because they want the best price for their property and are prepared to wait in case they get it?

This. It’s up to the owners what they choose to advertise their house as. If they’re prepared to wait then why can’t they? They may not be that desperate to move either or maybe haven’t found an onward property yet so no rush to sell.

LittleGreenDragons · 01/12/2023 16:25

with a lot of asset rich boomers and older.

You jumped the shark here OP. Damn those pesky old people holding on to their homes instead of rolling over and giving their houses away.

Original poster
96waystobehappy · 01/12/2023 16:26

@sugarandsweetener
Yes I am seriously asking that! If you purchased a house for 100k and it’s now worth 1.2 million and it’s pretty obvious you are either dead or need to downsize asap, why are you or your children so reluctant to knock one penny off? Don’t get it.
If my Mum died, would I hell leave the house empty and pay for its upkeep for a year because it must be worth the price the estate agent said.
A house is worth what someone will pay for it.

OP posts:
Didimum · 01/12/2023 16:27

I’d want my house to sell for the absolutely maximum it could, despite what I paid for it. I like having a lot of money and won’t apologise for it.

Original poster
96waystobehappy · 01/12/2023 16:28

@ActDottie since when did people find the perfect oneard property before they attempt to sell? Seems a crazy strategy in a market where houses are not selling.

OP posts:
sugarandsweetener · 01/12/2023 16:28

You seem to struggle with the property market Op

sugarandsweetener · 01/12/2023 16:29

have you had any experience of buying and selling a property Op?

sugarandsweetener · 01/12/2023 16:30

96waystobehappy · 01/12/2023 16:28

@ActDottie since when did people find the perfect oneard property before they attempt to sell? Seems a crazy strategy in a market where houses are not selling.

oh good grief

no words

sugarandsweetener · 01/12/2023 16:30

let me guess

You have no experience of buying or selling a property

You live at home with your parents and have never moved out

Original poster
96waystobehappy · 01/12/2023 16:30

@LittleGreenDragons

No I didn’t. That’s just an explanation of who they are. My parents are asset rich boomers. Most people’s are. No judgement. Just curious. My parents actually wouldn’t do this but then they have owned a lot of houses so maybe have more experience with selling.

OP posts:
Original poster
96waystobehappy · 01/12/2023 16:31

@sugarandsweetener

Im on my third house and am now mortgage free at 45. Snob.

OP posts:
Soreviw · 01/12/2023 16:34

Not really very deep, some people will want to sell quick and price accordingly, some people will eventually want to move or sell but in no particular rush so can sit on it and wait ages to see if a buyer comes along at the price they want and some will need to sell at x price because of where they want to move or cash they need to make from the sale.

Original poster
96waystobehappy · 01/12/2023 16:35

@Firapple I couldn’t give a crap if they reduce or not as I’m not looking to buy. I just think it’s a weird market and people are dreaming.

OP posts:
ActDottie · 01/12/2023 16:36

96waystobehappy · 01/12/2023 16:28

@ActDottie since when did people find the perfect oneard property before they attempt to sell? Seems a crazy strategy in a market where houses are not selling.

You’re getting very “passionate” about all this… I think because people are disagreeing with you. I don’t know why you’re so invested in something that really hasn’t got anything to do with you. How people choose to sell their house is their choice. Yes you may do it differently but doesn’t mean it’s the right way.

There’s different ways to approach selling and there’s not right or wrong way.

I’ve known people who have only put their house on the market because they’ve found their dream property… and people who have put their house on the market and then found their dream property… there’s not right or wrong way but you seem adamant there is.

Behindyouiam · 01/12/2023 16:38

I want as much money as possible to pass to my children, surely that's easy to understand?

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