To wonder house sellers motives?

[96waystobehappy]

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?

Our house has been on for 6 months. We’re divorcing and not in a position to take less than the asking price because neither of us will be able to afford anything on the market if we do.

Likely two reasons

1. housing has gone up faster than wages so once house is reduced it's gone forever
2. need the huge amounts over from downsizing to be able to help other family members into the housing ladder

What about people who are asking reasonable price, therefore get offers that then fall through because something goes wrong further up or down the chain?

@SpringboksSocks

I don’t know how easily insulted you are so please don’t take this in any other way than just questions that interest me:

If that’s the case, what are you hoping thinking will happen? Are you worried that it will become even harder to sell? Do you have a plan b? What if you can’t achieve that price? What if the market collapses? Is the only option that someone comes along soon and pays that price? No judgement, clearly a crap situation and I’d just like to get a better understanding of that.

It often depends on the house. Boomers presumably are living in larger houses. Larger houses tend to be either completely renovated so move in condition or will be sold to someone who will rip everything out and renovate in their style. It's often not worth spending money to just fancy things up a bit.

We’ve got a house down our road that’s been on the market for over 2 years with about 6 agents. They haven’t moved the price. I find that odd.

My friend is selling her late mother’s house. Her Mum scrimped and saved every penny to hang onto that house when times were dire for her. My friend wouldn’t use your approach as there is too much emotion in feeling she’s done right by her Mum to get the best price/someone who will love the house. You can agree or disagree, that is irrelevant, my friend’s emotions are what they are and she does not need that house sold, so she hangs on.

Another friend is sorting the sale of her Mum’s house as she has gone into a care home which is hugely expensive. When it eats through the value achieved in the house sale nobody knows what care home options will be available. As she sees it, every £1k reduction is a month off how long she can stay in the good care home.

so my answer to your question in some cases is “emotion”.

Yes this!! Why is the OP getting so emotional? So much push back for what is a really random question in the first place.

@HippyDays thank you for answering the question.

Triggered 🤣🤣🤣🤣🤣🤣🤣🤣

Of course, it's not like OP is a little crazy!

In 60s, divorcing, having to get 2 small flats out of equity, still have a mortgage, disabled adult DD so need 2 bedrooms to move on.

Good enough reasons for you? Or should I add "obliged to gift large % of equity to snarky FTB" to my list?!

Ill bite. I'm downsizing at the moment. I need to achieve a certain price, about 15% less that the house was valued at n the peak of the market. this is because I am retiring and will need that equity to have as savings during my retirement. m not desperate to sell, so Ill wait.... I have significant equity, but from that I need to house myself and have enough left over ... £50K is a small amount of my equity, but it will make a big difference to my future

I’m not emotional or triggered. I’ve explained that I just find mumsnet and actually the real world stuffed up with people that are too easily insulted and so defensive.
If I was holding onto something and over pricing it because it had sentimental value to me I’d say “I know it’s probably over priced but I can’t bare to let it go for less” I wouldn’t start ranting and raving that nobody should dare to ask why it was over priced and that it wasn’t.

So much push back for what is a really random question in the first place.

Err it’s mumsnet, most questions and threads are random 😆

so my answer to your question in some cases is “emotion”.

which is why so many get triggered by it it seems!

@GoingDownLikeBHS Can you tell me how you have made the presumption that I think you should sell your house for less than it’s worth?? And why the use of the word boomer in replace of “the older generation “ has made you think that I don’t think you deserve your money??

@Flixon. Are you worried that the market will collapse and you will lose much more? I would be right now, hence why I’m interested.

Why should I sell my identical house for 25% less than the one down the road, simply because I am over 60? Can you explain that OP? I've made very sure the house is in good condition, but we recently had a young couple tell us that as the windows were installed 6 years ago, they'd all need to removed. Most under 40s seem to think if it's not decorated entirely in grey within the last 3 months its a "do-er upper". Is that because they are younger than us or just thick?

(Sorry but I didn't think MN was allowing derogatory references to "boomers", ageist stuff etc., clearly its a free for all on this thread).

@GoingDownLikeBHS

and although I’ve explained above that I have not made a single insult to boomers. After re-reading. Who is it that has a problem with an age group you or me?? Because can you tell me why a first time buyer would be “snarky”?

OP "boomer" is being used as a derogatory term. It's a group "insult" and you know it, don't be obtuse. You clearly said that if houses had a bit of equity in them they should be reduced as we're all "asset rich boomers"!

Aw don’t worry, I’m not easily insulted!

I don’t mind at all you asking. In our case the estate agents are genuinely useless and so we’re switching to another agents, but we were tied into a contract for 6 months. We’ve been making improvements to the property as best we can and acknowledge that this is a bad time of year for selling, plus interest rates have affected ability to buy, so we’re hopeful that in the spring things will pick up.

Of course at some point we may have to cut our losses and accept a lower amount. We’ve already dropped the asking price substantially and would prefer to sit it out a bit longer though. We’re just about ticking over financially while we wait it out. We’ve got DDs 15 and 11 so we want to be able to buy places where ideally they can at least have a little bit of space each to soften the blow of the split.

Honestly I am not answering another question with reference to age. Go back, re read, take the chips off your shoulder and realise that I have made no reference that is derogatory to boomers. You
all need to have a good think about why that word has set you off.

@SpringboksSocks I'm sorry, it's a rubbish situation to be in and hope it can get resolved without too many compromises 💐

OP "boomer" is being used as a derogatory term. It's a group "insult" and you know it, don't be obtuse. You clearly said that if houses had a bit of equity in them they should be reduced as we're all "asset rich boomers"!

bullshit, not in my life! Not in my World. My parents are boomers. Just a word. Can be used for light banter if you have that kind of relationship, otherwise it’s just a WORD.

@SpringboksSocks Good luck, my friend recently sold due to a divorce & her ex was such a dick through the old process.