Is 10 weeks is a long time to have the house on the market?

[mrsnw]

Am I? Mid terrace (dh thinks that what puts people of). Lovely kitchen/bathroom. Some interest but no offers. Two EAgents have said it isn't overvalued. In a great area next to outstanding school. Am I being impatient? I want to take it of the market for xmas but EAgent said leave it on. Worried it will start to look stale! Advice pleasssex

Hi. We've moved this to Property/DIY as we think it's the best place for it.

Depends where you are. You can find out here by looking up the 'time on market' for your postcode. Focus on the median (rather than average, which is often skewed by a handful of places that are not selling) and compare with similar sized properties. If you are under the median you are fine, otherwise there may be a reason why your place is not selling (ie, the price is not right).

A house is worth what the seller can afford to let it go for

Of course it isn't!

It is worth only what someone will pay. How else do you account for the hundreds of properties stuck on the market at ridiculous asking prices?

It took us nearly 2 years and knocking off £25k off the original price. The only reason why we sold when we did was because we did a px with Taylor Wimpey and they sold it at a loss! I think our first viewing was 5 months down the line and in total we had about 6 in those 2 years.

Good luck! :)

Harry - I know what you mean. She's kind of right though. A property has two values, the one people in the market are willing to pay, and the price the seller is willing to accept. If an offer is less than what they are willing to accept (i.e. if they value holding the property as a better choice than selling at X), no sale will occur. It's not quite 'it's worth what someone will pay' when the other option is not to sell.

Looking at the news it will be based on what someone is willing to pay backed by what the bank will lend them. Mervyn King has said banks need to bolster the balance books to protect from what is coming so mortgage lending could suffer. 10 weeks is nothing atm. I would drop the price to what you can and undercut otehr similar houses

No, nothing is selling atm

Slight exaggeration but is definitely a tough Market, at least where we are (south east)