Sellers don't want to admit that the market has changed!

[FantaLemonade]

I'm a ftb and have been house hunting for nearly a year. I'm taking my time and not rushing into anything as I want to find the right house within my budget etc, but I do check right move most days (has become a bit of an obsession tbh!) so I tend to remember certain properties. I've noticed a lot more sales falling through recently and properties being re advertised online. It doesn't surprise me with all the uncertainty, interests rate rises and affordability criteria changing. Anyway, this one made me laugh (pic attached). Obviously the seller is entitled to list and sell the property at whatever price they want, but what on earth are they thinking?!. The house was only taken off the market around 3 weeks ago after being on the market since end of March and having 2 reductions, which even in todays market is still a long time for the area. Clearly the sale has fallen through, but I have no idea why they think it would be a good idea to re-list and add on an extra 5k. It's not as if the market has improved in the last 3 weeks, is it?! Utterly bizarre I think. Is this just another example of sellers not wanting to admit that the market has changed?!

I agree! No wonder there are so many properties sitting on right move for months on end.

Any vendor with sense, is going to get valuations from several estate agents, then they will go with the advice.

Maybe the vendor has:

1. done a major renovation of the kitchen, bathroom, wherever, increasing the value of the house
2. got a new estate agent, with a different valuation
3. is prepared to wait to get the price they want, because they are in no hurry

Every time I watch Property Brothers, the estate agent says your house is worth…..US$ 250,000! Three weeks later after 4 rooms have had $35,000 spent upgrading them, he says the house will sell for say $US 330,000 - first open house, they get a good offer!

In all likehood, they're probably going on the advice of the agent.

'Loads of people are offering massively undervalue at the moment, so chuck on an extra £5k so people really feel they're getting a bargain when they offer low.'

@FantaLemonade bit off topic but where on RM can you see the price history?

A couple of months ago, we offered on one that was owned by deluded sellers who thought they could get more money than the property is worth.

It's been on since February last year.
It's not going anywhere fast.
And I'm in an area where prices have been steady for the last 12 months.

When they refused we just rolled our eyes and bought a less ridiculous property. Sales are falling through all over the place, I think some sellers need to open their eyes a bit. Probate properties seem to be worst for it, we offered on another one in July and they decided to turn us down and to take it to auction, starting at the price we offered on it (so add the reservation fee etc on top of that they effectively increased the amount a buyer would need without increasing what they would even get for the property). It didn't sell either.

I get that people need enough for their onward purchase but anyone selling right now needs to accept that profit margins aren't going to be as high as they were last year.

Edited: July wasn't last month(!)

I think OP might have picked that up from Zoopla, but you can get the Property Log add on to the Chrome browser that shows you full price change history.

When they refused we just rolled our eyes and bought a less ridiculous property.
Which then fell through, I might add. Ran out of time to edit as it's feeding time at the zoo. 🙄

We looked at a bungalow not far from where we moved to a couple of years ago , it was on the market with different estate agents for over a year , sometimes with 3 at the same time . The woman who owned it was totally mad and expected someone to pay well over the odds for it . It was over priced to start with and went up from 300k to 350k and it never sold as far as I know

Every property round here has been reduced in price lately , not much selling either

My friends recently pulled their house from the market - they sold it originally back in April for £380k this sadly fell through. Back on the market and accepted £350k - as aware the market in our area dropped.

They found a property on since beginning of year - price of £550k they offered £535k, the sellers wouldn’t budge (even the fact they been on the market for 10 months ) Two more offers for other houses those sellers won’t budge. So they pulled house and staying put for now as they can’t afford the houses now as their house has dropped in value but others aren’t realising that.

A bungalow near us failed to sell for £285k last year so the guy who inherited it moved in,weeded the garden and stuck it back on the market for £315k.

I think sellers still think they are in the driving seat. With my property they tried to insist it was worth £40k more than my offer! Even their EA thought they were deluded.

In my city the available properties have tripled from a year ago. Many sellers are finding their properties just sit there.

It’s not just sellers though. It’s estate agents as well. They’re still encouraging people to list at high prices as if we’re in a rising market. 2 people I know have been persuaded to list at a higher price than they thought achievable and both ended up reducing pretty quickly.

Probably expecting people to knock money off and they had reduced it to their limit previously - this reinstates some bargaining power to them

I’m not sure. The three houses I have been watching for a while here have all sold in the last week. I’m not sure if it’s a blip but things seem to be moving again. I’ve just got to decide whether to list now or wait for January…

You can't - only with Zoopla

No, you can see it on RM as well, and this is genuinely the first example I found with a random search, and it made me want to cry, laugh and vomit at the same time - Quarter Of A Million Pounds! - LOL, this shows the utter stupidity of the public in the UK when it comes to property, I would genuinely weep for anyone buying that now, hopefully anyone stupid enough to offer that price would be shut down straight away by their mortgage lender?

https://www.rightmove.co.uk/properties/140880380#/?channel=RES_BUY

LOL.

Where? I cannot see it! I have stopped using RIghtMove because Zoopla has better history!

You scroll down, past Property Description, past the street view map, it is there just after "Broadband Speed", as if that is more important than how much the seller is trying to rip you off! LOL

That is property sale history. It does not log price changes. At least not on my RightMove! Can you screen shot one for me as I really cannot see anything other than property sale history!

Give it a couple of more months and Q1 2024 this will change rapidly

I'm in Scotland where it's slightly different as most properties (where I am at least) are still selling fairly quickly. I looked at about a dozen properties over the summer (including the one I bought). All sold within a month apart from one which is still for sale because it's on for a fixed price at £25k over the home report value. Deluded! Other fixed price properties are on for their valuation price or slightly lower. I will keep checking the listing to see if anyone ever buys it!

https://www.propertylog.net/ use this with RM

Sing this to the seller at your next viewing, they will give you a discount......

York is a very desirable place to live and that price is normal for the area. It's because it's quite quaint, has actual shops and things, has direct access to London and has a large student population.

Apparently it often floods too! yay

o_o

How much do you think a house like that in York should be?

250k is not expensive for a 2 bed house.