Page 3 | If you’re selling, what is the market like around you?

Stepsaside · 2023-10-25T18:17:56+00:00

We’re in South Wales, selling a probate property that needs a full modernisation. The house is a large 4 bed detached with beautiful views over the coast. It’s got loads of potential and it would make an amazing family home. The estate agent advised on pricing but disappointingly we’ve had only one viewing since it was listed 3 weeks ago. When do you think about dropping the price? Is it early days yet?

BarbiesWorld · 26/10/2023 22:36

West Yorkshire here.. listed on the Tuesday, had a couple of viewings on the Saturday and an offer 4% below asking (which I accepted) on the Monday. So literally up a week.

It need a little bit of tlc in terms of redecorating but nothing major and was priced/valued a little higher than I expected to be honest.

peanutbutterkid · 26/10/2023 22:36

wow, that houseprices.io site
My house is worth a lot more than I knew
#convenient

Fortheloveofwatermelon · 26/10/2023 22:37

So we've been selling/buying for a few months now. Market is very slow and only houses that are selling and not falling through are ones either very cheap or very desirable with a reasonable price. Otherwise all we have seen since last 6 months is properties coming off market for a while them going back on sale

MaryJanesonabreak · 26/10/2023 23:12

rainingsnoring · 26/10/2023 11:09

'The correct value of your house is whatever someone offers for it. If you have to reduce by 10% or you get an offer under asking you are not selling at a discount. Your house was not worth the original amount.'

Exactly this.

There are several deluded comments from potential sellers on this thread which show why the market is 'dead' in some areas. Eg.
'We don’t want to have to drop the price, we feel it’s priced correctly but clearly it’s the fact it needs modernisation is not appealing to people.' Don't you understand why it isn't 'appealing' to buyers? It's precisely because of the cost of the modernisation on top of the asking price you have chosen.

'Not in an any rush to sell so not gifting it to anyone chancing their luck with a silly offer'.
You wouldn't be 'gifting' your house to anyone. If you had only one offer at say, 15% of asking price, that is the current market value. It is the value that you have in your head which is 'silly'.

'The houses priced the same as ours are either in much worse condition or much smaller, so we know we are priced realistically. Been on the market almost 2 months. Not a single viewing.'
If you have not had even one viewing, it is not priced realistically! Something priced realistically would have had multiple viewings and also offers.

I can see that it is very difficult, psychologically, to get one's head around the fact that the market has fallen and continues to fall. I'm sure many sellers will take their house off the market and wait for years, some will re-list in Spring, hoping for a 'Spring bounce' but some will need to sell and those will make the market.

Thanks for your patronising opinion. I bought my house at auction for the purpose of renovation and selling on. The house is totally renovated and immaculate. After I’ve paid the estate agent fees and the conveyancing, I will be about £5000 ‘in profit’. It’s a three bed semi detached with a decent garden and parking , so yes the FTB who was chancing his arm offering me the price of a two up two down was not going to be taken seriously.
As I said previously, the price reflects the current market and is in the region of a 7.5% drop. Any lower and I would literally be gifting it, as in making a loss at my expense.

rainingsnoring · 26/10/2023 23:39

MaryJanesonabreak · 26/10/2023 23:12

Thanks for your patronising opinion. I bought my house at auction for the purpose of renovation and selling on. The house is totally renovated and immaculate. After I’ve paid the estate agent fees and the conveyancing, I will be about £5000 ‘in profit’. It’s a three bed semi detached with a decent garden and parking , so yes the FTB who was chancing his arm offering me the price of a two up two down was not going to be taken seriously.
As I said previously, the price reflects the current market and is in the region of a 7.5% drop. Any lower and I would literally be gifting it, as in making a loss at my expense.

Show quote history

No need to get defensive. If your house has had 1 viewing a month for 3 months, what I stated is correct. The price can't be reflective of the current market unless you have had offers at or near the asking price.
How much you spent and how much profit you would like to make isn't relevant.