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Original poster

Why do some people not accept they have overpriced their house?

93 replies

oatmilkchocolate · 13/01/2025 13:58

There is a semi-detached near me that has been on the market for at least 18 months, maybe two years. The owners keep changing estate estates but never reducing the price.

There's no mystery why its not selling. Its priced the same as detached houses in the local area, and its semi-detached. A really nice detached house just up the road sold recently for 15k less than this one is on the market for. And it had two bathrooms and this only has one. And this house is a unusual design where the ground floor is a garage and utility room, which has the washing machine and dryer in, and you have to go up a flight of stairs to get to the house itself, which starts on the first floor. Which is obviously going to put some people (quite a few) off.

I don't get why the owners aren't grasping that they have just significantly overpriced. Why not just look at what other prices in their area are selling for and reach the obvious conclusion?!

OP posts:
Completelyjo · 13/01/2025 14:00

There’s a house in the area I’ve been researching which has been up for at least 10 months at the same price, ever now and then relisted as “new”.
They probably have no pressing need or want to move but might downsize or whatever at the right price.
At some point someone will probably pay it!

OnlyFoolsnMothers · 13/01/2025 14:03

They don’t really need to sell they just want to try their luck. Builder near us renovated a house and put it on the market, I would estimate 500k over what it would get. The man was delusional- after two price drops and 4 months it’s now gone from right move and he’s no longer selling- insane to me!

Original poster
oatmilkchocolate · 13/01/2025 14:04

I really don't think anyone will. Its a good 40/50k over what semi's go for around here. Anyone looking for a house will see that.

OP posts:
Original poster
oatmilkchocolate · 13/01/2025 14:05

But they keep changing estate agents, so they obviously are trying to sell. They didn't just stick it on for one EA and just leave it there.

OP posts:
Gekko21 · 13/01/2025 14:08

Maybe they can't afford to accept less as they need a certain amount to move forward. They are hoping someone will be desperate enough to bite at some point or that the market will pick up and their house will suddenly become worth that amount.

There's a house we viewed last year that is similar. Nice house but overpriced for where the market is right now. They never lowered, but after several months took it off and re-listed with a new agent for the same price. It's still up for sale. It hasn't had a single price drop. It's had a lovely renovation done on it, which I'm guessing the owner is trying to recoup the costs from. However, it's just priced outside what's currently realistic.

Another house we viewed has been on for about 2 years and has only been reduced slightly in that time. The house is overpriced as it needs a complete reno. The guy did his own viewings, but was slightly bonkers so that's clearly working against a potential sale too. I expect the EA is hoping they give up or go elsewhere as they are probably a nightmare to deal with.

PangolinPan · 13/01/2025 14:08

A friend of mine lives in the countryside and wants to move into a city centre. Houses in the area they want start at £1.5m. They can't reduce the price on the house they are selling as they can't then buy a house where they want to.
Unfortunately they are not going to sell the house at the price they are asking so it's been on the market for quite a while now.

Original poster
oatmilkchocolate · 13/01/2025 14:12

PangolinPan · 13/01/2025 14:08

A friend of mine lives in the countryside and wants to move into a city centre. Houses in the area they want start at £1.5m. They can't reduce the price on the house they are selling as they can't then buy a house where they want to.
Unfortunately they are not going to sell the house at the price they are asking so it's been on the market for quite a while now.

Unfortunately your friend needs to accept she cannot afford to move to the city centre.

OP posts:
MounjaroOnMyMind · 13/01/2025 14:12

I have a couple of neighbours who are close friends. One set have spent a lot on their house - they have a new kitchen, a downstairs loo now and an ensuite, too. They've got new windows, new flooring, a conservatory, a bigger garden and a garage, a new boiler. My neighbour the other side is convinced his house, which he's not even decorated for over thirty years, will go for the same amount despite having none of those things.

unsync · 13/01/2025 14:17

My neighbour is like this. He is hanging on for that one person that is looking for exactly what he is selling. It's been over three years now.

Gekko21 · 13/01/2025 14:19

I wonder if EAs eventually inform owners that they are removing the property from their books.

Owly11 · 13/01/2025 14:20

Why do you care?

SelectedStories · 13/01/2025 14:21

They either don't urgently need to sell or they have a particular price point that they for some reason need to reach, so are prepared to wait it out.

ScrambledSmegs · 13/01/2025 14:22

We met one of those! Years ago we viewed a beautiful but extremely dated period house (think 50 year old kitchen, rust-stained cast iron bathtubs and water running orange, terrifying electrics, all the clichés). The owner had inherited it and had no pressing need to sell, but also when we met him was incredibly sure of his own opinion - you know the type. Anyway, he'd set upon a particular price and that was that, no offers below asking price accepted. We thought it was obviously overpriced so ticked it off the list.

A month or so after we viewed it we noticed it popping up again on our searches but this time on with 6 different agents. He couldn't have more blatantly signalled his status as a difficult seller if he'd tried,

BanjoKnickers · 13/01/2025 14:24

It might just be a spreadsheet thing.

Not quite the same, but we tried to sell a rental flat a while ago, we overpriced it, it didn't sell, and eventually it came off the market and went back to rental. It's either an emotional thing, or as in our case just a financial calculation (rents were rising strongly, prices were falling, there were tax issues, and in terms of generating income we were better off leaving the money in the flat than taking it out and putting it elsewhere).

OverwhelmedAndUnderprepared · 13/01/2025 14:26

YANBU.

We viewed a house with an original asking price of £700k. Having viewed a lot of properties in the area over the previous 6 months, we felt that it was worth no more than £625k max. It needs a lot of work and not only in poor condition but also dirty which is obviously off-putting! However, we felt the house had potential so we made an offer under asking which they declined immediately despite having no other offers. The asking price has since been reduced to £675k but it still hasn't sold. The agent tells me they want to buy a house which is itself overpriced, and if they don't get that house they won't sell at all, which must be why they're not budging. I find it very strange that they have decided how much they think their house is worth based on how much they want for it (!) and not based on what people are willing to pay. The whole thing is mad and some people's expectations are way off.

curious79 · 13/01/2025 14:33

Maybe one of the couple doesn't want to sell so has priced it high and is blaming a slow market?
I mean who cares. You're not desperate to buy it?!

WhereIsMyLight · 13/01/2025 14:37

A few reasons:

  • they’ve spent a lot of money doing it up and want to get back what they’ve put into it. They want a return on investment vs seeing it as a home and somewhere safe to live
  • one of them doesn’t want to move and won’t lower the price. Could be splitting up and one person is just being difficult for the sake of it. Or one doesn’t really want to relocate.
  • Sentimentality of a house. It’s the place you’ve spent a lot of your time and it’s taken so much of your money. You’ve decorated it to your taste, made it yours. You’ve had parties there, you’ve lazed in the garden reading a book. You’ve got memories tangled up in the bricks. It might be the first house you bought together. It might have been the house you grew up in or the house you brought your babies home to. Whatever the reason people attach their own sentimentality to it which increases the value in their mind
  • they need an amount to make the next move
  • estate agents give an over inflated estimation to win the business but then people won’t lower because they’ve heard that first number

Essentially though it comes down to the fact that they don’t need to move or aren’t in a hurry to move. They’ll test the water and move if something comes along but as a buyer I’d be wary about these sellers because I’m just not convinced they wouldn’t get cold feet before completion.

soupfiend · 13/01/2025 14:39

They might need to show that they're selling it for some reason, or it might be probate and the beneficiares dont agree with the sale price or a divorce where one person is frustrating the sale on purpose.

Lots of reasons

CienAnosDeSoledad · 13/01/2025 14:50

My parents are trying to sell one of the flats my dad owns. It's a decent, good sized flat in excellent location, but it's run down, very dated and will need quite a lot of money to update it.

It would actually sell easily, if dad dropped around 15-20k, as it's definitely overpriced, judging by the competition. But he doesn't budge on the price.

It's the combination of not really needing the money, not in the rush to sell at all and my mother supporting him in not lowering the price. She's one of the people who thinks everything she owns is more expensive than it is, but when she wants to buy something - it's always 'overpriced'.

Said flat always generates tons of interest from people wanting to rent it, due to its location. There are tenants currently living there. Dad said, he won't sell it for less than he asks, is prepared to wait as long as needed or not sell at all, if the price isn't met.

So here's one of the reasons.

CanadianJohn · 13/01/2025 14:53

I'm in almost the reverse situation... I've been here 30 years, my house needs updating, I want to sell. In my IN-expert opinion, this house is worth $475,000, tops. I had one of those "we buy any house" guys look at the house, he offered me $421,000, cash. My agent (haven't signed yet) is furious.. "you are being ripped off, I can get you $500,000, why would you give up a potential $80,000 extra...".

Well, we'll see. I hope the agent is right. She is very experienced, specializes in this part of the city.

WinterFollies · 13/01/2025 14:55

We have a few of these in our area.

One in particular was ridiculously overpriced - it was a great house but very run down with a tiny garden, no parking, and on a noisy main road. After it had been on for at least 18 months with a few different agents it disappeared from Rightmove and we assumed they finally sold it.

Then it reappeared a week or two later with a HIGHER PRICE. It's still on.

HellofromJohnCraven · 13/01/2025 14:56

More than 1 seller and one of them doesn't want to move, divorce or siblings etc.
We had one local to use though that was entirely deluded.
Bog standard 3 bed detached on an estate of the same house. They declared the lounge (the only reception)was a bedroom and listed and priced it as such. It was literally 3 beds 1 bath upstairs, down stairs I bedroom, a dining table in the hall and a kitchen.
It was on the market for ever

TheBunyip · 13/01/2025 14:58

I think everyone is in a bit of a standoff at the moment. They’re stuck needing x amount to move to the next house which itself is overpriced. Once one person drops everyone else can move.

ZenNudist · 13/01/2025 14:59

Completelyjo · 13/01/2025 14:00

There’s a house in the area I’ve been researching which has been up for at least 10 months at the same price, ever now and then relisted as “new”.
They probably have no pressing need or want to move but might downsize or whatever at the right price.
At some point someone will probably pay it!

Pretty much this

Theres a house behind us that we would have liked to buy but it was always on at top whack, from time to time, it went back on at a higher price, didn't sell. Eventually it did and they got £180k more selling it 2 years down the line.

We still wish we'd bought it!!!!!

Doris86 · 13/01/2025 15:01

I don’t get this either. There is trying your luck a bit, and then there is living in cloud cuckoo land.

There is a 3 bed semi near me that is up for £475k. The going rate for these houses (and several very similar ones have recently sold) is £350k - £375k. I bought my 4 bed detached in the same area last year for £450k.

The estate agent it’s up with is from a town about 10 miles away, who never normally sell houses in our town. Presumably all the local estate agents laughed them out of the office when they said they wanted £475k.