If anyone is looking for a 2 bed flat in Worthing...

[TeddyBeans]

Here's ours 🤣

Feel free to critique the listing, we had a fluke viewing the day after it went live and radio silence since... Would love to sell, the kids need their own rooms and we desperately want a garden

A realistic band is 150k to 200k, you would be doing very well to get 200k in this market IMO. This thread is a masterclass in how some sellers don"t want to hear reality and end up chasing the market down, the OP should be making low offers on the property they want when and if they manage to sell this flat.

Some areas don"t have the demand, not all the houses will sell.

It’s more OP’s partner who’s been insisting he didn’t want to reduce and hasn’t been reading the market. Also, two bed flats in that block have sold recently - three of them. But we don’t know the prices yet.

Yes, that"s why I said "sellers" instead of "OP", one of the flats has popped back though, it is like the yellow barrels in "Jaws" in this market, people seem to keep confusing "under offer" or "SSTC" with Sold for some reason?

Yeah I meant sold as in not properly sold - three are listed as SSTC, one as you say has popped back (but Rightmove haven’t updated it and I didn’t realise). Two in the block sold last year, one at £235k, and I wonder if that’s one reason why OP and her partner decided to try and sell at £240k seven months ago.

It was more the fact that all three of the agents we had in to value the flat back in Feb all said 240 independently of each other. They're supposedly experts in this field (I'm sure as hell not) and as the seeker of the expert opinion, we listed for what we were told it could achieve. Obviously things have down turned a lot since then and we're going with the new valuation of the experts - who, once again, are confident they can sell it for 220.

It has nothing to do with me. I could put it on for half a mil and that would be my mistake. Noone expects estate agents to make a hash of their own industry. I'm just one half of a flat owner, in what seems to be dire times, trying to make a good life for our kids.

No no no, this is not correct, the amount of information available to you online and with price apps etc. is just as much info as an EA has, you can DYOR and make decisions based on that, as with the stock market any old clown will make money in a bull market, but a lot of EA"s now have never seen a proper downturn or normal interest rates, they are just sales people not "experts" they are just pricing high sometimes to get customers on their books.

They were being optimistic (and a touch greedy) there, at that point they would have maybe got 220 because people were starting to twig that the market was in trouble but buyers were still taking the bait in some cases.

IMO a good example of chasing the market down.

Always lurking somewhere above where the market is willing to pay, then moving down, only to find the market has moved further down.

Setting a high price and moving down to find the market level works, but to do this the moves have to be faster than the ones the market does.

To mix into this there's the headwinds of interest rates.

Anyhow, there is always a small probability someone will turn up willing to pay the higher prices if the market doesn't move down too much further.

I do agree with GasPanic re chasing the market down. If that flat was priced at 190k it would grab attention and viewings, then she could offer down on next purchase accordingly to compensate. Teddy has been toe dipping since beginning of year. The only hope for Teddy marketing at a high price is that she gets someone come along, like before, who doesn’t realise how bad the market is and how much flats have dropped.

https://propertyindustryeye.com/sellers-face-fresh-competition-as-thousands-of-homes-hit-the-market/

Have you taken it off the market @TeddyBeans ?

Looks like it is gone, sold maybe?