Properties that are overpriced.

[springishereeeee]

why do they not lower the price? Surely Estate Agents are giving them the appropriate feedback.
Over 2 years on the market.
https://www.rightmove.co.uk/properties/86242311

That will be seriously challenged in the coming weeks/months.

Near us a house has been on the market for £850K for 4 years. A friend (who can afford it) asked to view it and was told no by the agent. All very odd. We believe it is lived in by the daughter (parents died) and the other daughter has put it on the market (she lives abroad) but the sibling who lives there doesn’t want a sale so priced it high and won’t do viewings - all very odd

They're selling on my street.
Barely on for three weeks before SSTC. And they go through too.
I think they're expensive.

Equally, on these threads at least, buyers seem to think the sellers owe them a deal but many sellers don't need, or care, if they sell so they really don't.

They are not in a rush and are not desperate.

If you want a bargain focus on purchasing from a desperate time constraint seller?

I dont want a bargain. i want a fair priced house.

Yes exactly. Why would you sell a commodity into a low market if you don’t need to? Makes much more sense to sit it out for a while and see where the market goes in the next period of stability.

Sellers may have no right to their desired price, equally they are under no compulsion to sell low and buyers have no right to a property at their desired price.

I’m struck this last year or so at the patchiness of rising/falling prices even between nearby areas. The popular houses in good roads have held prices and then some, new build flats (the type where a large Edwardian or Victorian house is knocked down and replaced with a large "house-looking" block of a dozen or more units) seem to sell quickly as do the older standard “types” on good roads. Its new build houses which seem to have held value less well - possibly because the plots tend to be much smaller than their older counterparts.

This is literally what's happened to DP

I'm desperate to move, we'd take an offer! DM me 🤣

Those who need to sell quickly are likely to have a fairer price point. Aim to purchase one of those win win ?

If you think something is not priced fairly ignore it. You do not have to pay a specific price and the seller does not have to sell at a specific price either.

“Fair” is meaningless and assigns an emotional value to a business transaction. Would you use the word “fair” if the SH car you wanted was not available at your price point?

The house is worth what someone will pay on the market. The seller is perfectly at liberty to ask more or to decide not to sell at that point of the market and wait it out or take the house off the market.

You have a price limit that you can afford, at the moment it sounds as if what you want is not available at your price point. You can offer your price point and see if its accepted or look for something cheaper (by house type or area) or wait them out and see what happens.

What part of the country is that?

Yes but new builds have two parking spaces if you are lucky and just enough garden for a rotary washing line.

Some people are prepared to pay more for a little more outside space.

I found this property on the Rightmove Android app and wanted you to see it: https://www.rightmove.co.uk/properties/159617033

3.5 years.....
Probably 1/3 more than it's worth!

Makes you wonder what goes on in the heads of people who keep their property on the market for years with no hope of ever selling it?

No one round here wants a new build. They’re such crap quality & usually on estates. Older, better built houses are much more popular.

New build sales in some parts of the country are down about 60%.

I’d certainly consider a new build, however as you say they are usually estates that are not near any amenities and have cars parked everywhere.
I see many new build estates are blighted by nearby main roads and bypasses.

The toilets are making me cry. And not in a lol way.

🤣

As my dad used to say
a house is only worth what someone is willing to pay…..

I guess the point is that house builders should know what houses are worth, and be motivated to sell. Or at least more so than Mr and Mrs Bloggs who think their badly-maintained semi is worth 50% over the 2022 ceiling price for the street.

There are as many situations as there are buyers and sellers. Most non-probate sellers will be buying again, and if the move isn't urgent, they probably feel they may as well hang on until they get what they want. So what they see as a low offer is of no interest to them if it doesn't lead to the purchase of the kind of place they plan to buy next.
Until we moved to this house, we only ever bought new build properties. I wouldn't do that now. Couldn't afford it, for a start. The prices now are ridiculous for what you get, and what you get doesn't always appear to be of a quality commensurate with the price tag.

I think you might use the word 'fair' for a SH care transaction if a seller was advertising his/her car at far more than others that were selling. They would be advertising at far above market value and they would be v unlikely to achieve a sale. Those who advertise at the price that buyers are willing to pay (the market price) will achieve a sale. This is the case wrt property transactions too; those who advertise around market price will sell. Those, like this example, who advertise far in excess of market value stay on the market for years without moving. At this point, the sellers may be 'waiting it out' for a very very long time. For all we know, the OP may be able to afford this price point but chooses not to because the house is not worth this amount.

@springishereeeee all you can do is make offers on properties that are more realistically priced.

Isn't Peterborough a bit chavvy, though?