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24-01-2020, 13:11   #31
diggerdigger
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This may be stating obvious, but the price is what a buyer will pay and a seller will sell. You need both. And a seller and a buyer can both be irrational in setting their bid or ask.

I sold a house last year, and got a good bit above asking. But you wouldn't believe the number of low-ballers after a month on the market telling my EA what the value of the house was and what their rationale was for the offer below asking. "I could renovate the house up the street for 50k, so this is worth X not Y". And a tip - unless you have actually renovated a house before, you are underestimating the cost.

Unless the seller is motivated (i.e. must move - found a dream house, executor sale, new job down the country, divorce), then many just wont sell unless they get the price they want or need. the optional sales like downsizers or potential trader uppers, may not really be compelled/motivated to do anything.
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24-01-2020, 14:55   #32
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The examples househunters are giving here are mostly the opposite though. Sellers who are looking for as much or more for their house than another similar house, which was bigger / in better condition / already renovated etc and refusing to lower their expectations despite receiving no offers at the value they believe it to be worth.
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24-01-2020, 15:27   #33
JamesMason
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Originally Posted by Woshy View Post
I'm looking at houses that when compared to other houses nearby have things like:

a substantially lower BER
only one bathroom (i.e. no downstairs toilet)
a separate dining room and quite a small kitchen (when other houses have already been converted)
a north facing garden

and they're looking for 30k- 40k more than other houses. It just doesn't make sense. When we were selling our house I was aware what houses near me were selling for or going on the market for and would have been aware of a price difference like that. Again, I think some of it is people who think well my house is lovely so people will want to pay more for it when really, it's not set up for what a lot of buyers are looking for.

I have no issue with doing up a house over time but if work needs to be done it should be reflected in the price.
Greed. It's that simple.
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24-01-2020, 15:43   #34
beauf
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Greed. It's that simple.
They might be stubborn, even stupid. But I don't see how its greed.

There's a couple in my area on sale for about 2yrs. Others at the same price have been gone in a month or two.
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24-01-2020, 17:13   #35
Anamdearcadh
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I gave up on anything that looked like it was ready to move into. Bought a place with peeling wallpaper and non functioning gas boiler. Spent about 30k on renovations but didn't have to deal with a bidding war or any messing about.
Same here. Hoping to get the keys next week. I've joined boards hoping to glean as much advice as possible from the forums as renovations are very much needed but excited to have my own place!
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24-01-2020, 17:50   #36
Dav010
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Greed. It's that simple.
Selling your house is the biggest transaction most will have during their lifetime. Getting as much as the market will bare is not greed, it is good business. If it is too high, the house will sit there unsold, but if it does sell in 6 months, 12 months, 2 years later, the seller may think it was worth the wait.
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24-01-2020, 17:55   #37
Shefwedfan
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Someone buying a house and the person selling is greedy

Same person selling and everyone is too tight

Are people saying if they where selling their house now they would accept bids under market value just out of the goodness of their heart?
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24-01-2020, 18:13   #38
Senature
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Are people saying if they where selling their house now they would accept bids under market value just out of the goodness of their heart?
I don't understand why this point is now being continually repeated in this thread. I don't think any posters have suggested that sellers should sell for less than market value for any reason.
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24-01-2020, 18:23   #39
givyjoe
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I don't understand why this point is now being continually repeated in this thread. I don't think any posters have suggested that sellers should sell for less than market value for any reason.
Precisely. The point being made is that they are holding out for a value which the property isn't worth, hence no one over an extended period has met their estimate.
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24-01-2020, 19:01   #40
Shefwedfan
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Precisely. The point being made is that they are holding out for a value which the property isn't worth, hence no one over an extended period has met their estimate.
A house is only worth what someone will pay for it

If the market was flooded with houses which where overpriced and nobody was going to buy them the automatically the prices would come down

The market isn’t so that would suggest someone is willing to pay for it, calling the seller greedy is pointless because if shoe was on other foot then you would hold out for best price
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24-01-2020, 19:16   #41
ebayissues
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There is greed involved.


If a house is reasonbly priced, a seller would be able to sell/liquidate the house reltively quick..a week to a month.


How does one gauage the value of a house.. we see what other prices houses sold in that area...compare the size.... estimates of work that has to be done.


Though there is premium one houses where location is good, if the house is in turnkey conditon. However I have seen houses that needs to be gtted be priced at an astronomical rate.


A house priced well will shift quickly....


Houses on the market for over 3months or so are either not being priced correctly or owners really don't want to sell.
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24-01-2020, 19:18   #42
Senature
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Originally Posted by Shefwedfan View Post
A house is only worth what someone will pay for it

If the market was flooded with houses which where overpriced and nobody was going to buy them the automatically the prices would come down

The market isn’t so that would suggest someone is willing to pay for it, calling the seller greedy is pointless because if shoe was on other foot then you would hold out for best price
Mostly we were discussing sellers whose houses are on the market for months on end and are obviously not being offered the price they want as the houses are not selling. For example, there is one in the area I am looking in that is on the market since August. This suggests nobody is willing to pay that price for that house, whether the seller "holds out" or not. That is the point.

Have you read the thread? I think only one poster called it greed. Others offered other reasons such as the houses not really being for sale etc. You seem to be making a point that posters believe sellers are greedy if they won't accept low offers, I don't think anyone has said that. In fact, your first point, that a house is only worth what someone will pay for it is he one being made by pretty much everyone posting...
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24-01-2020, 19:32   #43
Dav010
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Originally Posted by ebayissues View Post
There is greed involved.


If a house is reasonbly priced, a seller would be able to sell/liquidate the house reltively quick..a week to a month.


How does one gauage the value of a house.. we see what other prices houses sold in that area...compare the size.... estimates of work that has to be done.


Though there is premium one houses where location is good, if the house is in turnkey conditon. However I have seen houses that needs to be gtted be priced at an astronomical rate.


A house priced well will shift quickly....


Houses on the market for over 3months or so are either not being priced correctly or owners really don't want to sell.
To an extent, you are correct. Sellers are selfish, we all want the most we can get when selling property. But selling needn’t be a quick process, and many don’t need to shift quickly at a price which suits a buyer. Property transactions are hypothetical, an observer such as yourself may be critical of sellers asking too much, yet when your time comes to sell, altruism is less of a concern.
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24-01-2020, 19:32   #44
givyjoe
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Originally Posted by Shefwedfan View Post
A house is only worth what someone will pay for it

If the market was flooded with houses which where overpriced and nobody was going to buy them the automatically the prices would come down

The market isn’t so that would suggest someone is willing to pay for it, calling the seller greedy is pointless because if shoe was on other foot then you would hold out for best price
Did you read any of my post? If the house isn't selling and being continually relisted, then the house in question clearly isn't priced at the market value. Not rocket science.

One poster mentioned greed. Most others have just given examples of unreasonably priced non selling houses.

Last edited by givyjoe; 24-01-2020 at 19:35.
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24-01-2020, 19:36   #45
Dav010
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Did you read any of my post? If the house isn't selling and being continually relisted, then the house in question clearly isn't priced at the market value. Not rocket science.

One poster mentioned greed. Most others have just given examples unreasonably priced non selling houses.
Whether you like it or not, the owners of those properties are willing to wait until the right offer comes. It may never come, but that is their choice, unless it is outlandishly priced, odds are they have a reasonably good chance of eventually selling.
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