Getting There

This has been an interesting thread. Whilst I agree that something's value is driven by what someone is prepared to pay for it, the seller's timeline is clearly vital too. If, for example, you might perceive you have another 6-9 months before "I'd LIKE to sell" becomes "I HAVE to sell" and if you have reason to believe that your property is attracting more interest than its competitors, then it doesn't seem unreasonable to bide your time, even in the challenging market that UK seller's are currently facing.

Eamonn

Little D

We've recently moved from Okotoks to Calgary, and we dropped the price by $40,000 in order to sell.

There are still homes on MLS that were very similar to ours that are still sitting, whereas we took a bit of a drop and had to take a larger mortgage than originally intended, but ended up in the house we wanted.

It is tough knowing that a year ago there was alot more value in the house, but it is all relative at the end of the day.

Seems that the toughest part of selling in the UK is the scaremongering and lack of mortgage products available, which is leading to less buyers.

We still have a house in the UK which we are renting out. It doesn't cover the mortgage, but for the time being it is better to carry the deficit than leave it sitting empty and paying a mortgage while we try and sell it.

Good luck to those trying to sell, some will be able to take the 'hit' and some won't. It's just important to take a long term view of any losses, and the future consequences those losses may mean for you.

KJM

Thank you for the constructive feedback E.

Biiiiink

That's fair enough. You started the thread saying you were going to get a sale today if you had to beg, your sig says you're selling, I assumed you were keen for a sale. But if you're not pushed for time or freeing up cash, you hold out.

You have to be careful though as there's nothing like the initial flurry when a house goes on the market, you can only do that once. You might get yourself a reputation in your EA's office and with customers as "the guy who doesn't really want to sell" or "the house that's been up for <x> months" which could be off-putting and prevent viewers or more offers coming your way. But you said upthread you were a surveyor though so I'm sure you don't need me to tell you that

stepnek

When I read threads like this I'm glad that we sold back in 2004. I wouldn't have enjoyed planning on a sale price for our house and finding it's perceived value being considerably depleted. But as has been pointed out the real value is only what people will pay.

I can only think of what I'd be doing if I was a buyer right now and if I could I'd be holding off for much lower prices. The general thinking (even if it is the media where they can talk prices up or down) is that property prices can only continue to fall for quite some time so why buy unless the house owner is prepared to offer a very good deal?

It seems to me that as painful as it might be that owners will need to be prepared to keep their property for the long term or sell now if they get a decent offer. If a silly offer comes in doesn't that at least invite negotiation rather than just a dismissive no?

Our house doubled in value and more between 1999 and 2004 and I just couldn't believe it. No housing market should be like that with people treating their homes like cash machines but that's what it's been like in many parts of the UK and admittedly we did well out of it but I rather like living in a house here that may or may not have gained a little value in the two years since we bought it. It's our home and that's all it is.

Steve_P

I've mentioned this before in other threads, but I'll say it again.

The is a maxim that goes the first offer is usually the best.

My son and his wife had their house listed just as prices were beginning to fall here in Calgary. They received an offer that was about $15,000 less than they were asking and turned it down.

Eventually they sold for $40,000 less than they were originally asking.

Lesson learned.

acer rose

So, you're not willing to drop about 5%? You're braver than I am. Perhaps you should direct that offers must go through your estate agent to take the emotional responses out of the equation. If I was that lady, I wouldn't be back...there's always another house.

If you are in the business, you perhaps have a better grasp of things than I do, but I came across too many young estate agents who had no experience of a sliding (let alone crashing) housing market. We decided to rent out our house when it became clear that most buyers in our market sector are completely paralysed. The greed of homeowners has now been replaced by the greed of potential homebuyers who are licking their lips in anticipation of snapping up bargains after house price reductions of 20, 30, 40, 50%. Check out the forum at housepricecrash.co.uk

stepnek

"Greed" seems a harsh word to use. Many people were forced into going beyond their means to try and buy a place to live as prices escalated and now who can be blamed for trying to get a home much cheaper than it might have been last year.

acer rose

Fair enough, it was a gross generalisation, but given the plethora of house buying, flipping, improving, developing, buying to let successes, etc programs that were showing on British TV just before I left, there is reason to think that a proportion of houseowners were more than happy to talk about the increased equity they'd "earned" without a care for those who couldn't get into the market. The boot is now on the other foot and in the spirit of being taught how to treat houseowners, buyers are waiting to take maximum advantage. The gloating amongst the sold to rent crowd is particularly smug and unpleasant, but then I'm just a bleeding heart, tree-hugging liberal who thinks it all went wrong when people started to think of their homes as profit centres.

Greed may be harsh, but whatever you want to call it, it's not the most charitable aspect of human nature that is currently on display.

geedee

Golden Rule No.1:

The average house will attract about 3X the average gross wage.

gordon brown (lack of capitals intentional) and tony bliar intentionally allowed that rule to be broken with cheap and easy credit.

Now there is a price to pay. Sorry to be the bearer of bad news, but a big correction is taking place. If you get an offer that gets you out in credit, take it. Things are likely to get worse over the next year or two.

stepnek

I can see where you're coming from but I also think that forums such as the housepricecrash one are representative of just a relatively small amount of people. I've noticed the gloating and down right nastiness of some people there but in the main I honestly think that many people just got caught up in the need to buy because they felt that was their only choice and now they are struggling.

ville303

For what it's worth.....and for all our 'advice' it's not the best situation for anyone at the moment in the immigration process....BUT if you can manipulate and max out your assets and use them to your advantage...in this market...why not?

KJM

Hi acer rose

Thanks for the comments.

The lady might not be back....and thats a risk I have to take. I have 4 people in the background who viewed but are trying to sell their house. If the offer was directed through the E/A I would of still gave him the same response. She may found another house and good luck to her and I might be kicking myself at a later date but we will see what happens. Please note my house has only been on the market for about 1 month and if I get my visa by the end of the year I could move from this house if not i will stay put.

K

Coffeepot

So why the statement at the begining of the thread,

Don't get me wrong we won't be selling ours for less than we have already agreed we can afford ? would rather rent it out, i just wondered why you said you would beg them ?

KJM

Hi Everyone

Thank you for all your replies and the comments. I am sure there is a lot of people who have read this thread with interest.

We are all guilty of taking on board what is considered to be good/bad advice because we think we know best but each individual will have to live with the consequences whatever road they take

K