[psh12001]

I currently work in the real estate market, in Kaiapoi, Christchurch and just though I would share some recent changes with you all. The market for real estate seems to be slowing slightly, in the fact that there are fewer buyers arround, but there are heaps of listings at the moment. This is good news for newcomers to the market as you should be able to shop around for that perfect house and when you find it, you should be able to get a good deal especially if you are paying cash. Its turning into a buyers market now and the agents will have to start doing cartwheels for you, to get you to buy. Believe me ive tried it. Good luck and hope all goes well
In reply to most of your comments, I would also say, speaking from experience in Uk market, try not to tell your buyers that you are intending to emigrate..... or you can expect the price you get for your property to come tumbling down... on the strenght of it....soona s you say your going overseas its an instant price reduction....of them
Paul

[Paul and Linda]

Hi Paul,
Thanks for that post. The market here is almost identical. :wah
Unfortunately our agent seems to be doing diddly squat to get people through our door. :wah :wah
Every time I mention phoning them up and giving them a nudge/reminding them that we still exist, my wife persuades me that it won't change a thing. :?

Any advice? (not about the wife...just the estate agent!) :mrgreen:

[nessie]

Paul

I'm totally in sympathy with you on this. Our house has been on the market 8 weeks. Weeks 1 - 4 a total of 11 viewings, 1 offer £10k lower than asking price in week 2 which we declined (wish we'd accepted now). Weeks 4 - 8 diddly squat. I have 'nudged' but it makes no difference! http://www.clicksmilies.com/s0105/sprachlos/speechless-smiley-038.gif

N

[debnjohn]

Same here.
On the market for 5 going on 6 weeks, spate of viewings during first 2 weekends, but nothing since.

John.

[Nicola]

Another the same here. We have been on the market for 4 weeks. Only two viewings. :wah

One who is still thinking about it two weeks later, they are interested but not sure. And the other has a house similar to ours and wanted to see how the loft conversion was done! :eek

I am begining to panic a bit and would like it to move. I contact the Estate agent all the time, phoning and calling in. At this stage I think we will maybe change estate agents soon, as they do not seem to be trying to sell our property.

So if there is anyone out there that would like to move to a part of the UK that is even less populated than NZ, then get in touch we have a lovely 4 bedroom cottage for sale.

Nicola

[Kim39]

Hey folks i wouldn't worry about your place's being on the market for a few weeks. :? Start worrying when it gets to 10 months....yes 10 months :wah :( thats how long ours has been on the market for. It not as if its a dump or situated in a dodgy area. Its a 3 bed detached in a quiet cul de sac, sits right on the green belt and has plenty of land with it.

We have had viewings, but it all comes down to the same quote from the prospective buyers "we have a place to sell, or its just a touch to small".

Its very frustrating but hang on in there folks. As i say worry when you get to this stage. Whats worse though is i have the job offer(since July) and the visa(since Dec) :no

Nice to see that the market is slightly picking up here and the market over there starting to make a slight downturn.

Kim

[Paul and Linda]

Oh what are we to do?

Talking to my mum this morning and she mentioned that Tesco are setting up their own estate agents within stores £50 a go. Maybe this is the way to go, I daresay Tesco have a few more people going through it's doors every day than most estate agents have in a month.

I'm fed up waiting, there's only so much you can do to hold onto your sanity. makes me wish i'd put the house up for auction.

I just wanna leave :exit , I don't believe in squeezing every last penny out of a buyer (were all going to be buyers) but come on....just take a look at the place and make an offer...somebody please!

I think we'll add open to offers onto our house details.

[Nicola]

Kim I hope you have some movement on the house front soon, it must be so frustrating. I think that I would end up a big jelly shivering in a corner if ours took that long.

[Paul]

For those desperate to sell, consider contacting a house buying company such as www.a-quick-sale.co.uk (I have no links or cannot recommend it). They seem to work on buying certain houses for upto 80% of the market value. If you have a problem house then could be attractive once you have taken out agents fees etc and mortgage interest saved.

If I was to do this I would put my house on at 90% of MV and then try it for a few weeks to see if any interest. if not then go with one of these agents?

Just remember that certain houses are still selling if they are priced correctly in general.......

[clarabell]

For those desperate to sell, consider contacting a house buying company such as www.a-quick-sale.co.uk

Thanks for that link Paul. Should provide useful for my mum and dad. Theyre trying to move to the Isle of Skye, their property has been up for sale for 7 months now. 3 offers, all withdrawn :no

[Soon2baKiwi]

Guys - we had this problem too. Our house was on the market for 5 months and we'd only had 4 viewings, two of which I'd got myself through LOOT :? We then went to REMAX and had two genuine offers within TEN DAYS! Their agents only get paid commission on what they sell and lots of people I know who have dealt with them have only good things to say about them. We exchanged within 4 weeks (two good solicitors :nice1 ). If you've got a REMAX office near you and you're not tied into a sole agency I'd really recommend going with them. Also, surely, even if you are tied to a sole agency but that agency is not doing anything to sell your house, you are entitled to tell them to get lost!

[sarahw]

Kim39 I'm with you on that - a few weeks is nothing - we've been on 8 months now (and paying NZ rent as well as UK mortgage!) our house is in London commuter belt (walking distance to station). I have bought & sold near enough every year for the last 10 years & never has it taken longer than 3 weeks to get a serious offer in that area - things certainly aren't great!

With regards to Paul's original post, we have noticed (we're in Whitby, Porirua) that the some of the houses we looked at 3-5 months ago are still on the market - the prices are dropping a little here (infact one house was on at $400 and it dropped over the months to bbo $325!!!) - there are some sellers who have kept their houses on at the original prices (but they're still on the market) - its a different story than when we arrived in Whitby when the market was very buoyant. We're keeping our fingers crossed for a sale in the UK summer so that we can buy in the NZ winter & at least not lose on all sides.

[veronica]

I think that with selling a house in todays market it is important to price it right. Might pay to have a selection of agents around and see how much variation in price you get. Bearing in mind that each agent is going to want your business they are going to try and offer you the 'best' price. But that is often followed a month later with' well the market is a bit quiet, try reducing a bit'.....etc. Then try and work out the real market value. (shame they only print the expected price on property and not actually sold for£!!! theres often a lot of difference)

Anything will sell if it is priced competetively, and all of us are guilty of wanting to make the maximum possible out of our houses, but
if you really want to sell in a buyers market you have to price accordingly.

Its those nasty choices, like a rock or a hard place.......less money - sell the house...............more money - hang around for longer. Just depends how much time you have and your financial circumstances.

[psh12001]

I have added a few bits to my original comment, but will repeat it here, plus an other general comment. For all you sellers out there, Try not to tell your buyers when visiting your property that you are going overseas as they will see instant reductions knowing that you are desperate to sell.. I know you get excited at the though,, but it will cost you mega bucks if you open your mouth, so keep it as close to your chest as you can ..even if it means not telling your agent.

Also remember, when considering offers, that the most active buyers are in the second to third week of advertising , so if it hasnt happened by then, its looking less and less unlikely as the weeks go by. Too much exposure to the market is not good and sometimes you need to not market for a while , then re invent some interest afterwards with fresh advertising so it looks like a new one thats just come on the market.
If its been there for weeks, people wonder "whats wrong with it" we all would... hope this helps some of you and if i can help when you get to NZ just ask... i work Austrilasias largest agent..

Paul

[psh12001]

There are alot of people out there at the moment that think there houses are worth more than what the current market will pay (what they were 6-12 months ago) and are emotionally attched too.

Some real estate companies are buying these listings by putting a high price on them initally to get the listing, then followed within a short time , by massive price reductions once they have you on a listing contract.

Some of the low commission companies are especially bad for this as they want that quick kill and havent got time to wait as they need mass sales to earn a living. For some sellers, this isnt a problem as if it means you can carry on with your life , then its ok, But most people are being short changed and having there houses undersold. Its a fine line

Also the best way to get that top dollar at the moment is to use one of the No price marketing methods, either Auction, Tender or private deadline treaty, or just put the property out in the market without a price and see what market feedback says and then put a price on it later if you have too.
Remember, if you put a price on a house for say$300,000, No one with this priced method, is going to give you more than you want, you can always expect at lease a $10-15,000 reduction from the starting price.

hope this helps

Paul

[Soon2baKiwi]

I can see what you're all saying with regard to the price the market will bear vs what you think your house is worth. But we got 2k OVER the asking price because the house wasn't over priced and the buyers knew it. We all pay an estate agent to 'sell' our house but their idea of selling is to sit behind their desk and wait for people to come to them whereas we want them to get out there and accost people in the street :roll: That was the difference we found when we changed agents. Will the new scheme announced by the Government with regard to first time buyers change anything for you? It's called Shared Ownership here and it does get a lot of people on the ladder that woudn't otherwise be able to.

[Paul and Linda]

Greedy buyers unwilling to budge,

estate agents undervaluing

estate agents overvaluing

low bids put in for a house

different valuations different agencies

wanting as much for a property as you can get

Dear All, look at all of the above statements. most of them are contradictory, none of them accurately describe the situation we find ourselves in as immigrants.

We got 3 quotes (avoided agencies renowned for overpricing) all were within a 5K range so on the advice of the most convincing "overall service" provider, we went for the middle of the range in the knowledge that a buyer would want 2K off the asking price. This was only 4 weeks ago.

We have done everything we could to market our house including chosing the most reputable and reliable estate agents. Our house has had no significant interest. None of the other similar houses locally are selling.

When we ask should we reduce the price...no not yet, buyers will think there is something wrong with the house and not even come to see it, wait another 4 weeks!

House sellers in our position want the market value for the house, not more not less.

What is the market value......ah we're back to the beginning again!

The whole process of house prices are based on factors that vary (interest rates, mortgage rates, mortgage deals, econonmy) but the actual prices obtained are essentially exiting from the reiterative process of agents trying to push the market up and then sellers dropping their prices until a buyer is obtained.

at the moment I believe that house prices are incorrect and until the whole market reflects this and comes down in price appropriately then the sales of individual houses will be severely hampered.

The question is who goes first?

the prices out there at the moment coupled with the economic factors are definately stopping sales.

Or are they, are people more worried about a price crash (again as ephemeral as a price hike) and want 3 months 6 months ayears worth of stable conditions before they will commit.....probably.I know I would!

In my opinion one would have to massively drop your house price with a published good reason for wanting a quick sale...to actually get a quick sale.

In other words, tell the truth, take the consequences, sell your house.......if you want to go now. If you feel that you can wait be wary of that price crash/drop or a very slow increase in confidence. Who knows what is going to happen. If you don't then why should a buyer?

There are a hell of a lot of properties on the market at the moment...isn't this just a sign that people in general just don't believe that house prices are going to get any higher and that they should cash in while they can?

Or is it utter stupidity....

I mean in a rising market you agree a price then 2 week later you want more..but then again so oes the person you are buying from.

the opposite is naturally true of a falling market.

then when better to buy than when it has settled out and prices and economic factors are neither rising nor falling!

but will anyone buy .... NO!

what is needed in truth is confidence in what the market type truly is, it doesn't matter whether it is rising falling or steaty, as long as people know then they will buy.

so does anyone know are we stable yet?

how long until we get stable?

exactly...and thats how long it will take for the market to pick up again.

until then do what you have to, wait or go but ultimately have the confidence to live with yuor decision. I mean it's the housing market, we are buying off each other, for every person who sold and would have made more by holding on there is another who bought and made equity.

or are we just describing the invitable circle of life and death oh sorry I mean sell and buy.

That's life! :nice1

[Paul and Linda]

Just to put my money where my mouth is after that barely legible rant....I have just phoned up and remarketed our house at a reduced price.

The estate agent concurred that in the current market that is the only way to go.

[ukiwibird]

:clap To add something positive, we have had our house on the market for 5 months. 6 viewings, 2 offers accepted, one pulled out. The one left has now had a offer on their house with chain free buyers, so fingers crossed we're on our way. Our buyers have just been around for a chat, they are so excited and even want to have our cat. :smile So we haven't got the flags out yet but........ :clap :clap this could be it. Trudy

[baboonworld]

Dont know all your circumstances of course - but after a couple of months have you changed estate agents - or offered to pay the stamp duty - or offered to pay the deposit? Obviously this all depends on the price of your house to start with - but also - have you tried to market the property yourselves?

After taking some advice from Diny i have put our house on www.thelittlehousecompany.co.uk and then also marketed it on all the free house sites i can find (refering them using a link to the above with my house on it - who knows if this will work - but what the hell!

Even if you are already with an agent nothing is stopping you from marketing your property too - perhaps if you have a Sole Agency you might still save on the estate agent fees anyway if you get your own buyer - and if not then it still wont cost you anything to list on these free site....

www.houseladder.co.uk
http://sellyourhouseforfree.com
www.national-residence.com

Cant hurt can it?!? :nice1

Also - although market is supposed to be picking up (due to decreased fixed rates) I have heard (thru an estate agent - so maybe not good knowledge base) that buyers are knocking 5% off on their 1st offers. :roll:

[Paul and Linda]

When we bought our home we went down the route of a vendor deposit, I think it was linked to the particular mortgage that we got but it helped us out at the time.

[Paul and Linda]

Hi just to update this thread. We've discussed with our estate agents how little they are doing to sell our house in the current market. They seem unwilling for us to drop the price of the house and yet we have had 5 viewings in 5 weeks, all of which were complete no hopers.

We will today massively reduce the asking price (by 5%) to get some viewers through the door.

In addition I will be demanding that our agent mails out full details not just a one page flyer, and also sends them by first class post instead of snail mail. Agents do very little for you. I know this now. In fact I would say that they do the absolute minimum and they spend more time trying to persuade buyers to maintain illogical prices in a struggling market, just because they are the greedy oines and want to maximise their profits with no regard to how long it takes to sell our house!

This market has been stilted and poisened by greedy estate agents who are extremely good at persuading sellers to ask for extortionate prices.

Rant over....sorry I often have to get angry to persuade myself into a positive course of action instead of being lulled into inaction and stagnation.

[Paul]

................In addition I will be demanding that our agent mails out full details not just a one page flyer, and also sends them by first class post instead of snail mail. Agents do very little for you. I know this now. In fact I would say that they do the absolute minimum and they spend more time trying to persuade buyers to maintain illogical prices in a struggling market, just because they are the greedy oines and want to maximise their profits with no regard to how long it takes to sell our house!

This market has been stilted and poisened by greedy estate agents who are extremely good at persuading sellers to ask for extortionate prices.

Rant over....sorry I often have to get angry to persuade myself into a positive course of action instead of being lulled into inaction and stagnation.

Good luck with your sale! All I would add is that a large number of agents have gone out of business in the first quarter of 2005 and it is only the ones who give a half decent service and sensible valuations who are still selling "well". The bottom line is to be commercially succesful they need to turn over properties at whatever value, otherwise they don't get paid. Personally I think the problem is more about greedy sellers.

Also do some research about the market and the selling process so you are as well informed as your agent, that way you can at least know whether they are telling you complete baloney or genuine problems!!

Best of luck

[nessie]

We are also in the position of having no interest. Our house has been on the market 10 weeks. Loads of interest 1st two weeks (10 vieiwings) but no reaonable offers despite the fact that there are two similar but slightly smallet houses in our road up for 14K more! We have today reduced our sale price by a further 6% in the hope of getting some interest. Fingers crossed.

[Paul and Linda]

Best of luck Nessie. I think that you are doing the right thing. Everyone, i believe, will be dropping the price of their house soon. I read on an estate agents' newsletter website that it is estimated that only 0.7 million houses will sell in the UK this year compared to 1.1 million at the worst of the 1990's slump and a typical 1.5 million per year. We are doing everything we can to ensure that we are ahead of the rush to sell this year. Hopefully we will have completed before the real panic sets in.