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Despite the current gloom in the housing market, house seller have put their asking prices up.
In a recent survey www.RightMove.co.uk found that 9 out of 10 possible sellers believe that now is not a good time to sell. However this has not stopped people putting their houses on the market at higher prices, despite reports in the media that house prices may fall even more.
Miles Shipside from RightMove says “In spite of 25,000 out of 28,000 potential homemovers in the Rightmove Survey stating it was a bad time to sell, sellers appear to have ignored their fellow homemovers’ assessment of market conditions and put prices up.
While sellers have been more conservative in their New Year bullishness than last year, they may regret not pricing more aggressively to capitalise on the spring surge in buyer interest.
Sales are being achieved at around 25% below peak prices, yet new sellers coming to market are starting out asking an average of only 10% less.
Serious sellers need to set their initial asking price more realistically to get one up on the competition and take advantage of increasing numbers of bargain-hunters who have set their own price floor ahead of the return of mainstream purchasers.”
“New sellers are 45% down compared to February last year. In spite of these being ideal trading-up conditions, discretionary sellers are being deterred by uncertainty over mortgage finance and employment, while pending repossessions were delayed by an informal Christmas amnesty.
Repossessions are still concentrated in relatively few areas of the country, though unfortunately record numbers are rumoured to be in the pipeline with some auction houses scheduling several ‘pile them high’ auctions
The availability of good quality property at distressed sale prices is likely to present a wider choice for owner-occupiers as opposed to just investors.”
I keep saying it..its a good time to buy. Go an grab a bargain and come talk to me about a mortgage
Michael
01276 670777