I’m sure the great and the good of the Property Pump will find this weird - but here we have yet another D4 \ D6 pile going down in asking price - this time $125k, having sat on the market for over a year.
What I find weird are vendors who seem oblivious to reality - do you really want to sell the house? If so, meet the market. These properties that sit for years on the market - slowly going down in price - makes me wonder how thick the owners are.
Agreed this asking was not achievable.
This type of thing happens all the time, both in rising and falling markets.
It doesn’t necessarily mean the market is ‘crashing’ and everyone should ‘sell sell sell’
Similarly, you can find many examples - as shown by other Pinster - of bidding wars on ‘low’ asking prices, with actual sales price much higher than original asking.
Likewise, this doesn’t necessarily in of itself mean overall property prices are rising.
You can keep posting these asking price drops, or we can look at the actual sales data which shows there is no ‘crash’.
Which do you think is a more accurate reflection of the property market?
your definition of ‘pile’ is pretty unambitious aswell, im sure you could find much bigger drops on actual piles.
Agreed
Again, it depends on the vendors particular situation.
If they absolutely need to sell, the house will be priced correctly.
If they don’t really want to sell, but have to be shown to ‘try’ to sell (could be for legal/family reasons), they can list it at an unrealistic asking knowing it won’t sell anytime soon.
It’s a bit like someone claiming social welfare - they have to be ‘shown’ to be actively looking for employment or upskilling, but more often than not they have no intention of ever getting a job
I’ll give you that, it’s an unimpressive house - yet somehow ‘worth’ seven figures.
Asking price movements are a leading indicator.
Sales prices are a lagging indicator.
I agree with other comments on here, that property is illiquid and it takes time for prices to fall.
But it’s south she’s heading…
It has also been shown in actual data that asking prices have risen:
975 would still seem pricey for this I would have thought but a good idea for them to drop the price given how long it was on the market.
Do you agree that both sales prices (“a lagging indicator”) and asking prices (“a leading indicator”) are increasing? @IrishInOz2020
