"British Sellers told to Get Smart"
The Press, EA's routinely favor homeowners
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I found this story's Headline to be amusing:
"British Sellers told to Get Smart / before values fall"
Britons selling their homes should "get smart" and price more realistically before they lose out
when home values decline later this year, according to Rightmove.
The average asking price climbed 0.8 percent this month to Pds.239,655 and the rose 1.3 percent in London, Britain's most used (property) website said. It said the gap between what owners charged and buyers could afford was widening as consumers found it harder to get a mortgage.
(at the beginning of an article from today's South China Morning Post, published in Hong Kong)
== LET ME TRANSLATE ===
Vendors are being greedy, and have stupidly put their offering prices UP. But the buyers are not taking the bait. In fact, because of problems getting mortgages, buyers are backing off. The samrt sellers, will take advantage of the buyer's gullibility, cut prices, and get a sale, before prices start sliding further.
Only the quick, and aggressive sellers will catch those few buyers willing to pay for overpriced Uk property.
WHY NOT tell it like it is??
Banks are still lending far too aggressively:
"The average rate offered by lenders on loans for 95 percent (!!!) of the price of a property, fixed for 24 months, rose to 6.55 percent."
(95 percent is beyond the limits of sanity is a falling market.)