The problem is also 'overkill'. The observation of a sociologist (OH) taking people to see houses is that on average they are here for five days, they see between four and six houses each day, usually with three or four agents. So that means 20 to 30 houses in a short space of time. By the end of the week they are tired and no longer taking in details but often by then only comparing with what they have already chosen as a favourite. Unlike many other agents, she calls them to see how they are doing and if they want to revisit properties. That is where the make or break seems to be. Revisits bring some kind of decision. So the ideal time seems to be the second and third day after their arrival with revisits for the fourth and fifth. Then follow through when they go home.
The two and three day visitors rarely buy anything, it is too rushed and often those people try to fit in more visits in a day. She does not like doing those any longer, albeit she does.
Most decisions are made at home when people can look at money, what needs to be done, if that is where they want to be and so on. The majority go 'cold' and are never heard from again. It seems that in too many cases not only the buyers expect a bit too much but also vendors and agents add to the overkill by demanding responses, offers or negotiations almost immediately.
As said, that is how a sociologist sees it. She is 'gentler' with vendors and viewers and it all comes out much the same anyway.
Agreed....I loved the Living France brand and subscribed to the magazine for donkeys years...I always found the articles to be excellent, well written and honest. We met Trevor Yorke a few times...nice man.
I agree Carol - I think ours is one of those houses, when someone walks in they will either love it and want to move straight in or they will think it is 'too finished'. We buy houses which are a state and then do them up - we didn't intend to sell this one - it was supposed to be a second home for life until we decided to move to France and sold up in the UK. Then we had the girls and now we want another big project. For our next house which we already bought - it took a 100k drop before we were interested and then so were lots of other local French people - we fought of 3 other couples to buy it. Interestingly, the mortgage company valued it at exactly what we paid which we were pleased about as in the past they've valued 20% below market price.
Bit farmyard, you know, cock and bull.... Talk about misleading. Anybody with a grain of intelligence would give up after the first two paragraphs if they have been looking at agents properly. I looked at the SW France 'story' and talk about selective quoting of Trevor. I see the circulars he sends out to his agents and that might be a small bit of a message. This is a very selective, seductive and self-serving piece that the agents this newsletter is paid for by are hoping will get them sales and no more than that.
I wish you a quick sale Suzanne..we put ours on the market nearly 2 years ago. The first year we had half a dozen viewings...this year 10 during the summer and a couple in the autumn....everyone has oooh'd and aaah'd....most, those speaking English...were either looking for holiday homes...ours doesnt qualify due to its very large size....or looking to relocate...but thought they would look first before selling their homes. One American couple from New Mexico looked like they were going to buy...they loved it so much and said they would be back in 3 months for another look....once they had sold their house...hmmm! the one French family that were going to bring in a structural engineer to look at placing the swimming pool abutting the back of the house....cried off the third visit hours before...as Madam decided our village just too far from her home village....which was around 9 kms away! We are about to put it with Saville's and a couple of other English agents. Our immobiliers in France say its great we have so many viewings....and I guess its far more confidence building than getting no viewings...but it feels so slow!
Have just been sent this French Property News....Which I have been trying to cancel for the last 3 years...but no matter. A particular article caught my eye....now, far be it from me to suggest an article is not entirely...er....accurate...but please have a read and tell me what you think. For people who have planned to move to France for many years, and who read articles like this, I suggest they are being badly misled. I know the saying about statistics and lies....but I think articles like this prove if you cherry pick your statistics you can prove anything, even that the housing market in France is buoyant and resale prices rising!
Unfortunately here there are far too many quality houses, like Carol's, on the market. People have paid in as much to modernise as they paid for the house in some cases and now they are forced to ask below their purchase price. It is not only the UK people but also Dutch and other nationalities alongside many French folk with a large house, family long gone and frequently widows/widowers who want to downsize drastically because they cannot afford running costs, taxes, maintenance and so on. My wife had one on her books who simply wanted to sell and go to a maison de retrait but died without the chance and a couple more similar at present. One has gone down from about 750K to 400K and I have been there when she went to take some extra pictures, it is a dream, but...
We had a second viewing on our property in Herault last week so there are buyers out there. It may take a good year to sell at the right price (which incidentally is like Andrew - break even for us, purchase + renovation). The view down here seems to be that whilst there are lots of houses on the market, there isn't much quality and it's overpriced. All the good houses are selling within a year and there is definitely turnover but as we're in Winter I wouldn't expect (and hope) anything to happen until mid next year when the sun is high in the sky again in our area.
How's that for timing? France Blue Périgord has just had an item on house sales this morning. I did not hear it but OH did, which made her fed up because she is giving over the whole of today to immoblier. There was one owner featured who reported reducing by 100K in desperation to sell and the prices are still falling fast. The quite recently predicted 30% fall seems to be beginning to hit the market in SW France already. It would appear that French agencies are also laying off salaried staff. So my OH has obviously been in touch with colleagues in the area whilst I was out and this year agents who sold six to eight (some more) properties last year have sold zero to two this. Viewings are down to a few French, particularly investors who want gilt edge properties for when this malaise is over. Not good.
Angela Im really pleased for you....the deed is done...I think we would feel the same as you....relief at having sold! anyway....all good luck for the future...x
Well, here is some good news reference the French property market. My partner's just accepted an offer, (after a year and a half of "negotiating") for a small house a couple of miles from Sarlat. Perhaps it isn't entirely cheery news for those who want to sell, however, as it seems rather on the low side. It's for 50,000 euros for a 2 bed house, behind a chateau, (I mean, there's no view, only of the back of the chateau), and 1000sq m land. And it's to the person we sold the chateau to, so maybe not representative. But, for us, it is good news as it means we can wrap up that particular project/experience/nightmare for good. I imagine in the good times, it would have been more, but we're pleased to sell it at (almost) any price. The buyer took 3 months to increase his offer from 47,000 to 50,000 euros.
We will keep trying...as I said....we had an amazing level of interest and the most viewings of any properties for a couple of agents this year....but looking at a photo and then realising what 3000 square ft look like is another matter....as a holiday home you would spend the first week cleaning! Im just hoping for an extended family to come along...we have the 2 acre field..views to die for.....the pigeon house, the 5 bed converted barn...40ft covered terrace.... in the midst of fields and vineyards...but exactly 1 mile from the centre of town...and only 25 minutes drive to Bergerac Airport......one day someone will realise its just what they want!
Carol, another denominator is that most of the so-called negotiators who come out from the French agencies have salaries and are trying to maintain price levels, the vast majority of people working for UK originating agencies as freelance agents who get a commission, like my OH, and make one or two sales a year at present. They push prices down and get sales, sure the commission is less but they get it and a fairly sizeable something is better than nothing. The calculation is that people selling 250K upward properties need six sales a year to have the equivalent of a salary. I am awful at calculations like that but at lower prices then they need more sales is obvious, but when houses are not selling...
My OH has had a stream of people expecting houses WITH at least gite and pool, if not a paddock sized field and sizeable garden as well, for under 100K because they have heard prices are 'low'. They would be lucky to get those specifications for under 400K even now in the kind of places people want. She has things on offer at 50% of the original asking price in the Cadouin and Molieres area that are of the kind and then people say shops, airport and so on all too far although they want no near neighbours and all the trimmings.
Dead right Carol, I've known a few people have bailiffs in who have put them, belongings and all, on the street outside the house or flat then lock it securely and that is that. UK can be brutal there.
Very frequent event, particularly in Florida. Unlike UK (so I was told) US banks rarely pursue a personal judgment against the homeowner.Some states even forbit the practice and in most cases the banks would just incur attorney fees without any hope of recovery.
I do know a friend who bought a holiday home in Florida 10 years ago for £160k, 4 beds/pool etc. Tried to sell last year....they are retiring and it was a retirement investment...that has earned them a small amount (management costs are very high); apparently they couldnt sell for 100k now...and some people on the estate have just handed the keys to the banks and walked away....
We are pretty sure if we sell, and I do say if....then its more likely to be a French family. Brits are frequently seen in estate agents hereabouts asking why the catalogue of properties from 100,000 to 150,000 Euros didnt have properties with pools, gites and acreage...they are still looking for 1990s prices.
We are lucky in asmuch as we had 10 viewings....this year and lots of positive feedback....ie...no one said yuk...or, it was lacking anything....I think for us its just a place people see in photo's and love it...the real size of it hits them when they visit and realise there is no way it could be a holiday home.
Sadly...sitting it out not viable...I am now working in the UK...I needed to get a sensible job with sensible salary before I hit 59 next year..and OH is 65 now...10 years to sell is just off the radar for us.....which is why I dont understand why 3 of the agencies argued with me about my reducing the price....no one is getting anything at the moment...we are not selling and they are not making commission! In the end I sent letters to them all instructing them to reduce and stating what price we wanted the house marketed at (we are now well over 100k under the price we paid)...Ive just looked our place up and its different prices with each agent.....I give up!