House buying/selling

[Lokki 7]

Good contribution. As it happens we live in a very sought after close. The reason we got the flat so cheap was because one of the owners took ill and a move was forced. No flat in our Court has sold for less than £155,000 since we moved in.
Thanks again

No offence to you fella but this whole thread makes no sense. It assumes that the offer asking price is fair and correct, thus the % of is meaningful. I offer my studio flat for £1m, will you give me 95% of that? I offer it for 20p, will you try to get 1p off? The conversation makes no sense on an individual property basis but estate agents love a statistic. Don't fall for it.

I'm glad you got a good deal, apologies for quoting you.

 

[dragonred]

depends where looking - location, location location applies 100% in Brighton & Hove and for Londoners this remains a place where get good value so the market keeps on turning over despite the recession. Right location/property and you'll pay almost up to asking price because doing my job I see these properties have more than 1 potential buyer so sellers don't need to be grabbing first offer. Nice house, poor location, you may be the only buyer so can easily get 5-10% off...a seller may not like it but there are definite hot spots and not in one, accepting a less than hoped for sum has to be accepted. I bought Hove Station/Park area, didn't know it, friend showed me area and even buying in 2008 when shit hit the fan, I am confident easily get what I paid for it back, probably 5-10% more. Pure luck, no skill involved so I was just lucky and we are not talking a mansion here, just a one bed garden flat that I happen to like!

 

[Triggaaar]

Bozza's coming home.

Wow, that's good news.

Ah, see yours sounds tactical.

Mine was more like "oh crap, Mum, what should I offer?" and her playing 'hardball' whilst i wimpered like the child that I am.

Buying and selling houses in a big deal. The little amounts you argue over are lots of money, and you want to get it right.

 

[sam86]

Don't fancy a 3 bedroom semi-detached house in Portslade, or
a 3 bedroom first floor flat in Lancing, do you?

 

[DarrenFreemansPerm]

No offence to you fella but this whole thread makes no sense. It assumes that the offer asking price is fair and correct, thus the % of is meaningful. I offer my studio flat for £1m, will you give me 95% of that? I offer it for 20p, will you try to get 1p off? The conversation makes no sense on an individual property basis but estate agents love a statistic. Don't fall for it.

I'm glad you got a good deal, apologies for quoting you.

No worries

 

[El Presidente]

Paid 92% last year for one.

 

[The Wookiee]

No offence to you fella but this whole thread makes no sense. It assumes that the offer asking price is fair and correct, thus the % of is meaningful. I offer my studio flat for £1m, will you give me 95% of that? I offer it for 20p, will you try to get 1p off? The conversation makes no sense on an individual property basis but estate agents love a statistic. Don't fall for it.

I'm glad you got a good deal, apologies for quoting you.

I agree with this. It would be a more interesting thread if it were about % discounts off the true market value and not the estate agents marketed price.

 

[Deleted User X18H]

I'd leave it. In six months or so when the Euro finally collapses and we see the effects of quantitative easing the property market will fall like it did in the early 1990's.

Just in case it doesn't, I'd always offer 90% at first.

 

[Uncle Spielberg]

I'd leave it. In six months or so when the Euro finally collapses and we see the effects of quantitative easing the property market will fall like it did in the early 1990's.

Just in case it doesn't, I'd always offer 90% at first.

Are you a Daily Express reader ? House prices are already 20% down on 2007. The housing market has been incredibly stable for the last 3 years considering the shit economy and mortgage lending rationing. I expect prices to be stable for the foreseeable future. I also think the Euro will somehow survive now. I would say however the Euro has been the worst thing to happen to Europe ( apart from the 2 wars obviously ).

 

[El Presidente]

the Euro has been the worst thing to happen to Europe ( apart from the 2 wars obviously ).

I disagree US strongly, Ding-A-Dong, the 1975 Eurovision song contest by Dutch pop combo Teach in is IMO the worst thing to happen to Europe.

 

[Pretty pink fairy]

cut out the middle man , you know what these estate agents are like.

 

[Uncle C]

Are you a Daily Express reader ? House prices are already 20% down on 2007. The housing market has been incredibly stable for the last 3 years considering the shit economy and mortgage lending rationing. I expect prices to be stable for the foreseeable future. I also think the Euro will somehow survive now. I would say however the Euro has been the worst thing to happen to Europe ( apart from the 2 wars obviously ).

There are a good number of internet sites that give you the selling price of all houses in any postcode over the last 10 years or so. Anyone who doesn't use these is a mug.

Forget todays asking price dreamed up by an estate agent with vested interest.

Simply look at a similar house that sold at the peak in 2007 and deduct 20%. Couldn't be more simple.

 

[Sam-]

Fixed.

Agents don't choose the asking price, vendors do. Each will price differently, and each will have different needs when it comes to accepting an offer. You have to do your own research on property values, and what you will pay/accept.

True but many vendors will listen to agents. Sometimes you may think your property is worth x amount and an agent will say you can ask for x plus 10k or something.
And occasionally this is purely so you pick them over other agents and sometimes it is genuine.

Also, a good tip is to offer agents staggered rates depending on price the property sells for. For example, if it sells at 150 k the agent gets 1% 155 the agent gets 1.25% and 160 agent gets 1.5%.

 

[Lokki 7]

Are you a Daily Express reader ? House prices are already 20% down on 2007. The housing market has been incredibly stable for the last 3 years considering the shit economy and mortgage lending rationing. I expect prices to be stable for the foreseeable future. I also think the Euro will somehow survive now. I would say however the Euro has been the worst thing to happen to Europe ( apart from the 2 wars obviously ).

Agree with all of this.

 

[nwgull]

cut out the middle man , you know what these estate agents are like.

Look forward to the day that this becomes a viable option. You can currently cut out agents when renting a property via online agencies who charge you around £30 to have your ad on Rightmove via their agency for a month. Not sure such a service exists for selling yet.

 

[nwgull]

Are you a Daily Express reader ? House prices are already 20% down on 2007. The housing market has been incredibly stable for the last 3 years considering the shit economy and mortgage lending rationing. I expect prices to be stable for the foreseeable future. I also think the Euro will somehow survive now. I would say however the Euro has been the worst thing to happen to Europe ( apart from the 2 wars obviously ).

I agree. This is as bad as it's going to get, yet house prices have remained stable since the initial drop. When it comes down to it, we're on a small overcrowded island and property is always going to hold its value.

 

[Uncle Spielberg]

Agree with all of this.

Your post nailed it. A property is worth what someone will pay for it. There is no set rule you can make.

 

[User removed 4]

Are you a Daily Express reader ? House prices are already 20% down on 2007. The housing market has been incredibly stable for the last 3 years considering the shit economy and mortgage lending rationing. I expect prices to be stable for the foreseeable future. I also think the Euro will somehow survive now. I would say however the Euro has been the worst thing to happen to Europe ( apart from the 2 wars obviously ).

Disagree with you i'm afraid mate, i'd definitely say there is further to go in the housing market, we have nearly felt all the economic effects of austerity or the euro debt crisis yet, i follow the housing market closely and prices that i can see are definitely lower than they were .

 

[Uncle C]

Your post nailed it. A property is worth what someone will pay for it. There is no set rule you can make.

I think this should read "a property will sell for whatever someone will pay for it".

Lets say ninety nine people view a property and decide to pass on it believing it to be overpriced. Then a person with less savvy thinks its OK to pay the asking price.

Does that make the property worth the higher figure? I think not.

 

[User removed 4]

I agree. This is as bad as it's going to get, yet house prices have remained stable since the initial drop. When it comes down to it, we're on a small overcrowded island and property is always going to hold its value.

Have a look at how prices fel in the early 90's and say that.