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Housing market?

I know many say that the market is depressed but here in NE Lincs/Notts things seem to be moving fast.
DD just sold in 8 days and friends sold/bought in 3 days! Not exchanged yet but lots of interest in each case.
Plus our friends offered £5k over the asking to secure their dream house the same day as it came to the market.
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Comments

  • My understanding is that london took a hit and historically it takes some time for that to be reflected countrywide.
  • JoJo1978
    JoJo1978 Posts: 375
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    I'd agree knightstyle that it's buoyant here. We started househunting in Notts in June last year and eventually moved up in December.

    Would I would say though is that although the interest is there the process isn't without its issues. Our vendors had previously sstc twice before we eventually went all the way through to completion. They also lost their purchase when their vendor pulled out on the day of exchange.

    We have also noticed that some of the houses we viewed remain on the market six months later and still aren't shifting despite price reductions. Possibly a sign that things are cooling, but it depends on the section of the market I guess. We were looking in the 4-6 bed detached.

    Stressful but we're here now and love it!
  • knightstyle
    knightstyle Posts: 6,985
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    The house DD sold is 8 years old 3 bed semi town house, friends sold 4 bed, 3 story, 30s semi and bought 3 bed 60s semi.
    Have also seen a few newish houses sell quickly.
  • glasgowdan
    glasgowdan Posts: 2,967
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    I'm still watch8ng the majority of homes near me sell in a fortnightly for well over the asking price. People have access to the money and want a good home
  • I've my house on the market in North Wales since last spring/summer, and despite having a buyer, who took 6 weeks to get a survey done(!), they pulled out the day before exchange of contracts. Since then not a nibble. Other similarly priced and styled houses in the area have been on the market even longer. Its the area people are put off by, not by it being North Wales but by it being in a mixed private- and council-owned estate. Snobs ;)
    People there are lovely, if I could afford to keep it as a holiday home I would. Unfortunately will need to rent it out soon as two mortgages is not a long-term option on one salary
  • a nice house with kerb appeal in a nice road that is priced correctly will always sell no matter the state of the market.

    an ordinary looking house in an average road that is priced too high will only sell once prices move on and it then becomes priced more or less correctly.
  • Gwendo40
    Gwendo40 Posts: 349 Forumite
    firely2327 wrote: »
    I've my house on the market in North Wales since last spring/summer,... Other similarly priced and styled houses in the area have been on the market even longer. Its the area people are put off by..., /QUOTE]

    Why aren't you (and the other similar houses) taking into account the undesirable area and marketing them at a more realistic price that will be attractive to buyers?

    I'm also in North Wales and from what I can see anything that's even vaguely realistically/sensibly priced is selling within a fortnight of coming to market, the only houses hanging around for longer are the overpriced ones.
  • Gwendo40 wrote: »
    firely2327 wrote: »
    I've my house on the market in North Wales since last spring/summer,... Other similarly priced and styled houses in the area have been on the market even longer. Its the area people are put off by..., /QUOTE]

    Why aren't you (and the other similar houses) taking into account the undesirable area and marketing them at a more realistic price that will be attractive to buyers?

    I'm also in North Wales and from what I can see anything that's even vaguely realistically/sensibly priced is selling within a fortnight of coming to market, the only houses hanging around for longer are the overpriced ones.



    My house is very realistically priced thanks, its the area. And no, I am not being stubborn, the valuations from estate agents agree. In fact I am asking the very lowest of the end of the range. Its definitely the area.
  • Cakeguts
    Cakeguts Posts: 7,627
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    firely2327 wrote: »
    Gwendo40 wrote: »



    My house is very realistically priced thanks, its the area. And no, I am not being stubborn, the valuations from estate agents agree. In fact I am asking the very lowest of the end of the range. Its definitely the area.

    Estate agents don't value they guess based on what else has sold. The only way you can find out a value of a house is when someone buys it. If no one is offering to buy it then the guess at the price that the agents made is to far away from what someone is prepared to pay.

    You have to find the price that is nearest to what someone is going to be prepared to pay you for the house. If it was in a cheap area when you bought it then you will have to sell it cheap. If the area has "gone down" since you bought it then you will have to sell it cheaper. Every property has its price if you want to sell it you have to find that price. If there has been no interest then the price is wrong and usually too high.
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    firely2327 wrote: »
    Gwendo40 wrote: »



    My house is very realistically priced thanks, its the area. And no, I am not being stubborn, the valuations from estate agents agree. In fact I am asking the very lowest of the end of the range. Its definitely the area.


    But unless you can transport the house out of the area you have to discount for the area??
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