Are house prices really going down?

furndire

I haven't read through all the thread, so don't know if this site has been mentioned, but its a useful one to see how individual property prices have dropped and how long they have been on the market for www.propertysnake.co.uk. Definately worth checking on the area you want.

kennyboy66_2

shaven-monkey wrote: »

Smile when the agents laugh. offer 40% off the asking price for any property you actually want and say the offer is open for 3 months, leave them a contact number.

When they laugh, smile. When they frown, smile. When they bluster, smile.
When they contact you to try to negotiate in 2 months, lower your offer to 50% the original asking price.

All you lose is time and every month you don't buy a new house is a month you're not sinkling into negative equity. The rental costs are tiny in comparison with the money you'll save on the purchase.
There is no such thing as a real value, there is only what people are prepared to pay and what the vendor is prepared to accept. All else is smoke and mirrors, the estate agent is there to keep the mirrors pointing in the right direction and make sure the smoke gets in everybody's eyes.

Whilst this always has a chance (a very slim one at that) of working, you would really have to make offers on lots of properties to get even one call back.

Meanwhile word gets round all the estate agents (because they have got nothing else to do) that you are a bit of a time-waster / looney.
Pretty soon every offer that you make is put to a vendor with the caveat that "the prospective buyer puts offers on everything then tries to gazunder".

If you did happen to look like bagging a real bargain, you can be almost certain that any unreputable estate agent would tip someone else off that there was a really distressed seller and you would lose the property anyway.

Why not just buy at auction ?

skap7309

shaven-monkey wrote: »

Smile when the agents laugh. offer 40% off the asking price for any property you actually want and say the offer is open for 3 months, leave them a contact number.

I have always thought that EAs or developers laughing at low offers are a serious sign of nervousness. Why would a professional do such a thing? If they were confident of achieving close to asking price surely the reaction would be a polite 'no' and that would be the end of it. I totally agree, leave the offer with them and put a timescale on it.

Expect your phone to ring a few weeks down the line asking if you are still interested.

kennyboy66_2

skap7309 wrote: »

I have always thought that EAs or developers laughing at low offers are a serious sign of nervousness. Why would a professional do such a thing? If they were confident of achieving close to asking price surely the reaction would be a polite 'no' and that would be the end of it. I totally agree, leave the offer with them and put a timescale on it.

When did an estate agent become a professional ?

puddy

Cat695 wrote: »

But what I see the problem is those that are keeping their prices unrealistic are causing problems to those that have priced with drops in mind

Most buyers now after seeing the news etc will expect a drop on any price they see....whether priced correctly or not

i think that is very true, i have taken about 23 percent off mine, from a realistic peak price, therefore i have already priced myself low enough for interest and lower than other properties in my area of the same type (so that buyers get a look at mine on rightmove before anyone elses), but i dont want someone coming along and then taking another 10 percent off, so who knows what will happen

MrsTinks

Well don't assume that all properties have reduced in value... Interestingly houses in our village have not dropped a penny in the last year. Leaving us in an interesting position of not actually wanting to move, but kind of needing a bigger house in the not to distant future. Mortgage deal ends in April and we'll be £230 better off thanks to silly base rates... however IF we sold (and speaking to the mortgage advisor who also recently moved to our village then selling in our village is still easy) we'd still get more than a year and a half ago by about 10K if we want a quick sale - possibly more if we're willing to wait...
So do we stay or do we move whilst the market is still heading downwards but knowing chances are most houses in our village won't drop in value in the next year as so far it has been totally unaffected...
So are all houses dropping in value? It would appear not!

puddy

PasturesNew wrote: »

It is in some areas... but where I grew up a studio or 1-bed flat is a FTB property.

If they're not ... then who are they for?

second time buyers!!!

MissMoneypenny

I've just been looking at rightmove auction stock.
This one was unsold at auction with a reserve price of £140,000.
http://www.rightmove.co.uk/property-for-sale/property-23760233.html?pageNumber=9&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E665%26maxPrice%3D140000%26index%3D80&locationIdentifier=REGION^665&radius=0.0&maxPrice=140000

Bought in May 2007 for £212,500
http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&locality=KINGSWOOD&town=HULL&street=HORNSCROFT+PARK&year=All&house_style=All&house_age=All&house_type=All&search_radius=15&northingToSearch=43480&eastingToSearch=50840&cCode=EW&outcode=HU7&incode=3GS&order=&start_limit=20&curPage=2

puddy

furndire wrote: »

I haven't read through all the thread, so don't know if this site has been mentioned, but its a useful one to see how individual property prices have dropped and how long they have been on the market for www.propertysnake.co.uk. Definately worth checking on the area you want.

bit confused at this, i was recently looking at a house in birchington on prospect road, 3 beds, on property snake it comes up as having been reduced, but now i cant find it on rightmove
i was also looking at a property that i cant afford, in mill row, i know that it still shows up on rightmove and has been on the market over a year and it has been reduced by about 10 percent, but its not showing on property snake,,,, how do they all work, are they all up to date?
plus how do you go into the properties that you find on property snake, when you click on the property it doesnt give you any details, is there anyway of finding out what actual property it is??

mewbie_2

PasturesNew wrote: »

It is in some areas... but where I grew up a studio or 1-bed flat is a FTB property.

If they're not ... then who are they for?

divorcees.