what sort of price drop?

brummybloke

I have seen a house i like( the mrs doesnt, but as im paying for everything then her opinion holds less weight).

it is on the market for £220,000, it doesnt appear on propertysnake so i cant see if it was previously a higher price.

i went to view it the other day, it has the owners bits and bobs in there but the house was very cold, like the heating had not been on in ages, the car is in the exact same position it is in the photos which looks like they were taken in the summer or early autumn. by that i guess it is there to make the place looked lived in?

while being shown around, the estate agent dropped a few hints that the owner was chain free and likely to take a reduction as she would be moving into one of her childrens houses and also that the house had fallen through once.

i am now a first time buyer again having luckily sold my house.

the property is in good condition, in a nice area and doesnt need anything doing to it.

so what realistically can i expect? i dont want to be laughed out of the estate agents but i also have a budget which is not £220k.

WillowCat

Have you tried property bee to see the history?

amcluesent

To keep any equity in the house, assume prices will drop another 20%. So offer £175K

But I'd wait until you find something her indoors likes too, you don't want a ratty old harridan.

clobber_2

Either install property bee or post the rightmove link so we can have a look for you.


I'm not sure it's a good idea, buying a house the missus doesn't like...even if you are paying...

PasturesNew

brummybloke wrote: »

I have seen a house i like( the mrs doesnt, but as im paying for everything then her opinion holds less weight).

I see a man who needs to save for a divorce.

Squish_21

WillowCat wrote: »

Have you tried property bee to see the history?

That would have been my Q too.

lincroft1710

My advice would be to forget it, the fact you can't afford is of little importance, the fact your OH doesn't like it is of the utmost importance. Buy at your peril!!!!!!!!!!!!!!

WillowCat

I think we scared him off!

:rolleyes: :rolleyes: :rolleyes:

Rick62

Apart from which, why does every one keep asking how much price drop is 'reasonable', or how much less they can offer without the EA laughing. Who cares what the vendor is asking or what the EA thinks? I spent a couple of hours today talking to some local EAs, most are still in total denial about what is happening in the economy.

Anyone thinking of buying, don't think in terms of getting a reduction off the asking price, work out based on previous sales price what the property is really worth. Keep in mind that, according to halifax figures, we are now about 20% off from the peak prices and are probably half way through the correction. Make you offer based on this. If the EA doesn'nt act offended then you have offerred too much.

brummybloke

i had to go to work so couldnt reply.

the mrs likes a house which in my view is still near its max value, it has some good points but also some negative points.

the house i like has far more practical plus points to it.

i tried loading up property bee yesterday but all that happens is it downloads a very small file and that is it, no program loaded or anything and when i try to install the download it takes me to microsoft search for a program to open but then tells me there is no program?

i wont post the link on rightmove as im interested in the house and dont wish to 'jinx' the chance of getting it for a decent deal

on zoopia it is valued ( purely on specualtion i know) at £265k, on another it is at £272k, where as the one the mrs likes is valued at the price it is on the market for £200k max.

my view is to try and get as high up the ladder as i can now so it should minimise the negative equity hopefully if i get a good deal on a house which would normally be a 3rd house down the line or 4th due to location and the actual house itself.

i will mess about on property bee again and see if i can get the thing to work.

also, on the mrs thing, she only want the other house because it saves her 10 minutes walking to drop our son off at school, forget the fact the house i want has a better garden, off road parking, garage, is detatched, large new kitchen, bathroom, freshly decorated neutrally, double glazing under 4 years old, central heating 4 years old and rewired 6 years ago.
the house she wants is a mid terrace victorian ( nothing wrong with that, i liked the house untill i saw we could possibly get this detatched one), a little court yard , no off street parking ( it is closer to the town centre so parking will be a pain, in the summer it will be impossible as it is in a sea side town) it needs a new roof and despite being 3 bedroomed compaired to the detatched being 2 bedroomed, the 3rd bed is 8 ft by 4 1/2 foot. so not a bedroom at all really.

the_bread_baron

top 2007 peak price. bottom 2012
losses -50-60%+ off peak 07 price.
BIG DROPS. BIG BIG DROPS.

FACT get used to it. accept it and act accordingly.
there are no miracles. the stark reality of the situation.