To those buying in difficult times....

puddy

yes, thats right I said those buying in difficult times.

I have managed to get a buyer for my flat. How? Buy being a motivated seller and by dropping the price to a level that someone wants to buy it. Then I took an offer under the asking price (obviously). It came down in total about 30%.

So, with this in mind and with the current climate, we have made offers on 2 properties that we want to buy.

The first one had not dropped the price in over a year. We took off 20% for the offer, went up a bit when the offers were rejected. Then told, vendor is looking for just under the asking price. Gave up.

Next property, we offered on this week, offered about 10% under the asking price as property has been dropped in price a bit. Initially turned down, so made a higher offer. Was phoned by the EA this morning to be told that the vendor has PUT THE PRICE UP.

Yes, thats right, he has put the price UP. Says if he doesnt get the new asking price he will rent it out. Well good luck I say, considering that it needs new heating, decor, bathroom and kitchen. Apparently the day after we made our offer, someone else has made an offer, higher than ours but still no where near the original asking price, let alone the new one. EA says she feels a bit mislead by the vendor. Shes not the only one.

So much for a buyer's market. Am very peed off.

Doozergirl

I'm not suggesting you've been fooled Jenner but we do get posts on here where people are genuinely surprised that low offers have been turned down. The vendor has set that asking price for a reason - realistic or not.

If you're looking for a decent price, it takes time. It always has. The majority of homeowners are still in the situation where they can afford what they're living in. Despite demand and therefore prices falling, people can generally afford to sit tight if they aren't offered what they want.

I wouldn't be fooled by those who aren't in the market - buying or selling - who seem to know how it is out there - 'knock em down 30% and walk away - they'll soon come running' isn't exactly what happens in reality. Some houses I can see marketed cheaply - those are the ones you can go for and know that you'll get an offer accepted because you can go close to asking. You need a motivated seller but they are already making themselves obvious because of their asking prices.

There is simply not a wide choice of well priced stock out there - it seems it's as hard to find a bargain as it ever was!

VfM4meplse

Putting the price up in this climate would appear to be a risk if not downright greedy. The market hasn't bottomed out yet, who knows how much farther we have to go?

Doozergirl

"The market" There isn't just one market. That's the problem. Every vendor is different.

VfM4meplse

I would love to know where prices are going up so I can avoid looking for a new home on that street whilst the value of my house is crumbling!!

Doozergirl

VfM4meplse wrote: »

I would love to know where prices are going up so I can avoid looking for a new home on that street whilst the value of my house is crumbling!!

I edited my post while you were typing. Not sure if that was in response to me, but I'm talking about vendors being 'individual' :rotfl: not prices rising. He put the price up, it's his perogative. Whether anyone agrees is something else!

You cannot generally expect a vendor with to accept low offers. On the whole, if they were prepared to accept less then they would have a lower asking price.

puddy

VfM4meplse wrote: »

Putting the price up in this climate would appear to be a risk if not downright greedy. The market hasn't bottomed out yet, who knows how much farther we have to go?

a risk??? I think thats an understatement. Clearly as DG says, he doesnt want to sell. Problem is that there isnt a huge number of properties on the market due to people not wanting to sell at what they see as low prices. So I dont believe this tosh about it being a buyers market. I think I have been fooled by people's attitudes on here (and my own) that prices would be coming down whereever, because that is not happening.

second problem is that if we see someting and like it, we want to make an offer because we like it, risking the come down when we finally realise that the seller is a time waster.

there is another property we like but its on a busy road. they appear motivated in that they are looking to move to the canaray islands asap. Not sure if I can hack the road though and dont want to feel as if Im pushed into making a choice just because these properties have fallen through

Catblue

We sold our old house in 2007 and have been renting since - half-heartedly looking for a new place to buy. Still not in rush.

Most of the houses round here have been on the market for over a year (and most of them still at 2007 prices, or even prices that would have been ambitious for 2007).

It's got to the point where we have discarded all the houses that have been on the market for over a year at the same price (no point going to view houses where the vendors are totally determined to stay put). Total waste of everyone's time.

Having said that, in cases where vendors have put their houses on the market for a realistic asking price, these houses have sold relatively quickly.

Jenner, in your shoes I would really try to concentrate on those houses that are realistically priced in the first place - rather than hoping that you can get 20% or so off an overpriced property. Easier said than done, I know.

ess0two

jenner wrote: »

a risk??? I think thats an understatement. Clearly as DG says, he doesnt want to sell. Problem is that there isnt a huge number of properties on the market due to people not wanting to sell at what they see as low prices. So I dont believe this tosh about it being a buyers market. I think I have been fooled by people's attitudes on here (and my own) that prices would be coming down whereever, because that is not happening.

second problem is that if we see someting and like it, we want to make an offer because we like it, risking the come down when we finally realise that the seller is a time waster.

there is another property we like but its on a busy road. they appear motivated in that they are looking to move to the canaray islands asap. Not sure if I can hack the road though and dont want to feel as if Im pushed into making a choice just because these properties have fallen through

You said it peoples attitudes on here etc, the majority on here are armchair buyers.

zaphod_beeblebrox_2

You'd be a fool to buy now, else offer @30% less than todays price ..



http://www.stevemorgan.co.uk/webfiles/house_price_trend.bmp

Doozergirl

My point made.