Massive difference in price

ooobedoo

I am just after some opinions.

Viewed a house last November, quite liked it but decided to put house viewing on hold till after Xmas. The house came off the market until today, we still have the sheets and they appear to have decorated it.

Nov 175,000
Mar offers in excess of 146,000

what do you think of this?

We are seriously considering this house and plan to have another look, but don't know if they have priced it low to get into a price war to ultimately get the Nov price for it

ad9898_3

Sounds like a reasonable drop to me, 20% down in 6 months sounds quite a lot, but there are plenty near me that have dropped similar amounts, my opinion is don't buy now, you will probably get the house or one similar for 100k in 12 months. Some people are finally getting the message that 2007 has gone, the problem for them now is, unless they wipe huge amounts off their 2007 asking price they will always be behind the curve.

Anon1

Where is the house, is it on Right Move?

lostinrates

Anon1 wrote: »

Where is the house, is it on Right Move?

FWIW I wouldn't put a property I was considering offering on on the open boards. I have however pmed details to particular board chums

ooobedoo

Bad experience with posting rightmove details and potential offers.....some numpty located it, and put a photo of it on the envelope and royal mail delivered it and the estate agent wasn't best pleased and basically caused upset to a old lady. The limping donkey knows who he is!

cocktail

ad9898 wrote: »

Sounds like a reasonable drop to me, 20% down in 6 months sounds quite a lot, but there are plenty near me that have dropped similar amounts, my opinion is don't buy now, you will probably get the house or one similar for 100k in 12 months. Some people are finally getting the message that 2007 has gone, the problem for them now is, unless they wipe huge amounts off their 2007 asking price they will always be behind the curve.

it is offers above, so not quite 20% down. the OP might have to wait a long long time to get it at 100,000. if the price is right and reasonable compared to similar properties in the vicinity then not long before someone else picks it up.

amcluesent

No really enough to go on, i.e. location and type of build. You should be working on a reduction of somewhere between 60% and 30% from the bubble 'peak', with the big reductions for new build flats and the lesser for established family homes in good locations.

PasturesNew

lostinrates wrote: »

FWIW I wouldn't put a property I was considering offering on on the open boards. I have however pmed details to particular board chums

I have no PM.

I'm not a chum.

ooobedoo

dh rang the estate agent and apparently loads of people are booked in to look at it, so they think it will go to offers........don't want to get into a bidding war!

ooobedoo

what would be a good offer on the price, offers in excess of 145000 and if we make an offer and itis beaten can we make a new offer?

Addiscomber

I think you can raise your offer if it is "offers over", but not if it is done by sealed bids.

Thankfully we have no need to be in the housing market at the moment, if indeed we ever move again, but I keep my finger on the pulse, and it seems to me that the question you need to ask yourself is whether you can actually get a mortgage if you need one? How many of the people who are booked to view will actually be able to raise the finance? From what I read it appears that a lot of potential sales fall through because the folk who offer find that they cannot get a mortgage. Lenders are short of funds because they are dependent on people's savings and lots of those are being withdrawn and moved to National Savings, and mortgages rationed as a consequence. There may not be as much competition as you think, provided you are really able to go ahead yourselves.
http://news.bbc.co.uk/1/hi/business/7952198.stm