Hiding for Nothing - viewing an over-priced over-budget house...

Davesnave

Thanks for that. I'm comforted to know that -15% is accepted around these parts now. Personally I think we were there by Christmas, but there has been a bounce in interest, if not in prices,

Strapped

pawpurrs wrote: »

I must admit to having a squint myself, there is only one house at that price, if I have the right one its lovely, although does seem expensive, I especially like the kitchen (but hate the floor tiles, why do people skimp on flooring?) and the front door and hall.

Oi! I have those tiles. (But they look more "in keeping" in my kitchen) They're not cheap lol.

QTPie

Wouldn't make an offer without a second viewing. The agent knows what we are looking for, our position (very strong) and our strong thoughts on value... if that is of ANY interest to the seller, he will be back. He sounds as though he has his head screwed on right (wish that we had used him to sell our house... :rolleyes: ).

I think that you are right about the tiles... The bathrooms are a bit like that too: the owner seems to have a funny taste when it comes to things like that: not cheap, but not quite co-ordinated... Wouldn't be your choice, but all things that you could "live with". But we all have different tastes

My bet it that it will sell for late 600s, possibly early 700s - still out of budget for us, but not as alarming as near 800k... In this market, who knows - sales are falling through all of the time.

It was just refreshing to hear the agent admit that prices have dropped by 15% in the area: I was beginning to wonder about this sector in this area... :eek:. Davesnave, I think that you are correct. We sold a good 15/20% under peak value (and initially accepted an offer at that level mid-December). I think that certain sectors (like "big family houses") are slower to folow the trend....

BUT I am heartened that they are not bucking the trend completely (and rising in value!): it gives me confidence for the future AND I think a perspective on asking prices (i.e. that attractive houses may well hit the market with ridicilous asking prices, but may be just trying to smoke out more reasonable offers)

QT

LandyAndy

TD5 wrote: »

I wouldn't rush in to anything, take your time and monitor it and similar houses with Property Bee and see what happens. There will always be another one in the unlikely event that that one sells quickly. I have seen plenty of houses around my way (Salisbury/Romsey) dropping from £800/£900 by £200k so your considered offer may well start to seem attractive to the seller(s) when reality kicks in for them.

Good Luck

Really? I haven't noticed much movement at all, albeit slightly further down the market (300k-£500k).

PS. I presume from your name that you have a Land Rover?

poppysarah

Don't fight for it. The lower it goes for the more prices have fallen in your area.

QTPie

poppysarah wrote: »

Don't fight for it. The lower it goes for the more prices have fallen in your area.

I wont be... we are probably lucky that it IS over-budget... it would have to come into out budget, then we still wouldn't have any room to maneuvre upwards...

The agent knows where we are, what our position is and what sort of amount we might be prepared to go up to. He does seem on the ball (one of those rare EAs ): so I am certain he will come back to me if it gets down around our budget. I am not hopeful that this particular property will get that far down, but if it isn't meant to be, it isn't mean to be... (and probably for a good reason). It certainly isn't the right climate to over-stretch yourself financially or get into a bidding war.

QT

QTPie

Well, 3 weeks after going on the market, it has now gone under offer (and not to us)

Now we just have to wait and see (assuming the sale goes through) what it actually sells for.

So asking price was 6% OVER what an identical property (actually on a plot that was 50% larger) sold for in August 2007 :rolleyes:

Wonder what they got for it...

Am very frustrated... house prices ARE dropping here (the EA who was selling this house admited that they had dropped 15% since peak), but "nice large family houses" just don't seem AS affected... Quite a lot of demand, but VERY limited supply (they are out there, but not much ont he market at the moment): so it is keeping prices artificially high. Hope that it went for nowhere near the asking price

QT

stolt

QTPie wrote: »

Well, 3 weeks after going on the market, it has now gone under offer (and not to us)

Now we just have to wait and see (assuming the sale goes through) what it actually sells for.

So asking price was 6% OVER what an identical property (actually on a plot that was 50% larger) sold for in August 2007 :rolleyes:

Wonder what they got for it...

Am very frustrated... house prices ARE dropping here (the EA who was selling this house admited that they had dropped 15% since peak), but "nice large family houses" just don't seem AS affected... Quite a lot of demand, but VERY limited supply (they are out there, but not much ont he market at the moment): so it is keeping prices artificially high. Hope that it went for nowhere near the asking price

QT

i know when we were looking at the start of the year that there was much drops on the larger family houses. Plus not many new ones coming on. the one we got we originally viewed in 2007 and they hadnt dropped at all and took a bit of haggling to get the price we did. Good luck frustrating when you have the dough and want to move. I know back in 2007 when we were looking a house would come on and be under offer the same day.
:rotfl:

Davesnave

They are coming down. I saw one in the Leas today at under £300k. It was too small for you, but at that location < £300k is a milestone.

Glorified car park for the RUH, mind!:rotfl:

Nenen

Good Luck QTPie - we are in a similar position, albeit a much lower price bracket. I am becoming increasingly impatient and longing to buy a permanent home (we've been renting for two years now and want to 'buy to die' ). A lovely house that ticks all of boxes (rare) has just come on the market but would need to drop almost 25% for us to afford it - I am not holding my breath.

On the positive side, a house we offered 245K a year ago, which the agents refused saying the owner wanted full asking price of 275K has just come back on the market (they took it off and rented it out for a year). It is now on at £214,995, so has dropped about 22%. I wish I had a crystal ball!