max budget of 250K - what price house would you view up to?

Nenen

boots_babe wrote: »

If a property is £300k but just came on the market last week, I'd say not much point going to view it. But if it's been on the market a few months with little or no price change, then definitely worth a go.

Thanks for the input. I use PropertyBee and watch Rightmove like a hawk!

What about this scenario: property has been on the market over a year, originally on for 320K, dropped to 300K last autumn and dropped to 275K last month

Do MSErs think that vendors will be more or less likely to take offers if they have already dropped the price significantly?

My other query is when properties have been on the market for several months and had maybe one or two reductions of 5-10K (which equates to 1-4% of asking price). Does this suggest vendors are not prepared to go lower more than a property that has already dropped 10%+?

Amazingly I rang to ask about a property which only came on last Friday and it has already sold. I asked the EA if he could keep my name in case the sale fell through and he said he would but gave the distinct impression he was not really writing it down (didn't ask me to spell our unusual name or repeat back the phone number etc) and didn't seem in the least bit interested. I asked if the property had gone for much under the asking price of 250K and he told me it had made overt this. I find that very hard to believe given the Stamp Duty threshold! I stressed we had nothing to sell, strong position etc but he couldn't have cared less.... didn't offer me anything else or seem remotely interested, just very smug about the house he had just sold. I am beginning to despair!

barnaby-bear

Nenen wrote: »

Essentially a very similar question, but a different angle to the usual, what would you offer' threads... we can afford to buy a house up to maximum of 250K. Assuming we may be able to negotiate a discount from asking price, what is the maximum advertised price properties you would go and view? I have seen a few advertised for 280-300K which I think look great for us but not sure it would really be worth us looking so far above our price range as refusals would probably make me feel increasingly disappointed.

And before anyone tells me to wait a while... I do know that this is not the ideal time to buy and in an ideal world would wait a few more months until it became more obvious what was happening to house prices. However, our LL has just given us notice to quit. He has given us 3 months, so we either have to go to all the hassle and expense of moving twice, plus take on a minimum 6 month let (we are currently on a rolling tenancy so only have to give one month's notice) or find somewhere to buy now. I haven't ruled out another rent but to be honest, after two years of renting, am getting increasingly keen to be in our own house again! Obviously we know this would be a long term move, home not investment, wouldn't overstretch ourselves, etc etc.

At the moment - the local market seems full of dross to be honest, I'm struggling to see anything I'd actually want or worth watching recently.... hope you find your house soon - it'd have driven me nuts..... weird weird town..... feel for you and the lack of availability.

Nenen

barnaby-bear wrote: »

At the moment - the local market seems full of dross to be honest, I'm struggling to see anything I'd actually want or worth watching recently.... hope you find your house soon - it'd have driven me nuts..... weird weird town..... feel for you and the lack of availability.

Hi BB - nice to hear from you again. This is a stange area isn't it! I am really glad to hear you say that as I was beginning to think it was just me being either a) unrealistic or b) too fussy! It was that bungalow in Arbury that got snapped up for 250K.

We are struggling to find anything worth even going to look at. Did drive bys on 11 yesterday and out of those only 3 looked vaguely worth making appointments to view (and even then with lots of compromises on what we'd really like). I just can't believe the attitudes of some of the EAs either. It is bad enough to live in such an expensive area without having to be looked down on by many of these young 'suits'.

boots_babe

Nenen wrote: »

What about this scenario: property has been on the market over a year, originally on for 320K, dropped to 300K last autumn and dropped to 275K last month

Hmm, interesting one. If it's been on the market a year, I'm sure the vendors are becoming fed up by now. They HAVE at least made a couple of price reductions, so must be somewhat realistic and aware of market conditions, but have already tried to make some concession towards it.

Then again, there is the stamp duty threshold at £250k. We had difficulties ourselves when our property was valued at £275k, as we were acutely aware of the stamp duty threshhold. It may well be that they would struggle to get much over £250k due to this reason, and I'm sure it must be something they have at least thought of/discussed with their agent.

If it was me, I'd definitely go to view given the info you've posted. After all nothing to lose, and you never know!

barnaby-bear

Nenen wrote: »

Hi BB - nice to hear from you again. This is a stange area isn't it! I am really glad to hear you say that as I was beginning to think it was just me being either a) unrealistic or b) too fussy! It was that bungalow in Arbury that got snapped up for 250K.

We are struggling to find anything worth even going to look at. Did drive bys on 11 yesterday and out of those only 3 looked vaguely worth making appointments to view (and even then with lots of compromises on what we'd really like). I just can't believe the attitudes of some of the EAs either. It is bad enough to live in such an expensive area without having to be looked down on by many of these young 'suits'.

Possibly so very few city bungalows in private ownership that if you have an infirm / elderly relative and *need* a bungalow it's a micro-market; but all the nasty ex-council scummy area single-skin brick things seem to be popping up at £250k
http://www.rightmove.co.uk/property-for-sale/property-22369372.html?locationIdentifier=REGION^274&minBedrooms=2&maxPrice=475000&maxDaysSinceAdded=14&pageNumber=3&backToListURL=/property-for-sale/find.html?locationIdentifier=REGION%5E274&minBedrooms=2&maxPrice=475000&maxDaysSinceAdded=14&index=20
which seems more optimistic than ever... there's similar in the hobart road estate areas....

carolt

Nenen wrote: »

Thanks for the input. I use PropertyBee and watch Rightmove like a hawk!

What about this scenario: property has been on the market over a year, originally on for 320K, dropped to 300K last autumn and dropped to 275K last month

Do MSErs think that vendors will be more or less likely to take offers if they have already dropped the price significantly?

My other query is when properties have been on the market for several months and had maybe one or two reductions of 5-10K (which equates to 1-4% of asking price). Does this suggest vendors are not prepared to go lower more than a property that has already dropped 10%+?

Amazingly I rang to ask about a property which only came on last Friday and it has already sold. I asked the EA if he could keep my name in case the sale fell through and he said he would but gave the distinct impression he was not really writing it down (didn't ask me to spell our unusual name or repeat back the phone number etc) and didn't seem in the least bit interested. I asked if the property had gone for much under the asking price of 250K and he told me it had made overt this. I find that very hard to believe given the Stamp Duty threshold! I stressed we had nothing to sell, strong position etc but he couldn't have cared less.... didn't offer me anything else or seem remotely interested, just very smug about the house he had just sold. I am beginning to despair!

One house I was watching came on at peak at 330K, gradually reduced - and I mean gradually, over a year and a half on the market - to 260K.

Finally went under offer 2-3 months ago and I'm looking forward to seeing what it eventually sold for.

TBH, I'd be surprised if it went for anything over 240K.

So 250K for something on at peak for 320K seems reasonable.

After all, 20% off 320K takes you down to not far off the 250 - it really depends on how much your local market has followed national trends - mine has, but obviously you'll know best about yours.

Nenen

carolt wrote: »

One house I was watching came on at peak at 330K, gradually reduced - and I mean gradually, over a year and a half on the market - to 260K.

Good points Carolt. Interestingly, one house we looked at two years ago (when market was still buoyant, so it must have been overpriced) started at 300K and, similarly to the one in your area, reduced very gradually to 275K, about 9 months ago. We offered 250K and vendors (developers) refused point blank saying that they would not go below 275K and would 'wait for the market to pick up'. Well, it was withdrawn from the market and was empty for months... suddenly appeared back on the market at 215K recently and, when I went to look, someone has smashed two toilets and several windows, ripped pipes off walls etc. It is in a right state. I guess he wishes he hads taken our offer!

barnaby-bear

Nenen wrote: »

Good points Carolt. Interestingly, one house we looked at two years ago (when market was still buoyant, so it must have been overpriced) started at 300K and, similarly to the one in your area, reduced very gradually to 275K, about 9 months ago. We offered 250K and vendors (developers) refused point blank saying that they would not go below 275K and would 'wait for the market to pick up'. Well, it was withdrawn from the market and was empty for months... suddenly appeared back on the market at 215K recently and, when I went to look, someone has smashed two toilets and several windows, ripped pipes off walls etc. It is in a right state. I guess he wishes he hads taken our offer!

F****** Rd, T******* ? Were they really asking 300k? Close to city.....

Nenen

barnaby-bear wrote: »

F****** Rd, T******* ? Were they really asking 300k? Close to city.....

Yep! That's the one... was originally either 299,995 or 295,995 (can't remember exactly but I do know it had already fallen a fair bit to 275K when we offered on it. It is ex-LA but has had a large extension put on. However, unlike many ex-LA houses the garden is tiny and only one off road parking space (now covered in rubble)! it is such a shame as it looked nice when we first saw it. Although I have since been put off that particular village by a work colleague who lives there and says it is rather souless as no real 'heart' to the village and no community feel.

barnaby-bear

Nenen wrote: »

Yep! That's the one... was originally either 299,995 or 295,995 (can't remember exactly but I do know it had already fallen a fair bit to 275K when we offered on it. It is ex-LA but has had a large extension put on. However, unlike many ex-LA houses the garden is tiny and only one off road parking space (now covered in rubble)! it is such a shame as it looked nice when we first saw it. Although I have since been put off that particular village by a work colleague who lives there and says it is rather souless as no real 'heart' to the village and no community feel.

It's the kind of place people live because it's cheap... it's pretty souless and has quite a lot of sheltered housing, it's supposed to be fairly chav-scum free though by virtue of being so faceless... to be honest when I went there for a house warming on a sat. night it felt there wasn't a living thing there