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is it me or is everything overpriced?
Comments
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Why oh why do people keep saying that? It implies that it's impossible to overpay as the house is worth what you pay. Clearly this isn't true as it is possible to pay too much :whistle:
Property in the main is based on land and build value.
What you can't buy is location, location, location.......
Akin to a Rembrant painting or Ferrari 250GT there is a premium for rarity. Which is why the highest bidder wins.0 -
Property market in my area is horrifically inconsistent. Some people want 2007 prices, others 2020!!!
You look at a cross section of properties marketed at, say, 200K and its insane just how much they differ in actual value.0 -
An example of how it has gone crazy in my area (Midlands)
Property 1 - 4 bed detached, double garage, fantastic location (one of the best roads in the area) - I valued it at £400,000 based on the fact that 2 similar properties had sold on the same street for £380,000 but this one had slightly bigger plot and a double garage instead of a single. Property went onto the market at £450,000 - SSTC within 7 days (not sure what it has sold for but I bet its not far off asking price)
Property 2 - 5 Bed detached, 3 storey, limited parking (for a house of that size and only single garage). Bought for £320,000 3 years ago, went onto the market at £340,000 SSTC within 2 weeks at £335,000
Crazy!My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
My 3 bedroomed property is valued at 95k to 100k.
Other property in same area all up at just over the 95k price.
Some 2 bedroomed up at 80k.
Ive priced mine at offers in the region of 75k.
I see this at making my property stand out to potential buyers.
Not selling to move on.
No mortgage.
Not in a rush.
Pretty strong position I believe !0 -
NPowerUser wrote: »Best of luck in getting your sale.
At the end of the day your home is worth what someone is prepared to pay for it but I sympathise that the market seems artificially high in your area.
Have you tried adding value to your home like new carpets?
When I sold just before Xmas new carpets @ £1400 seemed to do the trick.
We had more positive viewings with the new carpets down, it just made the place look bigger and fresher.
Fingers crossed for you.
Thanks.
The carpets aren't that old, but I always put new carpets in when I buy a house because it's my own dirt then and not someone elses.
Things like a new flat roof have been done. A flat roof doesn't last long and always raises a red flag for me when I am looking to buy. You never know when a leak will start and if water leaks into the plaster below and that plaster has asbestos in it, then it gets very costly indeed.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
Thrugelmir wrote: »What you can't buy is location, location, location.......
Akin to a Rembrant painting or Ferrari 250GT there is a premium for rarity. Which is why the highest bidder wins.
Don't we all think we are in a good location? That's why we bought there, isn't it?
I have never sold a house yet that I didn't think was in a good location and the best house in the street/area. Just as most other sellers think the same. It's called "human nature".RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
I may want 2 million quid for my knackered VW, doesnt mean I will get it.
At the end of the day, prices are currently hideously overpriced and people, unbelievably, are only JUST waking up to this fact.
Looks as if a lot of people who were planning to use their home as a free means to a pension are about to get a nasty shock when prices collapse later this year post-election)0 -
Why oh why do people keep saying that? It implies that it's impossible to overpay as the house is worth what you pay. Clearly this isn't true as it is possible to pay too much :whistle:
No - it implies that the current market price has been reached - could be higher or lower than advertised its still settles at its 'worth price' to the buyer.0 -
No, it's not just you 0
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