Hilarious! People in my area are increasing their asking price!

nearlynew

nollag2006 wrote: »

I think we can safely assume that Nutrisse, rewired, and nutrisse are all one and the same moron

Whereas you don't need any help to be a moron.

You manage all on your own.







.................W4NKER

fimonkey

Can we get back to speaking about the fact some ppl are increasing their asking prices which looks daft on property bee given teh current climate please? .. And perhaps t'others can start an "abuse" thread,... monty python style?

nearlynew

fimonkey wrote: »

Can we get back to speaking about the fact some ppl are increasing their asking prices which looks daft on property bee given teh current climate please? .. And perhaps t'others can start an "abuse" thread,... monty python style?

I thought we'd already done that.............


they're all jokers.

Cleaver

fimonkey wrote: »

Can we get back to speaking about the fact some ppl are increasing their asking prices which looks daft on property bee given teh current climate please?

Hasn't the 'current climate' been almost a year of rises? If it has, then sellers raising their asking prices seems to make sense.

To be fair, asking prices don't really mean anything anyway. A house will generally always only sell for what someone is willing to pay for it, whatever the asking price. If people are putting up their prices more than the market value then they simply won't sell, so just don't worry about it.

Emy1501

Cleaver wrote: »

Hasn't the 'current climate' been almost a year of rises? If it has, then sellers raising their asking prices seems to make sense.

To be fair, asking prices don't really mean anything anyway. A house will generally always only sell for what someone is willing to pay for it, whatever the asking price. If people are putting up their prices more than the market value then they simply won't sell, so just don't worry about it.

It I market my house for 150K in April last year. Come January its still not sold on what basis would i expect my house to be worth more money when I cant sell it 150K?

I understand the position of those who go under offer house falls through after a few months and they well we will put up for more but if you house does not sell for a figure its not going to sell for a high figure a few months later. The best one can hope for is that as prices rise someone will get closer to the asking price as time goes on.

Cleaver

Emy1501 wrote: »

It I market my house for 150K in April last year. Come January its still not sold on what basis would i expect my house to be worth more money when I cant sell it 150K?

If I owned that house and it'd been on the market for that price then I wouldn't be raising the price. I'd be lowering it to £140k. Well, I would have lowered it to £140k six months ago.

If I had put a house on the market in October (for example) for £150k and it sold within a month for asking but fell through in January / February and if property in my area seemed to be selling for more I might be tempted to put the property on the market for a but more. Why not? Most people don't seem to care about doing research, checking property bee etc., so why not chance your arm?

It all depends on circumstances. But none of us need worry about what should and shouldn't be. A house will sell for the price that someone is willing to pay for it, so don't get too concerned about what sellers are asking.

SingleSue

Just taken a look at Rightmove with PB....no increases here since the budget, a few decreases though and a whole lot more decreases in the last couple of months.

What I did find though and which is encouraging, is an raft of sales in the last 6 weeks, with the majority in the last week...much much more than I have seen at any time in the last two years.

dopester

LydiaJ wrote: »

I'm going to end up with a 4-bed for a lot less than I'd have to pay to buy one already completed.

You're still set to buy just before a General Election? After which, whatever the result, will see quite many of the measures adopted to delay the full impact of the credit crunch abandoned within 6-12 months - impacting on jobs, pay and public spending, and in my opinion will see house prices begin a much deeper 2nd leg fall.

I've attempted to post no more on this - given I lost to popular opinion on the other thread about your purchase, and because I know some of the background and the understandable reasons why you want a home of your own - but I still think it is madness to be buying now.

Not being cruel here, just my own take on it, but don't be surprised if in 18 months someone buys the nice 4-bed house across the way, for 1/2 the price you buy your 3 bed, even before you pay extra for that extension.

LydiaJ

Well, yes, that's a risk. And I do think HP will fall during the term of the next government. However, I don't think there's any guarantee that they will fall quickly, because the general house-buying public won't change their behaviour immediately. I don't think HP will fall much until interest rates rise significantly, and I don't think it's certain that that would be straight after the election.

TBH I don't want to wait 18months. For one thing, 18months of rent @ £900pcm is a lot of money, and my income is set to crash in May this year when the initial 6 months of survivor's pension runs out and resets to a much smaller level of widow's pension, so I would have to start using up my lump sum to pay it. For another thing I am living in totally the wrong school catchment, and 18months from now would be too late to move to the new area of town. Finally, just because I think prices are bound to fall in the next 2 years doesn't mean they actually will - HP have managed to go up when I thought they would fall before.

I think this would be a foolish time to buy for a "normal" buyer with a small deposit, a decent income, a need for a mortgage to buy a property, and no immediate school catchment deadline. But I'm none of those things, and I think this is the right way forward for me.

Thanks for your concern, though. It's appreciated.

IveSeenTheLight

LydiaJ wrote: »

But yours is in Scotland, where the "offers over" system is totally different from the "asking price" system in England. It's not suprising for Scottish houses to go for more than the "offers over" price - that's what's supposed to happen. For an English house to go for more than the asking price is a lot more significant as an indicator of what the market is doing.

You are correct that "normally" the offers over system in Scotland is different than the asking price system in England.
this is normally adjusted by the fact that the offers over price is reduced below the valuation to stimulate interest prior to bidding.

In this example however the offers over price matched the valuation, similar to the England system I would assume, yet the 6.8% above valuation was no where near close. 8th out of 10 bidders.

It's not a case of going for more than the "offers over price" but how much it goes above the valuation.
We all know that mortgage companies will only lend a percentage of the valuation or purchase price whichever is the lower.