House Prices

avenida

tight_arze wrote: »

Yes when on property news I put a max of 150k when searching. If we went to view a house at 150k that needed work and say had a ratable value of 130k we would offer 120-125k. If the house didnt need much doing to it we would offer round about 130-135k.

Most houses in East Belfast are still priced 40 - 50k above their rateable value and still need work on top of this.

Ok so do you think that the rateable value is a good guide, as far as I know the rateable value was worked out years ago and not sure how it would be relevant to todays market?

tight_arze

avenida wrote: »

Ok so do you think that the rateable value is a good guide, as far as I know the rateable value was worked out years ago and not sure how it would be relevant to todays market?

The reason I use rateable value as a fairly accurate guide is because these values were calculated in 2005. According to published house price reports Northern Ireland properties are now priced at 2005 levels. So I would expect todays market price and rateable value to be fairly close. This isnt the case with most of them.

avenida

Oh no if my house is worth rateable value I might as well give up as its 20-25k less than what my agent is telling me my house is worth at the moment

tight_arze

avenida wrote: »

Oh no if my house is worth rateable value I might as well give up as its 20-25k less than what my agent is telling me my house is worth at the moment

Does your house need much work done? The most we offer is 5-10k above rateable value. So if you price your house at 20k above its rateable value, you will most likely get offers 10k below the asking price.

If you were offered this could you afford to move?

avenida

I would consider an offer 10K below our asking price on the basis that, that would be an acceptable offer to the vendor of the property we wanted to buy

We have spent a lot of time and money doing up our house, so far since we moved in we have put in a new kitchen, windows, guttering, laminated flooring, redone back garden, so doesnt need a lot of work done

avenida

Any estate agents on today that can remark on whats happening on the housing market at the moment?

tight_arze

avenida wrote: »

Any estate agents on today that can remark on whats happening on the housing market at the moment?

Estate agents are professional liars

Only kidding, would be interesting to hear some comments.

motorguy

pgilc1 wrote: »

Yup, thats exactly it.

With us, once we'd talked to a couple of estate agents we got a clear picture of what we would need to price it at to 'get it away'.

We simply didnt put it on the market rather than stick it on at maybe £145 to have some wannabe investor offer '£120K for it mate because its a buyers market'.

We'll sit tight. If we sell it in say three years time for £165K, then thats £20K less we'll have to pay off on the mortgage on the new one. Well worth the wait methinks. If it isnt worth that, we'll shuffle our finances around to keep it on as a rental.

Our next door neighbour has put his house on the market - at £145K on instruction from a different estate agent. It will be interesting to see if he gets anyone to bite and at what price. I certainly wouldnt let ours go for anywhere near that.

warmhands.coldheart

pgilc1 wrote: »

Our next door neighbour has put his house on the market - at £145K on instruction from a different estate agent. It will be interesting to see if he gets anyone to bite and at what price. I certainly wouldnt let ours go for anywhere near that.

But you don't have to... maybe they do!!

x12yhp

warmhands.coldheart wrote: »

But you don't have to... maybe they do!!

Which is what happened to many a couple of years ago - now prices are £50k below what they thought, not 20k!