Is it really a buyers market now?

K_and_N

Hi All,
Our offer on the house we really like was turned down this morning.
This is the second property we’ve put in offer in last 2 weeks and we were not successful. And we are not even making very low offers. We offered 91% & 95% of asking prices and both vendors wants full asking prices.:eek:
That makes me think is it really buyers market at the moment. The sellers are not prepared to reduce prices and estate agents don’t seem to be eager to sell.
K&N

evoke

Tell them to stick it. And practise making a poker-face. You'll get a call in a few days time from the EA asking if your offer still stands. So, yes, it is still a buyer's market.

Ju&Mel

buy mine if you like

rilou81

Yes its a buyers market, but each house needs to be taken as an individual property. Some are way over priced still, some are priced with the view to take a 10% 5% hit in asking price and some are very competitivly priced for the current market ie under priced for a quick sale or bang on the nose, hense some people wanting the full asking price.
As long as you are looking at sold prices in the area (although not always helpful if someone bought a run down decrepid house on the same street for pennys)
Good luck

Jowo_2

How long have these properties been on the market? Have they dropped the price at all since they initially put in on the market? Do you know the reason why they have put it up for sale (i.e. did you get the sense there was any pressing need for them to move, such as relocation for a job?). Are other properties selling quite quickly in those areas or does it seem quite flat?

poppysarah

K_and_N wrote: »

Hi All,
We offered 91% & 95% of asking prices and both vendors wants full asking prices.:eek:

Insane for them to reject this offer - UNLESS they have been inundated with offers.

Keep viewing.
Keep the faith.

Every day there's more bad news about house prices (for the insane bunch who want them kept high) ... indeed barratts today announced they might end up renting out their propertys (assume no one is being lent silly money to buy a silly new build).

K_and_N

Thank you all for your posts.

Jowo: One is on the market since November and the other came onto market nearly 4 weeks ago. None of them has dropped the price.

Both vendor are moving to be closer to their relatives who are not well. Properties in the area are selling but I wouldn't say quickly.

Ju & Mel: Why not! Let's have a look at your property... :-D


K & N

MajicMOLE

Hi

Im a first time buyer and was in a similar position.

Found a house we fell in love with. Up for £162,500. We put 3 offers in on the property, with the last one being £150k and it was declined. The seller wouldnt go less than 160k so we walked away.

However, we eventually found another house. Much more modern, and bigger and up for £160k. The seller (reluctantly) accepted at £150k.

The difference was the guy selling the 1st house "didnt need" to sell it. He already had another property and was willing to rent it out rather than take a lower offer.

The 2nd house had been up for 3 years. A diverced man who wanted to downsize as he couldnt afford or maintain a 3 bed detatched. The house was originally up for £180. So we can safely say we got a good deal :-)

Just walk away and keep looking. It is a buyers market!

Jowo_2

K_and_N wrote: »

..One is on the market since November and the other came onto market nearly 4 weeks ago. None of them has dropped the price.

Mmm. I wonder if the first vendors think it is only the bad weather and Xmas/New year lull that has prevented buyers from biting their arm off, while both think its worth holding out for a further month in anticipation of a flood of new buyers looking in the spring.

I suppose its not unusual for a property that's been on the market for less than a month that's getting the early spike in viewings to think they'll get close to their asking price fairly soon (though they could be deluded, of course).

Kaz2008

It may be worth bearing in mind also that some people could be selling because they simply can't afford the mortgage (but telling you a different story) so need to get a minimum price to cover mortgage and legal costs. I do agree that some homeowners are still living in cuckoo land when it comes to the price their property is worth and won't accept prices have fallen and therefore not willing to lower the price. I defaintely think it is a buyers market and if you are first time buyers or have already sold your property then I think you are in a great position to haggle the price and should keep searching as you will find something for the right price!

Good luck

doire_2

K_and_N wrote: »

Hi All,
Our offer on the house we really like was turned down this morning.
This is the second property we’ve put in offer in last 2 weeks and we were not successful. And we are not even making very low offers. We offered 91% & 95% of asking prices and both vendors wants full asking prices.:eek:
That makes me think is it really buyers market at the moment. The sellers are not prepared to reduce prices and estate agents don’t seem to be eager to sell.
K&N

Tell them where to go and move on and view another house