Is it really a buyers market now?

stokesley

Kaz2008 wrote: »

It may be worth bearing in mind also that some people could be selling because they simply can't afford the mortgage
Good luck

If so, as I told my daughter before she went house-hunting, "other people's negative equity, whilst unfortunate, is not your problem, so don't make it yours".

Look at comparables - she actually paid a very small percentage under asking, but the house was perfect, had been reduced twice, needed nothing doing, and was considerably cheaper than had been paid for similar houses in the same road in the recent past.

Iris_Blue

The properties may already be competitively priced in the first place - so why should the owners take a low offer? It depends on how much you want the house K&N , if you want it put what you think its worth to them.

I've accepted an offer today £5k below asking price which I'm happy with but the EA have pestered us 2 weeks ago to reduce it ...why? So someone can come along and put in a low offer anyway. I'm glad I stuck it out and got what I wanted.

Kaz2008

I wasn't saying that the OP should put in a higher offer because the seller could need it! You have have taken what I said totally out of context! I was trying to explain that this could be the reason why his offers have been turned down not to pay over the odds! A property is only worth what someone is prepared to pay not what mortgage is outstanding on it.

gecko

We have had the same frustrating experience, two houses, both been on 8ish months, no other offers and we offered 95% on both but neither will drop their price at all. We are in the SE but there are no new houses coming on the market and the same old ones hanging around. There must be a sea-change at some point, otherwise all the EAs will go out of business with no turnover.

Iris_Blue

If you really want the house then leave it a day or 2 and increase slightly saying that this will be a last one time only offer. What harm will it do ? They say No they say no, you walk away.

stokesley

Kaz2008 wrote: »

I wasn't saying that the OP should put in a higher offer because the seller could need it! You have have taken what I said totally out of context! I was trying to explain that this could be the reason why his offers have been turned down not to pay over the odds! A property is only worth what someone is prepared to pay not what mortgage is outstanding on it.

Apologies for any misunderstanding - I was merely adding to your post to make it clear to a first time buyer that they must not allow anyone to transfer their problem onto them.

Sorry - no offence intended.

Kaz2008

stokesley wrote: »

I was merely adding to your post to make it clear to a first time buyer that they must not allow anyone to transfer their problem onto them.

.

I totally agree with you :beer:

Hazz

Yes I would say so, myself and OH bought our first place last year.

We had a 1st and 2nd choice and originally put in an offer of £127k on our first choice, it was up for 135k but it was rejected so we upped to to 130k at a max and they still said no, so we walked.

Went for the 2nd choice which was also up for 135k, but bid 126k which they accepted :beer:

I think it depends on circumstances as the people living in our 2nd choice had seen a place they really liked elsewhere and were desperate not to lose it.

I also think you shouldn't set your heart on a place because there is so much choice out there with not many people buying houses in the current climate, therefore if you can't agree a price on one place, look around they'll be plenty more especially soon as the market geers towards spring / summer time and everyone seems to wake up again!

I also think first time buyers should try to use the 'no chain / can move immediately' to their advantage to try and get a better deal if they can, and if you can bid a few grand below asking price and get it accepted then good luck to you. :T

K_and_N

Thank you all for your posts.

I'd say one of them is competatively priced and this is why we offered 95%. But the second one isn't.

Hopefully we'll find something good soon.

K & N

treetrunks

I think it depends on the property, area, circumstances etc. As an aside I know of EA's that are getting sellers to put on inflated prices and then take cuts to the level they wanted. Seller gets their "asking price" and buyer feels better with the 10 - 15% they've negotiated off the price.