Is it really a buyers market now?

FTBFun

treetrunks wrote: »

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.

I'm taking a stab here but does their name begin with "F"?

jjsimcox

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

I got an offer at 90% of the asking price accepted on a house in Sussex about 10 days ago. It had been on with a different agent previously at an even higher asking price. Make of that what you will.

Jenniefour

It is a buyers market, however, there are properties that don't stay on the market long and go for asking price and sometimes over - when there are enough buyers who are looking for that particular kind of property. I'm in Ealing/Acton area and there are plenty of properties, houses and flats, which have been on the market for a long time and some coming down in price. One or two down in price considerably, especially flats. And a few that are sold very quickly indeed - including one or two that have gone considerably over asking price. Strange market. And, around here, agents and owners are definitely often favouring sellers who are cash buyers or have an extremely large deposit - even if the offer is a little lower than others who may need a big mortgage, simply because so many deals are falling through at the last minute because of the mortgage squeeze. At the same time there are some that have gone for well below the asking price - 10% plus. And there are always the vendors who went for the agent giving the highest valuation - and have it stuck in their mind and won't shift. And who, later on and no sale in sight, might regret turning down offers below asking price if they're in an area where prices are already going south, or about to.

Agree with Hazz - don't get too invested in one property. Just take your time and keep looking - and you'll get the property you like for a reasonable price.

zaksmum

I've found the same thing here in the north west. I've made three offers so far since November, around 10% below asking price. No mortgage needed so no worries for the vendor about their property being undervalued at survey.

In every case the vendor said no and the properties remain unsold. All have been on the market around 2 years with no reduction in the original asking price.

shar46y

Just found this thread - found the same problem in the Midlands! Have offered on several properties, generally a minimum of 90% of asking (and upwards - have gone to 96% for one that we particularly liked) and vendors don't even want to negotiate - some have pretty much acted like we sh8t through their letterbox:eek:

And no, I don't think it's because they are reasonably priced, in most cases the asking prices are well above 2007 prices such that even at a 90% offer it would still be the most expensive house sold on the street and we have been very concerned about being the out-of-town mugs who overpaid. So I guess it's a lucky break that nobody accepted our offers.:D

zaksmum

shar46y wrote: »

Just found this thread - found the same problem in the Midlands! Have offered on several properties, generally a minimum of 90% of asking (and upwards - have gone to 96% for one that we particularly liked) and vendors don't even want to negotiate - some have pretty much acted like we sh8t through their letterbox:eek:

And no, I don't think it's because they are reasonably priced, in most cases the asking prices are well above 2007 prices such that even at a 90% offer it would still be the most expensive house sold on the street and we have been very concerned about being the out-of-town mugs who overpaid. So I guess it's a lucky break that nobody accepted our offers.:D

Had to laugh about the letterbox thing:rotfl:! But it's true - they take it like a personal insult when you make an offer.

One we offered on (90% of asking price) snootily informed us she'd had two offers OVER the asking price...all the people who offered needed to do was sell THEIR houses first:)!

Months later the place is still unsold and the EA says there's zero interest in it.

Viper_7

As always, property is only worth as much as someone is willing to pay for it..

People currently are not willing to pay the inflated prices and surely but surely they will start dropping.

Rautavaara

So ... having read everyone's comments, I'm guessing it wouldn't be too cheeky to put in an offer of 175k on a property valued at 189,950k?

somethingcorporate

Rightmove estimates there are now about 15 properties for sale for every buyer.

(taken from http://www.dailymail.co.uk/news/article-1028492/Recession-UK-The-238-000-flat-lost-70-value-years.html)

So be patient, the right house at the right price will come along.

Rautavaara, I think £175k as a first offer is too high on £190k. We just managed to bag a house 15% below asking price, dropping from £290k to £248k. Start low, they can only say no (or you may get lucky and they say yes!!).

angel1976

We are in the same position, in SE London. All the properties we have offered on seems like vendors are holding out for asking price, which is ridiculous! The house we want we pretty much offered 6% below asking and they still can't decide to take the offer or not even though house has been on market for 3 months and it is definitely overpriced at asking price as we saw one for the same asking price (on next road) and it was much bigger, otherwise very similar standards, and that went under offer in 2 weeks for very close to asking. They have still tomorrow to take the offer, otherwise we are walking away, agents say there are a lot more properties to go on market in March/April. It's a pity as we love the house and a house in that sort of position is hard to come by in that area.