Is it really a buyers market now?

angel1976

(And to add, we took a 10% hit on our house as our house is targeted at first-time buyers and there definitely is a lack of those out there!)

Running_Horse

In 2007 these forums were full of buyers furious that sellers would not accept offers of 25% under asking price. Most sellers held out and mostly got what they wanted, despite all the crash talk. Sellers will never accept peanuts for their only valuable asset, paticularly if they have to buy as well. And the situation is now complicated by EAs using price ranges.

Rautavaara

Would you say it's easier to buy below the asked price on chain free properties, or the other way around?

Incyder

Running_Horse wrote: »

Sellers will never accept peanuts for their only valuable asset, paticularly if they have to buy as well.

Very true.

I don't believe there is such a thing as a BUYERS or SELLERS market. There is just a market and thats it.

Some will say a house is only worth what someone is willing to pay for it.

BUT

A house is also only worth what the owner is prepared to 'let it go' for.

Many recent house owners wanting to sell just cannot afford to knock off 10%.
If they bought in the last 4 years then there may be zero equity to play with, and minimising losses is what they are looking at, at best

Remember the 125% mortgages from Northern Rock etc ?
Some people are mortgaged up to the eyeballs.

Most of these sellers will be trying to get out at break-even cost at best.

There will be lots of couples in a stable relationship and no arrears who would like to sell but can't take a 10% hit, so they will reject offers like that and end up staying there, for a long, long time. They have no choice. They have no savings. They have no equity.

Now, if you are offering on houses where the owners have a big equity stake and have been there for many years, then yes, 10% off maybe realistic in a slow moving market, such as now.

Those owners may decide they can afford to lose 10% and accept it. They are in a position to have that choice, many other owners are not.

brit1234

It is a buyers market but give it 2 months for all this never occurring spring bounce rubbish to fade away. Lots of new properties registered they need chance to have no viewings and a couple more headlines that prices are falling from the monthly reports. Then the sellers will be weaker.

Rautavaara

Well, it seems you're all right, people aren't all that shy about going below the asking price. I was looking at:

http://www.rightmove.co.uk/property-for-sale/property-28045798.html

There's an offer on it almost 30k under the asking price. At that price, even I'd be tempted to put in an offer as it below what I was budgetting for! Guess it's a all gamble.

tyllwyd

I think the fact that it is considered to be a buyers market, but at the same time there are relatively few houses actually on the market, means that buyers are becoming paralysed by indecision. The buyers who are proceedable are so hung up on the fact that they can take their pick of the houses that are available, and terrified of making a mistake and paying too much or missing out on the perfect house, that they can't bring themselves to actually make an offer, or to consider any property that might have the slightest question mark about it.

Running_Horse

I remember one discussion where someone had offered 30% below asking price on just about every 3 bed house in town. She didn't care which one she bought as long as she could get that 30%. Wonder if she ever got her house, and at what price.

lightwiththebox

thank you for your post, its really trouble us sometimes,like you ,soooogo.

alsmum18

Prices are only holding because interest rates are so low.Once they rise people may need to sell more urgently, depending on the size of their mortgage.