The current market ??????

BitterAndTwisted

Well, just because the vendors bought it for ten grand fifty years ago does not necessarily mean that they haven't been treating their equity like a cash-machine. They could have, as lots and lots of other people did for decades.

Some people have so little equity these days that they will be sitting in their properties for the next decade or so before they can afford to sell. Let's hope they remain in gainful employment continuously for that period........

Angela_D_3

BitterAndTwisted wrote: »

Well, just because the vendors bought it for ten grand fifty years ago does not necessarily mean that they haven't been treating their equity like a cash-machine. They could have, as lots and lots of other people did for decades.

Some people have so little equity these days that they will be sitting in their properties for the next decade or so before they can afford to sell. Let's hope they remain in gainful employment continuously for that period........

Remortgages show up on the land registry and trust me this house hasn't been done up or even cleaned in 20 years, neither vendor looked like they'd had new clothes in a decade. We don't even view the ones with a sports car or a caravan on the drive way because you know they are expecting the next person to buy it to cover their debts too.

tyllwyd

Jenniefour wrote: »

... OP - take great care if you decide to put it on for 260 - you immediately move one up on the RM search re price which will mean that it doesn't come up on searches for properties up to 250. And some possible vendors may be put off anyway. ...

Yes, I appreciate the point about moving up on the RM search, but don't you think that a buyer with up £250 to spend will have a look just above that level as well? If buyers are going in with the idea of offering at least 5% off the advertised price, if you put it on the market at £250 you are probably going to get offers significantly lower. And if you decide you've made a mistake it is much easier to remarket at a lower price than a higher one!

poppysarah

Jenniefour wrote: »

Please read OP's post carefully - does it seriously look to you that her property is overvalued - worth considerably less than it was valued at in 2009 and she's put in 75 worth of improvements.

Could be,

Maybe she overpaid.

Maybe the improvements just bring it to the then sale price for the road rather than 75k more than they paid.

"improvements" often don't add value - they appear to have done in a rising market but in reality probably don't.

Re: Several Sarah Beeny shows where she says at the end "you could have done nothing and made as much money..."

Angela_D_3

poppysarah wrote: »

Could be,

Maybe she overpaid.

Maybe the improvements just bring it to the then sale price for the road rather than 75k more than they paid.

"improvements" often don't add value - they appear to have done in a rising market but in reality probably don't.

Re: Several Sarah Beeny shows where she says at the end "you could have done nothing and made as much money..."

We have in no particular order, rewired throughout, central heating throughout, double glazing throughout, re floored throughout, new kitchen and new bathroom, plastered the hallway, replaced the roof. And obviously redecorated every room.
Not sure how you could spend £75k without adding value unless you erected something obscene.
I expected to take a hit, but everyone else is going to have to do the same. Simples.

Jenniefour

tyllwyd wrote: »

Yes, I appreciate the point about moving up on the RM search, but don't you think that a buyer with up £250 to spend will have a look just above that level as well? If buyers are going in with the idea of offering at least 5% off the advertised price, if you put it on the market at £250 you are probably going to get offers significantly lower. And if you decide you've made a mistake it is much easier to remarket at a lower price than a higher one!

Yes, I think what you say definitely has it's merits - all I'm saying is that OP needs to consider it carefully, it's a very hard call to make indeed. And I question the wisdom of putting a property on the market at over the agents valuation, especially near to what some agents call the 'dead zone' (250 - 275/280) - there are possible downsides to this as well.

Angela_D_3

Jenniefour wrote: »

Yes, I think what you say definitely has it's merits - all I'm saying is that OP needs to consider it carefully, it's a very hard call to make indeed. And I question the wisdom of putting a property on the market at over the agents valuation, especially near to what some agents call the 'dead zone' (250 - 275/280) - there are possible downsides to this as well.

My concern if you like though is putting it on at £249,999 and then getting offers of £220k which is a waste of everyones time. Maybe we have to sit this one out.

Jenniefour

poppysarah wrote: »

Could be,


"improvements" often don't add value - they appear to have done in a rising market but in reality probably don't.

Re: Several Sarah Beeny shows where she says at the end "you could have done nothing and made as much money..."

Yes, that's true - sadly replacing things like electrics and so on adds very little in value. The only way to add value is to add to the habitable space by extending/loft conversions.

Sarah Beeny was spot on - the madly rising market in the past almost certainly meant people got their money back and more because of that - not because their efforts had actually added any real value.

Jenniefour

Angela_D wrote: »

My concern if you like though is putting it on at £249,999 and then getting offers of £220k which is a waste of everyones time. Maybe we have to sit this one out.

Yes, I understand that. Unfortunately, it's such a crazy market out there. And despite all the hype on the news and in the papers some of the time I think the market is definitely on the way down, with the exception of one or two places (central London, such as Mayfair and the like where foreign investors are piling in, bankers bonuses to be spent or very desirable small villages where not many properties ever come on the market etc.). I would talk to the agents - these days a lot of them are very upfront and honest with potential vendors.

I think lots of people who would otherwise want to move may well have to sit it out, and possibly for a very long time indeed, with a few years of massive spending cuts and job losses ahead, as well as the ongoing mortgage squeeze.

Angela_D_3

Jenniefour wrote: »

Yes, I understand that. Unfortunately, it's such a crazy market out there. And despite all the hype on the news and in the papers some of the time I think the market is definitely on the way down, with the exception of one or two places (central London, such as Mayfair and the like where foreign investors are piling in, bankers bonuses to be spent or very desirable small villages where not many properties ever come on the market etc.). I would talk to the agents - these days a lot of them are very upfront and honest with potential vendors.

I think lots of people who would otherwise want to move may well have to sit it out, and possibly for a very long time indeed, with a few years of massive spending cuts and job losses ahead, as well as the ongoing mortgage squeeze.

And yet that is the complete opposite of my experience tbh.