The current market ??????

Jenniefour

Angela_D wrote: »

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

Yes, some agents are still up to their old tricks. And some not - I wouldn't be inclined to do business with an agent who isn't upfront and realistic, if there's a choice.

I sold last year with dual agency - both agents put the cards on the table right at the outset - it was extremely helpful for me to know the state of play.

john_white

Improvements are indeed subjective but need to be put in context. A street of 1930's houses some with old electrics no CH and slipping tiles will be worth less than the one with new electrics etc. however a modern house say 19080's that's had a rewire is more likely to have been because a homebuyers survey described tham as not being up to todays standards and maybe not really needed.

Again DG good if all the others don't have it, but, DG installed 15 years ago clearly not as good as DG installed last week (you'd hope).

Saleability at the end of the, the more people it appeals to the more its likely to be worth.

Mini_Bear

Its a bit of a waiting game in our area (south-east) at mo OP. I think if the vendor is in no real rush to sell and are trying to hold out for the best price then they will not budge. Its good you are putting offers on multiple properties and not setting your heart on one house. Perhaps you should mention this to the EA, if it feeds back to the vendor they may be inclined to reduce their price if there is competition. There is a house on our street thats been up for 380 days now without a price decrease, i honestly wonder why they bother! good luck with it all, your best move may be to sell yours so you are chain free and rent for a while, not ideal if you have kiddies etc but that is the best negotiating angle i have seen!

ruggedtoast

I've personally found dealing with baby boomer vendors to be a nightmare. You are generally dealing with people who spent at most, low five figure numbers for their properties, who refuse under any circumstances to sell for any less than ten to fifteen times their original outlay.

They frequently refuse to negotiate at all and would rather not move than knock 2% off their asking price. Seems to be a lot cheaper when the property ends up in probate for some reason...

harrup

Angela_D wrote: »

Am at a complete loss.

In 2009 we had three estate agents around to put our house on the market were told between £285 - 300.
We have spent £75k in three years completely gutting the place, wiring, roof, windows, kitchen, bathroom, redecorating throughout.
So yesterday the EA comes around and says now £249,999
I have absolutely no problem whatsoever with this, however we've now offered on two other properties at 10% less than asking (they'd both been on the market over a year). Will not budge.
So what to do, I cannot sell at such a loss without somebody else taking a hit too.
So stalemate, is that the stage we're at ?

Angela D....I'm a little confused.

The EA you are referring to above: is your property already on the market with them and they are now asking you to reduce your existing price?

Or....is this a new valuation and your house isn't on the market yet?

If it's the latter - and how I understood it - just tell them you want your house to go on for 289 K ( or whatever). If they decline, ask a)for a convincing rationale and b) tell them you give the sale to someone else.

I have been following this forum for a while and I have read more than a couple of posts where EA's valued low, yet the owner said "nope, I want to try it at ££££"...and the vendor sold at what they wanted.

You are right, if you put it on at 249950 you WILL get offers near the 200K mark...and that is a waste of everybodys time. UNLESS, of course, you know that the initial 285 -300 K valuations you were given were unrealistically high...and the house, despite all the improvements, was never really worth that.

Secondly ....I'd question the commitment of the vendors of the 2 properties you've viewed. 10% less than AP for a property that's been on the market for over a year isn't all that much unless they were exceptionally competitively priced to begin with. And if they had been... the vendors would have wannabe buyers queuing round the block! Some vendors are just as much tyre kickers as some buyers who haven't got the funds and make silly offers. Keep looking.

Do you HAVE to sell? 75 K seems a lot to spend on a house to move so soon without enjoying the improvements. Or.......is it more a case of that you THINK or hadd hoped that the value of the improments whould amount to 75 K but you spent a quarter of that?

Either way, good luck !

harrup

ruggedtoast wrote: »

I've personally found dealing with baby boomer vendors to be a nightmare. You are generally dealing with people who spent at most, low five figure numbers for their properties, who refuse under any circumstances to sell for any less than ten to fifteen times their original outlay.

They frequently refuse to negotiate at all and would rather not move than knock 2% off their asking price. Seems to be a lot cheaper when the property ends up in probate for some reason...

I second that with glace cherries on top.

Ok, I would have to refine it to EARLY baby boomers ( who are now in their mid to early 60's) or even older.

What narks me most....I wouldn't actually mind so much if their properties reflected some recent updating or improvements. But you walk into the property and EVERYTHING is outdated, broken, in disrepair, of supremely naff quality, clumsy ugly alterations, etc.

The only thing I can focus on the walk-through is a HUGE itinerary of never costs to us if we bought it at that spectacularly inflated price. Which is based on that brief nanosecond in history a few years ago where their house may have fetched that IF prices would still be rising.

Example: we viewed a property a few weeks ago on for close to 600K. Last sold in 2003 for 265K ( previous sale in 1998 for 200K).

To baby boomers. Who changed NOTHING, nada from when they bought it. No wait, not true, they possibly put in the naffest of naff kitchens of the kind that the old MFI would have been embarrased to sell. Although I think the previous owners may have put that in. As God is my witness - an AP of nearly 600K. Its a nice plot ( 1/3 acre) but that's about it.

The same house was on the market twice before...and it never sold! But the vendor won't budge.

We thanked them and wished them luck.

What else can you do.......

TMoose

harrup wrote: »

We thanked them and wished them luck.

What else can you do.......

As another FTB looking around the dead-zone of 250K, I'll second this.

If they get 270K for it, good luck to 'em, but I'm damned if I'm going to spend an extra 7.5K cash up front right now - especially when modernisation is required. It's hard enough getting the deposit together as it is.

Angela_D_3

Mini_Bear wrote: »

but that is the best negotiating angle i have seen!

You'd be surprised, we were in that position in 2006 and nobody gave a stuff, some people are happy to risk a chain for the sake of £500 believe me.

We've physically parted with £75k, now maybe a safe electrical and gas system isn't important to everyone but it was to us, the windows and doors though look fantastic and the decor is top noch.

We don't have to move but I'd like to iyswim.

mc1605

Just wanted to add to maybe try other agents. We put our house on the Market 4 weeks ago and sold it yesterday subject to us finding another house. We got £12k under the asking price which we considered in this Market pretty good but like you I will also be looking for a reduction on a property, EA always slightly over estimate as they knows people will want a reduction!

ruggedtoast

harrup wrote: »

I second that with glace cherries on top.

Ok, I would have to refine it to EARLY baby boomers ( who are now in their mid to early 60's) or even older.

What narks me most....I wouldn't actually mind so much if their properties reflected some recent updating or improvements. But you walk into the property and EVERYTHING is outdated, broken, in disrepair, of supremely naff quality, clumsy ugly alterations, etc.

The only thing I can focus on the walk-through is a HUGE itinerary of never costs to us if we bought it at that spectacularly inflated price. Which is based on that brief nanosecond in history a few years ago where their house may have fetched that IF prices would still be rising.

Example: we viewed a property a few weeks ago on for close to 600K. Last sold in 2003 for 265K ( previous sale in 1998 for 200K).

To baby boomers. Who changed NOTHING, nada from when they bought it. No wait, not true, they possibly put in the naffest of naff kitchens of the kind that the old MFI would have been embarrased to sell. Although I think the previous owners may have put that in. As God is my witness - an AP of nearly 600K. Its a nice plot ( 1/3 acre) but that's about it.

The same house was on the market twice before...and it never sold! But the vendor won't budge.

We thanked them and wished them luck.

What else can you do.......

I think a lot of them had their houses valued at peak and have spent the last four years mentally spending the money, and are very unwilling to give it up.