Moving Home - Zoopla Hurts!

HJS86

Thanks Dannyboy & ruggedtoast,

Yep, def overpriced, hopefully £70,000 is not too much though?

The one around the corner going for £45,000 is a repo - I called our local estate agent when I saw it to ask why it was so cheap and thats what they advised. It was sold last month, but looks like its fell through as its back on the market.

So would you advise lowering the price to £75,000 or will it do no good as it would still be overpriced?

Worried that in a couple of years time, the prices may have recovered, but it also means that the place we want to buy (havent got one picked out, just theorectical) will then be worth more and therefore out of our range.

Worries worries and questions!

HJS86

Hh just some extra information, the apartment was originally on the market for £106,000. We managed to get it reduced to £80,000 so thought we'd got a good deal...

...obviously the market has just kept dropping though?

DannyboyMidlands

It does seem that the market has continued to fall. There are terraced houses within half a mile advertised for around £80k.

My honest opinion is that you're wasting your time trying to get around £70k and you either need to sit tight or sell at a loss.

Why the big fear of "missing the boat"? Haven't you been burned once by that already? Why do you think that prices are about to start racing away? Have they just discovered gold in WS2?!

hazyjo

The market generally is down to 2006/7 prices. If you only bought at the end of 2008, you're probably going to have to take a pretty hard hit, unfortunately (depending on area)...

Zoopla estimates are way out. Good for seeing what price property sold for, but rubbish at estimating what something's worth. The house we just bought was 'valued' at nearly £200k more than what we paid...

Jx

PPPingu

leaving aside the price, the House does look good, but just a wee point on your bathroom photos, if you can de-clutter completely (plants, bathmat, wooden rack) and get some new photos it would look better!

The_Drama_Llama

Your competition at that price is 3 bedroom houses...

ruggedtoast

HJS86 wrote: »

Thanks Dannyboy & ruggedtoast,

Yep, def overpriced, hopefully £70,000 is not too much though?

The one around the corner going for £45,000 is a repo - I called our local estate agent when I saw it to ask why it was so cheap and thats what they advised. It was sold last month, but looks like its fell through as its back on the market.

So would you advise lowering the price to £75,000 or will it do no good as it would still be overpriced?

Worried that in a couple of years time, the prices may have recovered, but it also means that the place we want to buy (havent got one picked out, just theorectical) will then be worth more and therefore out of our range.

Worries worries and questions!

There is an ostensibly identical flat in your road, possibly in your block, for 35k less than yours that hasn't sold.

A repo doesn't mean there is anything wrong with it, just that the bank are selling it. They are still meant to get the best price.

I don't know what else to say!

HJS86

Well we thought that because we'd managed to get it at £80,000 even though it was originally on for £106,000 that we'd been the lucky ones and had managed to buy it at the bottom of the market. But obviously we were only half way down the fall!

The fear of missing the boat is just a case of pure impatience really lol, we're desperate for children and our current living quarters just arent big enough to accomodate all that a baby would bring. We're obviously looking at this fantastic buyers market at the moment with our buyer's hats on, when in reality, were a seller at the moment.

Thanks for the advice re the bathroom, coincidently we painted the ceiling in there over the Bank hol and have had a shuffle round, so will update the photos, though I doubt it will do any good seen as it looks like were over priced by £20,000

The flat thats going for £35k less is a smaller version of our flat, doesn't have a communal garden and looks out onto factories...but I still guess that still wont add up to £35k difference.

We'll sit tight then (argh how many years?!) We just wanted to buy a huge house on our funds in this great buyers market, that we know in a few years time will be out of our price range due to it all recovering. Wishful thinking.

So the others in our area who are over priced... they wont be going anywhere either. Kinda makes me feel a little better! We're all stuck together! lol

DannyboyMidlands

That's more like it. Just relax a little. Nobody has a crystal ball but I can't see things recovering for at least 5 years. This downturn still has a way to go yet. You really shouldn't let it stop your family plans though. At least you have a place of your own.

HJS86

Woah...5 years...

Will have a look at sums and see how many years it will be before we can afford to let it go for £60,000. Don't really mind making a loss off the £80,000 we paid for it, but really want to be out of there sooner than 5 years.

We are lucky to have a home at all in the current climate, especially one that we can easily afford to run...but its def not big enough to hold a baby and all their stuff, if it were a two bed I think I'd already have a half baked bun in my oven!