Moving Home - Zoopla Hurts!

geoffky

HJS86 wrote: »

Geoffky that is really not helpful and very rude. If you had read the other posts, you would see that the flat was originally on for much more (over £100k) and we brought for 80k. It was almost a year before anyone else moved into the building, after which we found out that they had been purchased for £51k in bulk by a housing company. If this had occurred PRIOR to us purchasing ours of course we would not have purchased!

The theory regarding the housing scheme is an interesting one, however not one that was ever put to us when we joined it else obviously we would have been cautious. At the time, during the inflated prices, it was the only choice we had and one that thousands of people have taken just to be able to step onto the first rung of the property ladder.

I do not believe that the flat is only worth £51,000 at all. Even the lowest of our estate agents quotes were higher than this, with the average being at £65,000. Other flats in the area are around £60-80k - with one down the road, one bed just selling for £70,000.

The flat will be taken off the market at the beginning of September and placed back on at a further reduced rate in February 2012, most likely for £72,500 if my mortgage calculations are correct. We are aware that this is still high, however cannot do anything else other than sit it out. Wont hurt it being on?

We do not have any relatives to borrow money from so this is not an option for us as we may have looked into this.

I appreciate all the comments regarding starting a family in the flat, however its just not even big enough to fit a cot in the bedroom realistically. In addition, we would like to start one in a couple of years so that gives us a little time. Hopefully by then, we'll have a nice lump sum to buy things such as a pushchair and cot. Everyone is entitled to their opinion and I really admire those who were able to make it work in a flat, however we really want to start our family in a house. Ask again in a few years time if were still in the flat and we may have changed our minds ;o)

Thanks to those for the helpful comments ) its what us members come on here for. Stark reality checks yes, but also for friendly advice and support and not to be told we are village idiots! Not helpful in these hard times when as a nation we should be supporting one another and keeping spirits up. Its what us British are good at isn't it? Keep Carm and Carry On!

Sorry it is not rude it is cold hard fact...your flat is worth 51k but you might be very lucky and find some mug who does not know what day of the week it is...why would you pay more when its there in black and white...good luck and i do hope you sell..

HJS86

geoffky wrote: »

Sorry it is not rude it is cold hard fact...your flat is worth 51k but you might be very lucky and find some mug who does not know what day of the week it is...why would you pay more when its there in black and white...good luck and i do hope you sell..

Why is it worth 51k? Thats just what the housing company brought the others for. 4 different estate agents who work in this area have valued it as more, so why do you think just based on the others its correct?!

The price other properties sold for is a guide, but is ultimately just an indication of the zeigeist, which has now changed!

geoffky

Asking prices are pie in the sky...sold prices are where the market is and 99% of these flats have sold for 51k...

HJS86

brit1234 wrote: »

By this time house prices would of fallen further and you would get even less for it. Very risky strategy if you want to sell. Far better to do a big drop in September and pray.

Thanks for your advice. Unfortunately we cant afford to drop it any further until we've paid more off the mortgage. Were currently knocking approx 200 off a month.

Will go and see a mortgage advisor and see if theres anything we can do in terms of negative equity.

silverchair

To be honest I would look at zoopla for the sold prices & if I saw that all the others sold for 51,000 I would want to pay 51000 or less. I wouldn't care how much you paid for it as I have just seen that all the other identical flats were bought for 51000 so yours would be worth that too. As a buyer I would view it as you overpaid & Im not then going to pay for your mistake by overpaying too.

HJS86

geoffky wrote: »

Asking prices are pie in the sky...sold prices are where the market is and 99% of these flats have sold for 51k...

No they havent. The ones in my block have, when you look at the whole street flats have sold for over 100k but it doesnt mean they are worth this now!
In addition the flats which sold for 51k were bought in bulk and were not private sales so not a true representation of the market at that time.

HJS86

silverchair wrote: »

To be honest I would look at zoopla for the sold prices & if I saw that all the others sold for 51,000 I would want to pay 51000 or less. I wouldn't care how much you paid for it as I have just seen that all the other identical flats were bought for 51000 so yours would be worth that too. As a buyer I would view it as you overpaid & Im not then going to pay for your mistake by overpaying too.

The purchase of our home was not a mistake. As stated before, we purchased our home, a year later the others were sold in bulk to a company.

silverchair

HJS86 you asked why geoffky thought your property was worth 51K. I was trying to explain why by giving you a first time buyer's point of view. Also if your market is first time buyers then they are more likely to have rented & played the waiting game & now that prices have dropped are able to buy. This indicates that they are more cautious & will do more research & therefore see you property as being worth 51K.

HJS86

silverchair wrote: »

HJS86 you asked why geoffky thought your property was worth 51K. I was trying to explain why by giving you a first time buyer's point of view. Also if your market is first time buyers then they are more likely to have rented & played the waiting game & now that prices have dropped are able to buy. This indicates that they are more cautious & will do more research & therefore see you property as being worth 51K.

Silverchair thank you for your advice.

I can understand what Geoffry is talking about, however don't appreciate his tone.

I think people on here sometimes forget that we are real people behind the computer screen who have made decisions based on the knowledge and personal circumstances at a particular time.

Hindsight is a great thing, but ultimately not helpful. We didn't come on here to be referred to as village idiots, but for help and advice from fellow members in addition to a little support seeing others in similiar situations who are hanging in there waiting for the market to change.

When we purchased our flat, the other flats in our block were empty. We paid 80k and therefore had no idea that the others would ever sell for less than this, let alone a massive drop to 51k, why would we assume that?

If you look at the Land Registry, ours actually appeared to be a bargain at the time. We were the last in the new development to buy private prior to the housing company buying the bulk remainder at 51k - providing the long list another user posted.

If you at purchases prior to this date however, the other owners in our street paid the following...we as just mentioned, at the time made ours a bargain.

107 Thornbury Road,
Walsall,
West Midlands,
WS2 8JJ£85,365
Flat
Leasehold
New Build12-Sep-2008
Map (WS2 8JJ)167 Thornbury Road,
Walsall,
West Midlands,
WS2 8JJ£87,400
Flat
Leasehold
New Build30-Jun-2008
Map (WS2 8JJ)167 Thornbury Road,
Walsall,
West Midlands,
WS2 8AE £87,400
Flat
Leasehold
New Build30-Jun-2008
Map (WS2 8AE )
97 Thornbury Road,
Walsall,
West Midlands,
WS2 8JJ£95,600
Flat
Leasehold
New Build15-May-2008
Map (WS2 8JJ)89 Thornbury Road,
Walsall,
West Midlands,
WS2 8JJ£91,600
Flat
Leasehold
New Build09-May-2008
Map (WS2 8JJ)139 Thornbury Road,
Walsall,
West Midlands,
WS2 8JJ£91,600
Flat
Leasehold
New Build30-Apr-2008
Map (WS2 8JJ)137 Thornbury Road,
Walsall,
West Midlands,
WS2 8JJ£91,600
Flat
Leasehold
New Build28-Apr-2008
Map (WS2 8JJ)


Based on these figures it seems as we got the best deal and our neighbours (those who own) are in an even worse position than us.

Either way however, we need a solution. Were now thinking about perhaps taking 10k negative equity over onto a house. Poissibly less than this as we have til next Spring to save hard to reduce the mortgage. Any useful advice would be gratefully appreciated.

neverdespairgirl

HJS86 wrote: »

Why is it worth 51k? Thats just what the housing company brought the others for. 4 different estate agents who work in this area have valued it as more, so why do you think just based on the others its correct?!

It's very unlikely someone's going to offer more than the identical flats in the same building were sold for.

Even if someone does, the surveyor for the buyer's bank will almost certainly value it the same as the others.