Dealing with the deluded.

lovinituk

abaxas wrote: »

The thing is.. I can offer 375 on 450.

But I cant offer 400 on 600! My decency gene kicks in and forbids me. Maybe I need to get over that first.

You don't know these people so why do you care what they think of a low offer? Its not like you've insulted their mothers! I'm sure they will get over it in a heartbeat!

Grow a spine and make some silly offers. No-one will be hurt over it!!

Itismehonest

abaxas wrote: »

A little bit further info. We looked at sold prices -vs- what was for sale in one area we are looking.

Currently there are 2 houses for sale at 500k, one at 550, two at 600, one at 800 and one at 975k.

Issue being, the highest past recorded sale was for 450k in 2008. Largest zoolpa estimate is 427k for any of them.

An people are trying to tell me they are not overpriced? Or have I found an up and coming area, where no-one wants to buy.

Are all the properties the same?
That would be very unusual for any rural area.
Most properties are completely different - different sizes, ages, construction, different amounts of land, different levels of work needed to be done on them.
No online database can ever take account of these things.

For example, close to where I live there are
a 3 bed brick-built detached in a tiny garden (last sold 1991 no listing online),
a 5 bed, 3 bath period house plus cottages in 3+ acres (last sold 1987 no listing),
a Woolaway bungalow (built in early 80s with original owners - no listing),
a 4 bed period stone house with small garden (last sold 1998 for £125K & only sale listed on Zoopla for whole area),
a 4 bed barn conversion (built in 90s & with original owners - no listing) &
a 2 bed cottage with about an acre (last sold 2004 £195K not on Zoopla but on Rightmove with wrong postcode).

According to Zoopla the property sold in 1998 has an estimated current value of over £323K. The average current value of the area is just under £443K compared to an average property value of just over £214 for the first half of the postcode where there are 50 homes for sale with an average price of almost £426K.

What would you say the 2 bed was worth, what a 5 bed/7 acre & what the 5 bed & cottages with 3 acres?
Rightmove & Zoopla are useless if they can't compare like with like & don't have several sales to work on in a small area.

Better_Days

This thread reminds me of a property we looked at this time last year - up for £250k. Vendor had purchased in 2007 for £240k.

Just this week noticed it is now up with a different EA - for £245k!
http://www.rightmove.co.uk/property-for-sale/property-23426379.html

Checking sold prices recently I noticed one that I really wish I had put an offer in on. Up for £235k, sold for £195k. Dam and blast.

Need to polish up my crystal ball now :rotfl::rotfl:

abaxas

Itismehonest wrote: »

Are all the properties the same?
That would be very unusual for any rural area.
Most properties are completely different - different sizes, ages, construction, different amounts of land, different levels of work needed to be done on them.
No online database can ever take account of these things.

For example, close to where I live there are
a 3 bed brick-built detached in a tiny garden (last sold 1991 no listing online),
a 5 bed, 3 bath period house plus cottages in 3+ acres (last sold 1987 no listing),
a Woolaway bungalow (built in early 80s with original owners - no listing),
a 4 bed period stone house with small garden (last sold 1998 for £125K & only sale listed on Zoopla for whole area),
a 4 bed barn conversion (built in 90s & with original owners - no listing) &
a 2 bed cottage with about an acre (last sold 2004 £195K not on Zoopla but on Rightmove with wrong postcode).

According to Zoopla the property sold in 1998 has an estimated current value of over £323K. The average current value of the area is just under £443K compared to an average property value of just over £214 for the first half of the postcode where there are 50 homes for sale with an average price of almost £426K.

What would you say the 2 bed was worth, what the 5 bed/7 acre & what the 5 bed & cottages with 3 acres?
Rightmove & Zoopla are useless if they can't compare like with like & don't have several sales to work on in a small area.

In a sample set (zoopla) of 188 sales since 1995. I think it is quite strange that there are currently 11 houses for sale at prices greater than anyone has achieved or any flawed price calculator has guessed. Especially when two have been for sale for greater than 4 years.

I'm beginning to think that development of some of these properties meant that there were no buyers for them at developed price (due to the 'crash' of 2007). But then everyone else assumed their's was worth the same.

Itismehonest

abaxas wrote: »

In a sample set (zoopla) of 188 sales since 1995. I think it is quite strange that there are currently 11 houses for sale at prices greater than anyone has achieved or any flawed price calculator has guessed. Especially when two have been for sale for greater than 4 years.

I'm beginning to think that development of some of these properties meant that there were no buyers for them at developed price (due to the 'crash' of 2007). But then everyone else assumed their's was worth the same.

It depends on the development.
If the property is mixed residential/commercial it is now incredibly hard to sell to anyone except a cash buyer.

118 sales since 1995 indicates we are talking different sorts of rural. Around here every property would have had to sell every 2-3 years to reach that sort of figure & most only change a handful of times in a century.

geoffky

I got our house a 4 bed det that was on for 300k and we ended up paying 186k and i got them to pay stamp duty...It can be done but you need to become a detective..i found out they were divorcing and close to repo..they paid 84k in 1995 so i left them well off..;)

RenovationMan

Our house was up for £3.5M but after some hard bargaining I got them down to £450k, and that included them paying the stamp duty and throwing in a Lambourghini for me and a nice Porsche for the missus. I was thinking of gazundering them when it came to exchange, but they sweetened the deal by throwing in a couple of racehorses and a leer jet.

Yours faithfully,

Every property bear who was forced to swallow their pride and buy a house. :rotfl:

abaxas

RenovationMan wrote: »

Our house was up for £3.5M but after some hard bargaining I got them down to £450k, and that included them paying the stamp duty and throwing in a Lambourghini for me and a nice Porsche for the missus. I was thinking of gazundering them when it came to exchange, but they sweetened the deal by throwing in a couple of racehorses and a leer jet.

Yours faithfully,

Every property bear who was forced to swallow their pride and buy a house. :rotfl:

I think you are right. I'll side with the bulls and not buy them either.

RenovationMan

abaxas wrote: »

I think you are right. I'll side with the bulls and not buy them either.

Why not just give up all this property bear and bull nonsense and just buy (or not) a house for you and your family?

That's what I did and we've loving our new home, even though we've been in it now for 2 years, we're still delighted.

I've never understood all this bear and bull stuff - sure it makes sense when you're talking about buying property as an investment, that's where the terms come from - investmnts.

However, if you're buying a home it's just stupid. Even more stupid is to base a decision to buy a home based on a demi-religious belief structure formed from the internet rantings of a few people on the fringe of society.

abaxas

RenovationMan wrote: »

Why not just give up all this property bear and bull nonsense and just buy (or not) a house for you and your family?

That's what I did and we've loving our new home, even though we've been in it now for 2 years, we're still delighted.

I've never understood all this bear and bull stuff - sure it makes sense when you're talking about buying property as an investment, that's where the terms come from - investmnts.

However, if you're buying a home it's just stupid. Even more stupid is to base a decision to buy a home based on a demi-religious belief structure formed from the internet rantings of a few people on the fringe of society.

The view is supported by the fact that no-one is buying.

This is the bit you cant understand. The housing market is defined at what price people buy for, not what sellers put their houses on the market for. If there is a situation where lots of houses have been on the market for huge period, that should start alarm bells ringing. Just as if houses are selling within days. This is the first rule of business. You charge, not what something is 'worth', but what the market will take. You don't waste time and money on something that people wont buy.

Ding Ding, what's that? Yes, the irony detector.

If I am at the fringe of society with my 'mad' views, the question is 'why has no-one bought'? Surely if no-one agrees with them, they have the incorrect view.


To recap,

For agreeing with the market view and understanding basic 'junior school lemonade stall business rules'. I am on the fringe of society and a nutter.

God help this country. If this is the case, we are truly forked.