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Offer advice on 300K..can I get under 250?

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Comments

  • noddynoo
    noddynoo Posts: 346 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    The show of all houses increase and a house is a money maker. There is no below market value as property has no intrinsic worth and is based on what someone will pay, sentiment, what the banks will lend and the wide economy. I am going to leave this thread but save it and come back post xmas. Why can people only accept rises and not falls? If someone is not in a position to accept less it is because they over borrowed. Fingers crossed prices go through the floor and then everyone can have a chance of a home.We are shafting our kids with this charade
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    noddynoo wrote: »
    The show of all houses increase and a house is a money maker. There is no below market value as property has no intrinsic worth and is based on what someone will pay, sentiment, what the banks will lend and the wide economy. I am going to leave this thread but save it and come back post xmas. Why can people only accept rises and not falls? If someone is not in a position to accept less it is because they over borrowed. Fingers crossed prices go through the floor and then everyone can have a chance of a home.We are shafting our kids with this charade


    Oh I understand now you are another person hoping for a crash.
  • noddynoo
    noddynoo Posts: 346 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    ukcarper wrote: »
    Oh I understand now you are another person hoping for a crash.

    Gosh yes can't happen quick enough. There will be some casualties but that is always the case. We need to re set the figures as current prices are unsustainable. Luckily the govt seem to see this this time and are not moving heaven and earth to keep prices high. I have never seen so many unsold houses bring it on!
  • blueruby_2
    blueruby_2 Posts: 62 Forumite
    We offered 250k for a property that had an asking price of 280k & it was accepted. It depends on the vendors what they could afford to accept & how soon they want to sell. I have seen a few properties with an asking price above 250k being advertised as vendor will contribute towards stamp duty charges. You could chat to the agent & see if some arrangement like that would be possible from the vendors if they dont want to compromise by accepting 250k. You would never know unless you put an offer in, so if you like the property then just go ahead & try. Good luck!
  • DRP
    DRP Posts: 4,287 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    noddynoo wrote: »
    Gosh yes can't happen quick enough. There will be some casualties but that is always the case. We need to re set the figures as current prices are unsustainable. Luckily the govt seem to see this this time and are not moving heaven and earth to keep prices high. I have never seen so many unsold houses bring it on!


    I wish! Virtually everything decent is gone in my area, only the sh*te and over-priced left (about a quarter to a third of the total stock).

    I need to buy !
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    noddynoo wrote: »
    Gosh yes can't happen quick enough. There will be some casualties but that is always the case. We need to re set the figures as current prices are unsustainable. Luckily the govt seem to see this this time and are not moving heaven and earth to keep prices high. I have never seen so many unsold houses bring it on!

    Personally I don't think there will be a crash I just see them stagnating or maybe falling slightly, some people on this site have been saying what you are for the last 5 years.

    Property prices are high but in relation toearnings they are only about 10% above long term average.

    I don’t think where you live is much of a hotspot as a relation of mine sold his house in less than 2 weeks and the house he bought had not been on the market much longer .
  • satchmeister
    satchmeister Posts: 372 Forumite
    ukcarper wrote: »
    Personally I don't think there will be a crash I just see them stagnating or maybe falling slightly, some people on this site have been saying what you are for the last 5 years.

    Property prices are high but in relation toearnings they are only about 10% above long term average.

    I don’t think where you live is much of a hotspot as a relation of mine sold his house in less than 2 weeks and the house he bought had not been on the market much longer .
    In 2001 ave house was 7 x ave wage, in 2012 ave house is 11 x ave wage, so 50% above, this why sales volumes are so low.
  • Strapped
    Strapped Posts: 8,158 Forumite
    Shall we cut the carp and just ask the OP whether his offer was accepted or not?
    They deem him their worst enemy who tells them the truth. -- Plato
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    satchmeister wrote: »
    In 2001 ave house was 7 x ave wage, in 2012 ave house is 11 x ave wage, so 50% above, this why sales volumes are so low.

    Median wage in 2011 was £21.3k average house price is now £162k there ratio is 7.6x

    In 2002 when prices were still below long term average median wage was £17k average house price was £110k the ratio was 6.4x.

    Median wage from ONS house prices Land Registry

    Have you got a link for your figures

    　
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Strapped wrote: »
    Shall we cut the carp and just ask the OP whether his offer was accepted or not?

    Good idea I'd like to know what happened.
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