Naive first time buyer

[Deleted User]

Just to back up those who are saying that properties often sell at or over the asking price - I'm a FTB in London and I've put in offers on three properties, all of which have had several bidders all offering more than the asking price. There is very little coming on the market at the moment in this area, so there is huge competition for anything that does come on.

I would also agree with those who say you should meet the estate agent in person - I find this really helps. Tell them exactly what you're looking for. They will still send you things that are unsuitable, but if you've met them they're more likely to get it right, and less likely to forget about you.

It also seems to be very normal for properties to be left advertised long after an offer has been accepted. I don't know whether this is down to the EAs, or whether it's vendors wanting to keep their options open. As a buyer it's very frustrating as you feel it increases the risk that you'll be gazumped.

TheMetalMan0

RAS wrote: »

The first digits count

Mentally 219,950 is a lot less than 220000

Just like 4.99

It will also trigger another email to be sent out to people who have registered for houses that meet this criteria, as the price has changed.

Fizzymartini

[Deleted User] wrote:

Just to back up those who are saying that properties often sell at or over the asking price - I'm a FTB in London and I've put in offers on three properties, all of which have had several bidders all offering more than the asking price. There is very little coming on the market at the moment in this area, so there is huge competition for anything that does come on.

I've found exactly the same here too. I'm an London FTB with an unusually large deposit, and this has counted for jack-all so far! The speed at which the market as been moving has been flooring - from my own experience, the average time a property stays on the market is roughly two weeks. As for prices, really interesting report from Rightmove about property prices, published just a couple of days ago:

http://www.rightmove.../april-2013.pdf

"Rightmove research shows a narrowing of the average gap between last advertised asking price on Rightmove and sold price recorded with the Land Registry. In December the discount stood at 3.39%. It has since narrowed to 2.95%."

I wouldn't fret if the agents don't get back to you promptly - it could just be that they don't have any properties on their books that are relevant to your criteria just yet. I was very specific about 1+ bedrooms under the stamp duty, and they're like buses - nothing for ages, then several all at once! I decided to broaden my search and filled my Saturdays with back-to-back viewings in several different locations around London. This really helped me get a feel for a) what I was looking for, and b) what properties are worth.

I'm not sure meeting agents face-to-face made any difference at all; if an Agent gets instructed on a property, they'll do their very best to contact everyone and anyone remotely interested on their books, in the hopes of making a sale!

My advice would be to set up daily alerts on Zoopla and Rightmove for the price range/property criteria you want, and clicking on "I want to view this property" whenever anything even remotely interesting shows up. If you have the time to invest on your search, actually going and poking around is the best thing you can do. You might be surprised where your search leads you. And when you find somewhere, ask lots of questions (when does the lease end? when was the boiler installed? why is the vendor selling? how are the neighbours? etc. etc); engage the EA - this shows you're truly interested, not just a tyre-kicker. Request a second viewing. This will put you in a very favorable position with the EA when it comes to recommending a bid (though of course, it's ultimately up to the seller).

Hope this helps! The journey of finding a place is really an exciting time, if you let yourself enjoy it

motherofstudents

London might as well be another country. I don't know if things slowed down there after 2007 but from what people are reporting, things are certainly moving and at very high prices (compared with the rest of the country, particularly the north).
Don't know where you are OP but it sounds like you are doing all the right things. It can certainly pay to be in contact with estate agents if the market is moving quickly. If they get a suitable property, they can contact you before it even reaches rightmove. Not sure why they haven't been very helpful.

[Deleted User]

Many EAs give priority to customers who have spoken to (and are maybe using) their mortgage adviser and who are using their recommended solicitor - often those people will get viewings before the adverts go up.

robatwork

The whole "House price" argument is specious.

If I have a house identical to all others in a street, identical condition, and they are selling for £150,000. I put mine on the market at £180,000 and bemoan the lack of interest.

Or I put mine on the market at £120,000 and there's a huge interest and I get bids ABOVE the asking price.

So the asking price is meaningless in many ways. Not everyone will put in a realistic bid, and some may bid the asking price immediately. All depends on a realistic value, and getting the right person through the door.

Also FWIW I would prefer to deal with someone who prices their house at 220,000 than 219,950. This isn't a tin of tuna.

sinbad182

robatwork wrote: »

The whole "House price" argument is specious.

If I have a house identical to all others in a street, identical condition, and they are selling for £150,000. I put mine on the market at £180,000 and bemoan the lack of interest.

Or I put mine on the market at £120,000 and there's a huge interest and I get bids ABOVE the asking price.

So the asking price is meaningless in many ways. Not everyone will put in a realistic bid, and some may bid the asking price immediately. All depends on a realistic value, and getting the right person through the door.

Also FWIW I would prefer to deal with someone who prices their house at 220,000 than 219,950. This isn't a tin of tuna.

No offence and all that, but what a stupid comment

Mrs_ted

Again great advice from you all. I have been on RM and zoopla for some time but have changed to alerts every 24 hrs. Have put in 2 offers but both declined. Final offer going in, sticking to our budget. Disappointing when the EA knows our budget range and gets us to see a house ten grand over our budget telling us the vender would be open to offers and now all we hear is- vender wants near to the asking price. Wait a minute and I will head to the money tree!!!

k0sh

Mrs ted, hold off your final offer, pretend you have lost interest. They are just trying to get you to increase your offer. Wait til they contact you again. This is a poker game, keep your poker face on.

I had an irate vendor once because my salesman had priced a property at £149,950 instead of £150,000 which they had requested!

Mrs_ted

:D

k0sh wrote: »

Mrs ted, hold off your final offer, pretend you have lost interest. They are just trying to get you to increase your offer. Wait til they contact you again. This is a poker game, keep your poker face on.

I had an irate vendor once because my salesman had priced a property at £149,950 instead of £150,000 which they had requested!

Poker face, poker face. Got a call yesterday from EA, wait and see now.