Any trend for overpricing properties in your area?

GirlWonder

moneyistooshorttomention wrote: »

Nice house...nice....nice....I like...particularly that garden.

COO! Don't know Chester price levels...aware that Chester is "nice city" - but whew!!!! That is dear....couldn't say whether its TOO dear without checking out comparative Chester prices...but whew!

I'm in two minds over this house, too...and thats after months of research.

Chester is a split personality. Masses of housing less than £175k then a jump to loads over £350k... But then the areas are very different with a few very desirable areas and others full of workers terraces. All nice... But completely different.

gazter

Vomityspice wrote: »

Also currently bemused as to why one vendor (won't post link as we may buy it!) has paid to have a prime listing on Rightmove (At £125 ish) but have gone away on holiday this week so no one can view!?!?!? Cockwombles!

Ha, i really want to post a link to the house that I have put an offer in for (which has been accepted) but dont want what seems like a remarkably good house gazumped!

jmt

This was bought by a couple (both EA) from a friend of mine last year for OIRO £215,000 (board went up with ‘SOLD’ on it) June 2012 - don’t know what they bought it for as never appeared on Land Registry.

In Sept 2012 they tried to flip it but took it off the market in October 2012
http://www.zoopla.co.uk/property-history/11-brockhurst-lane/monks-kirby/rugby/cv23-0ra/26719458

They re-listed earlier this year with a £45,000 increase to £295,000 and after a few weeks took it off again. It has since appeared again just a week or so ago.

EA, don’t you just love them!

Turnbull2000

Sellers are just anticipating the major price upturn that will arrive once Help to Buy is applied to existing houses. Funding for Lending has also sent mortgage rates tumbling to ridiculous lows, and again, the consequential ability to service a higher debt is being priced into the market.

If the government's actions might result in a £100,000 windfall for doing nothing, you'd be insane not to exploit it. If I'd bought somewhere in 2007 and lived in the SE or London, I'd certainly be demanding another 30% or so more if selling now.

Matt1977

lessonlearned wrote: »

The Vendors just view their properties through rose tinted spectacles and either cannot or will not see just how unrealistic they are being.

Why on earth should we overpay for your filthy smelly overpriced hovels:rotfl::rotfl:

A family member is blinded by this.

She is trying to sell her bungalow, which is nice and spacious but nothing all that special. She had a cash buyer make a very strong (imo) offer on it a couple of months ago but it was about £10k lower than she wanted. She has now dropped the asking price to that same offer *facepalm* but I now fear she will end up chasing the market down.

When I sold my flat in 2010, an EA valued it at £89,950. I must confess that I was rather delighted and instructed them to market it at that price. A few weeks go by...nothing. Realised that many EAs talk b*****ks and asked them to drop it to £85k and eventually £79,950 whereupon it got some interest. Eventually sold at £76k which I later was thankful for, given the average area it was in.

gazzabboi

asking prices are definately up. People are dreamers, and other people are stupid enough to pay so much. House prices realisticly should be at the 2004 level, but the asking prices are 20% above 2007 prices. Its just a propped up market due to low interest rates, housing schemes, and people desperate to stop throwing money into landlords pockets. In january you should see a rise in prices through the spring, but give it a couple of years once interest goes up and the funding runs out, the prices will crash again. If you can help it, i would say don't buy now. Until people can buy without needing assistance from stupid schemes, then houses are too high.

Vomityspice

This is why some sellers need to be shot (metaphorically, not literally!)

This house is currently on the market

http://www.rightmove.co.uk/property-for-sale/property-41833277.html

However, the vendors only put it on the market because they wanted to buy another house in the village (which sadly for them is now under offer to another family), hence they are no real incentive / intention to move.

They have been removed from our list of potentials.......

Woodyrocks

I am going to add to this by sharing a personal story that still has me smarting...

Case in point -

http://www.rightmove.co.uk/property-for-sale/property-37433395.html

Property was bought in August 2010 by current seller for 300K. Put on the market in March I believe if not earlier for 380K. Then the seller seemed to come to her senses and reduced to 350KOIEO. At this point I decided I would have a look. And then another much serious look. Between us and I (!) I was going to go for it at 350K on the nose being cash buyers and no baggage whatsoever, which would still be a nice profit to make on the original purchase price of 2010. Once again NOTHING has been done the property since purchase...

Anyway, I arrange for my second viewing after having spoken with the EA to let her know this would be a viewing before an offer was made. I then get a mess-around in that viewing date not readily agreed to. Then a BOMBSHELL - remember at this point the property is on the market for 350KOIEO - EA phones to say "you are welcome to come round and have another look but seller NEEDS 380 for the move she is planning so your offer will have to be in this region.

Like !!!!!!! Sorry about my language but I was winded by this. We are now back on the trail looking, looking, looking! And yes, the property is still on the market and without sounding spiteful because I don't mean to be I hope it stays there for a long time. We really could see us in there

The bit that got me was the seller suddenly wanting £30,000 more in a breath!

thedalmeny

I do feel sorry for some people...

We've just bought a new build house, 4 bedroom on the 2nd phase of the development. Very good price at £182,000 - down from £192,000 (With extras, stamp duty through mortgage paid etc) - especially when looking at both listed and sold prices in 5 mile radius.

When doing my rounds looking at sold prices and listed prices in a 5 mile radius (I wanted to be sure we were getting a good deal otherwise would of gone for an open market house) i noticed a couple of 4 bedroom for sale on the open market on the same estate as ours, bought during the first phase and slightly bigger than the one we purchased.

- Purchased in Oct 2007 for £325,995
- Listed in Nov 2009 for £285,000
- Currently listed for £248,000

To make matters worse? When we bought a month ago the builder 2 for sale on 2nd phase of same house type as them..... For.... £210,000

Bare in mind we got 10k off our list price also, with stamp paid on mortgage and extras. So you could argue that it's really around the £200,000 mark realistically after negotiation.

Now that's going to sting - but for them to price theirs for £38,000 - £48,000 over what the builder is selling on 2nd phase... Especially when it doesn't look like they've added anything... No conservatory etc.. Insane..

There also seems to be 2 other houses in a similar situation.. I know it must be a bitter pill to swallow - but they're never going to sell them.

rickeeee

Saw one in the area I would like in January, purchased for £170 in 2008

Its a very small place extended to the max you could do. Which was done when they bought it.

They put in kitchen 12 cupboards and a bathroom sink & bath and decked the garden.

Wait for it currently on for........................................................................ £305

Told agent it was overpriced, he said make an offer

I did and it was refused. They would like nearer the asking price.

I'ts still on the market