HELP! Should we try going with an agent???

zar

Don't know if this is actually of any help to the OP, but out of interest I plotted the prices paid against date sold for the building. I thought it was interesting that of the only two re-sells, one increased in price by about 28k and the other decreased in price by about 18k, even though both were bought and sold at the same time. What they did have in common was that both sold "second-hand" in July 06 for less than the new-build flats were selling at around the same time.

Cheddar_2

zar wrote: »

Don't know if this is actually of any help to the OP, but out of interest I plotted the prices paid against date sold for the building.

WOW - thanks for that zar - you're a star!! :money:

I think I can explain number 32 (that's the one opposite ours) that is up for around £151k... OMG - I just noticed that's it now been reduced to £142,500!!!!!! :mad: We just can't compete with that :eek:

http://212.50.188.108/cgi-win/vebra.cgi?details1?src=vebra&PropertyCode=1567001/ACORN/11592/1

It was reposessed by the bank and then sold at auction for a bargain price. The person who bought it put it straight back on the market again to make a quick buck. The sooner that one sells, the better!!!

Problem is, it's on with a local estate agent, Wild and Griffiths, and they're not on Rightmove, etc, so it's had virtually NO interest

zar

Cheddar wrote: »

WOW - thanks for that zar - you're a star!! :money:

I think I can explain number 32 (that's the one opposite ours) that is up for around £151k... OMG - I just noticed that's it now been reduced to £142,500!!!!!! :mad: We just can't compete with that :eek:

http://212.50.188.108/cgi-win/vebra.cgi?details1?src=vebra&PropertyCode=1567001/ACORN/11592/1

It was reposessed by the bank and then sold at auction for a bargain price. The person who bought it put it straight back on the market again to make a quick buck. The sooner that one sells, the better!!!

Problem is, it's on with a local estate agent, Wild and Griffiths, and they're not on Rightmove, etc, so it's had virtually NO interest

Aha! That explains it.
Seems like you've got tough competition. Hope you manage to sell soon and find a lovely house that suits your growing family.

I'm not a home owner so don't know much about it all, but it just occurred to me that in the graph it looks like the developer is selling flats in batches - is it possible that if you can wait a bit til the current lot are sold then you will have much less competition and will be able to sell yours more easily?

Doozergirl

2005 was a bit of a tough year for some areas, zar. That might explain it?

franklee

bunking_off wrote: »

The problem with guaging interest via hits on internet sites is you've got no idea whether they're serious buyers. If I'm honest, I quite often look on Rightmove because I'm interested in which way the market's going. I'm sure there's more than 499 other weirdos like me around...

Watchit, some relatively normal people do this too, I have a whizz round rightmove most days and I ain't buying anytime soon.

My humble view is that being on rightmove gives pretty good coverage, especially if your target buyers are likely to have a computer. But if someone is on with a normal EA that's on rightmove and the property isn't selling then the advice IS often to change agents

It is also a well known fact that if someones property rises by 40K in six months the buyer was smart. If it falls by 40K in six months the surveyor should be sued for negligence.

I fear we'll see many more repossessions of new build flats that were purchased for BTL and are not viable

RHemmings

rizla01 wrote: »

Oh, Dear.:A:A

It has never occurred to anyone that the EA MIGHT have been on a back-hander then? There have been loads of examples of EA's pushing prices for cash rewards.

Hence my previous questions!!Surprisingly not all EA's are whiter than white.

£40k needs a LOT of justifying wouldn't you agree?. That is nearly 25%!!!!!

No-where in the UK have props dropped by that amount. That is ridiculous.

If the drop in values happened in increments then that is a little more acceptable but if the drop was a 40k drop then I suggest it should be looked into.

If anyone wishes to criticise my statements then, please feel free but do me a favour and READ the thread, properly.

When you say that "nowhere in the UK have props dropped by that amount" you are talking about average prices over a large area, like a post-code. Price changes in an area will be an average of larger and smaller changes for individual properties. Even if there have been no -25% changes in a whole postcode, or larger area, it's entirely possible that a single building may have had a 25% price drop. If we look at No 32., at the current asking price of £141K, that's only 11% down on the last sale price of £158K two years ago. Entirely possible.

Which seems to be the case here, because the OP paid £185K and "similar properties" are selling for £150K-£160K.

Without wishing to be rude, it does sound like the OP overpaid for the property. Could the OP post the actual street and postcode of the property so that we can look on nethouseprices to see the price history of the development?

Finally, it is possible for a flat or other property to sell for more than it's worth. "Market Value" is supposed to be "what it can normally be expected that a property will sell for". It only takes one person to agree to buy a property for a certain price for it to sell, but a mortgage valuer will be considering whether it is reasonably likely that, if need be, another buyer could be found at that price.

Edit: Silly me, if I look at your housenetwork page, it gives your full address and postcode.

I presume that's you on page 2, though it looks like the entries mix up flat numbers and house numbers (for the newbuild terraced houses). Without knowing details of the flats, it does look like you paid more than other people were paying at the time. Though I do see that others have paid more for flats in that street than you have after you did, with one going for £200K. But that's small consolation.

You mention no 32 opposite yours being up for £151K going down to £142K. It sold on exactly the same day your bought yours, but was sold in Dec '04 for £158K. Why was it so much cheaper than yours when it was first sold? Is it a smaller or otherwise less impressive property? Is it just the parking space?

STOTTYCAKE_2

My boyfriend has a flat which he is trying to sell too. He bought it for £110000 in 2004 and it's on the market for £145000. Does this seem too much increase? Trouble is there is an identical flat for sale in the block plus 3 others which are on the floor above his. In 4 months he's had 2 viewings, the comments being it was small. This is in County Durham. I think the price is the issue but he seems to think even if he reduced it no-one would come. Although it would be great if he could sell it at that price as we want as much equity for the house we want to buy together, I just can't see it selling. He wants to part-ex it with a development in the same village but those houses aren't selling well and I worry that we're swapping one problem for another. If I hate the house and want to sell I can see we'll be stuck with that.
What would you folks do?
I think every property sells if it's the right price do you?