Anyone else noticed asking prices are too high?

yertiz_2

home.co.uk also quote reduced properties.

LisbonLaura

There were a couple of flats in Ayr that I had saved. Both were hoicked by £8000 today. They were not even in the same area.

jacko74

clayton16749 wrote: »

In my area (North West of England), I've noticed a lot of new houses coming onto the market in the last few months and at what seem to be very high prices and I think 'that'll never sell'. But then a week or two later it's got a sold sign on it, they then drop off rightmove never to reappear.

I agree, I'm also in the North West and every time I look at the latest properties in my area on Rightmove I seem to call it wrong every time... All the ones I think are nice houses in decent areas and are at sensible prices seem to languish for ever, whilst all the ones that are what I consider to be overpriced seem to sell within a couple of weeks. Bizarre!

[Deleted User]

Just offer what you think it is worth. The vendor probably expects lower offers to come in, or just needs a dose of reality. If they don't accept it just move on, there will be other houses. If you stretch yourself you will be in trouble when interest rates inevitably rise.

Solsol

Definitely the case in Kent we decided to move house at the beginning of the year but had to wait until I'd been back at work for three months after returning from maternity leave. House prices have risen so much since we originally started thinking about it back in February that we were almost priced out of the area we wanted to move to. Luckily we managed to knock our vendor down by £15k or we wouldn't have had any spare cash to do the work that really needs doing on the house (all windows and carpets need replacing)
Seems to have settled down recently though - houses seemed to be going for full asking price almost as soon as they were on the market but seen a few reduced in price lately

Solsol

Also remember it depends on individual circumstances. When we went for a second viewing on the house we our buying we were lucky to be able to view with just the vendor and no estate agent. She let slip to me that she'd already lost a house she was intending on buying as she had no buyer for hers and the one she was buying now were only going to keep it off the market for her for another month as they need to move ASAP.

Thanks to this info we out in a low (not insulting) offer and we ended up meeting halfway so we were all happy!

robatwork

They always look too high if you are buying.

And I bet you're buying........

Remember you can have 2 of the following 3:

Good price
Good location
Big house

Callie22

We've been looking since February and have noticed that asking prices have risen about £10,000 - £15,000 in that period. The kinds of houses that we could afford at the start of our search are now out of our budget.

Having said that, in the past couple of weeks I've noticed more coming on to Rightmove (10-12 properties per day in my search as opposed to 5-6) and a lot of them are reductions. There are a couple of properties we've viewed that have stayed on the market and have been reduced, but they were places we just weren't interested in because they had massive issues that just weren't reflected in the price. So it's probably the same story as always - anything 'decent' gets snapped up and the prices go up, anything with an issue hangs around for ages.

Poppet2014_2

Asking prices are often what the vendor hopes they can achieve at the advice or against the advice of an estate agent. Some estate agents recommend a high entry point with a reduction after 2 weeks. Others a price they feel confident they can drum up interest quickly. The same estate agents with a difficult vendor will put something up for whatever price to secure another property on their books. We had three EAs around and refused to go for the highest valuation as we felt it would reduce interest. We went for the middle valuation and sold in a week.

Ultimately you will have to do a lot of digging and accept that a property may be worth more just because there is more than one interested party.

We looked at 20+ properties. Offered on 4. The first three were cases of the vendors wanting more than we considered the houses were worth. 2 of the 3 were subsequently reduced. The 4th came up at a price we considered reasonable and that was it.

Our experience has taught us that one of the most important questions is what's the position of the vendors, why do they want to sell and also a look on sold prices to see what they paid for it if they bought it in the last 14 odd years. Many of those we encountered not budging on their asking price bought around the last peak. We have our 'house book' address - date listed - week sold - price vendor paid - price bought for (when available on land registry).

Just don't fall into the trap of paying more than you are comfortable doing. I see too many people maxing themselves out relying on their house to increase in value with no plan if it doesn't.