Waiting for a buyer... Anyone want to join me?

Crashy_Time

kilby_007 wrote: »

Not really his business what financial situation the vendor is in, but I can sympathise with him to some extent. Obviously I don't know the circumstances in this case but I find that some vendors are frustratingly unrealistic about their house value. We viewed a house that had been renovated last year. I found out via the land registry that they'd paid £150K for the property 2 years ago and were now hoping to get "offers over" 310K. He said they'd done a rewire, new kitchen, bathroom, replastered and decorated. They'd done a nice job, but didn't deserve to make such a huge margin. By my reckoning they'd spent maybe £40K if they'd got tradesmen in to do the work, which would have left £120K profit in it for them, about 6 times the average local wage. I felt like telling the EA they were greedy, but I bit my tongue and moved on. It's still on the market today...

Good, the more idiots like them that are forced to smell the coffee the better.

Crashy_Time

Mickygg wrote: »

Can you direct me to where you found the info on the average first offer is over 10% below asking?

Omg you actually said zoopla is reliable to use! Mr or Ms zoopla must be a very busy person visiting all these houses to value and take into account any changes such as extensions, modernisation and a landscaped garden!

In a falling market people just see a so so area and a so so house, putting up garden gnomes and stuff won`t help much IMO.

bikingbarney

Well we had our 3 viewings...

Viewer 1 really liked the house but not the pathway that ran down the side of it.

Viewer 2 liked the house a lot and have arranged a second viewing.

Viewer 3 also liked the house a lot and are seeing their financial advisor tomorrow with a view to putting an offer on the table shortly after.

We also have another viewing for Friday.

bikingbarney

Crashy_Time wrote: »

In a falling market people just see a so so area and a so so house, putting up garden gnomes and stuff won`t help much IMO.

Crashytime.... Are you waiting for a buyer??? I was under the impression that you rent so why are you bothering to post on a thread totally unrelated to your situation??

indianabones

Mickygg wrote: »

Can you direct me to where you found the info on the average first offer is over 10% below asking?

Omg you actually said zoopla is reliable to use! Mr or Ms zoopla must be a very busy person visiting all these houses to value and take into account any changes such as extensions, modernisation and a landscaped garden!

It depends on how you use Zoopla/Rightmove, if you go by their round market statistics it's about as useful as your local EA or vendor's opinion. However if you look at sold house prices on the same road and adjacent roads and if you look at asking prices for other houses in the area and how long they've been on the market you soon figure out if it's overpriced or not.

In terms of the statistic of over 10%, it's one of those well known statistics available from all sorts of sources on the net. Just google the term "average first offer for properties".

If the average sale price is 5-7% below the asking price across the country, the average first offer being more than 10% below the asking price is very reasonable.

lor42x

I'm not discrediting Zoopla completely as am using it myself as part of research however we have ran the same search for our property and have a totally different figure (which is actually higher than were asking!)

My issue isn't so much with the offer as if it's based on sound judgement & market conditions then fine. We're not being greedy with what we're looking for. It's the fact that it's based on our assumed financial situation which is inappropriate - I wouldn't use that as ammunition to get a sale!

smallholdingsister

Bonfire Good Luck!
Lor Accept what you are happy with in terms of both price AND how the purchaser presents. If you accept the offer you will be doing business with them and it is sensible to choose whether you do business with people based on their conduct.

Zoopla and mouseprice both have our house at 20k + more than our asking. All the rightmove sold comparables are in that range too.

indianabones I think you were rude also.

I am still confused as to why people not involved in house buying or selling need to post in this thread.

Dr_Gonzo_95

We've got out 6th viewing of our house right now, and a 7th booked in on Saturday.

Been on the market since 15th July now, we've had two second viewings from the 6 that have seen the property.

One couple had an offer accepted on another house which was a shame, the other second viewing put an offer in which was £12 k below the guide price.

We are willing to make a deal, but not for that.
In context we are selling a mid terrace 3 bed house in North Bristol, listed at £210,000, offer was for £198,000
We would have £62,000 equity if we sold at list price, but only £50k at that offer, which is not enough to pay all the fees and leave a good deposit on the type of house we want.

We are listed at the average price for sold properties (in 2016) of our type and standard in the local area so I am under no disillusion that we have overvalued the house, that and three EAs valued the house at between £210 & £215 k

We've had some great feedback, but generally we are attracting FTBs at the start of their search, or one that's really interested but is waiting on inheritance to come through.

Starting to get a bit frustrated by it all, we've seen loads of properties that would be great for us slip by as it's such a quick market where we want to move.

Surrey_EA

indianabones wrote: »

I'm with the buyer on this. Zoopla/Rightmove are a far better tool to use than your local EA and the vendor.

We don't know his side of the story, but if he's using Zoopla, he's going by a reliable source. Property search engines and sites are very up to date with information.

Sometimes it is very difficult to tell whether a post is serious or not.

Jox

I hadn't heard of mouseprice, I've just logged on and my flat is apparently valued at £30k more than the offer I accepted, oh well...