So tired of denial of the state of the housing market

Crashy_Time

ReadingTim wrote: »

Similarly, putting a price tag on your potential house isn't much use if no one will sell it to you at that figure. Why prices are where they are is largely irrelevant if things aren't likely to change, and I can see interest rates surging any time soon. You can only deal with what is happening, not what might have happened, or what should have happened....

House price inflation is indeed a funny beast, but then a crash or even deflation is equally funny - no one wants to sell something for less than what they paid for it, even if the subsequent purchase is correspondingly cheaper. Greed again, but after all, we're not rational economic agents.

So can I.....

westernpromise

Hey Crashy

Here's a fun thread for you from 2016. Remember this?
https://forums.moneysavingexpert.com/discussion/5507210/why-is-it-so-hard-to-sell-a-3-bed-semi-in-leeds&page=12#topofpage

The OP had been told his / her late dad's end-terrace was worth £140k (by an agent who wanted the instruction). Even after dropping the asking price to £130k, the only bid was £108k.

You then weighed in to suggest that it wasn't even worth that, and that it would be surprising if it fetched as much as £100k. This house is in Leeds, an area about which you evinced no knowledge whatsoever.

It then sold, and you wondered darkly what it had sold for. Er, that would be £120k :rotfl::rotfl::rotfl::rotfl::rotfl:
https://www.zoopla.co.uk/property/22-parkville-place/bramley/leeds/ls13-2ly/13584337
at which point you disappeared from the thread.

Once again Crashy weighs in with dire prognostications apparently based on the voices in his head. If that poster had swallowed your nonsense, s/he would have ended up £20k worse off. That's what listening to you can do. You'd have enjoyed that outcome because misery loves company.

Dream on, Crashy :rotfl::rotfl::rotfl::rotfl::rotfl:

Crashy_Time

westernpromise wrote: »

Hey Crashy

Here's a fun thread for you from 2016. Remember this?
https://forums.moneysavingexpert.com/discussion/5507210/why-is-it-so-hard-to-sell-a-3-bed-semi-in-leeds&page=12#topofpage

The OP had been told his / her late dad's end-terrace was worth £140k (by an agent who wanted the instruction). Even after dropping the asking price to £130k, the only bid was £108k.

You then weighed in to suggest that it wasn't even worth that, and that it would be surprising if it fetched as much as £100k. This house is in Leeds, an area about which you evinced no knowledge whatsoever.

It then sold, and you wondered darkly what it had sold for. Er, that would be £120k :rotfl::rotfl::rotfl::rotfl::rotfl:
https://www.zoopla.co.uk/property/22-parkville-place/bramley/leeds/ls13-2ly/13584337
at which point you disappeared from the thread.

Once again Crashy weighs in with dire prognostications apparently based on the voices in his head. If that poster had swallowed your nonsense, s/he would have ended up £20k worse off. That's what listening to you can do. You'd have enjoyed that outcome because misery loves company.

Dream on, Crashy :rotfl::rotfl::rotfl::rotfl::rotfl:

So they knocked 10k or 20k off the price to get a sale? How much profit do you think the new buyer will make when they sell :rotfl:


Remember the offer was before this....


https://www.wsj.com/articles/fed-raises-rates-and-signals-faster-pace-in-coming-years-1528912910?mod=article_inline

ReadingTim

Crashy_Time wrote: »

So can I.....

Thanks for pointing out the (now corrected) typo - probably your most valuable contribution to date.

westernpromise

Crashy_Time wrote: »

So they knocked 10k or 20k off the price to get a sale? How much profit do you think the new buyer will make when they sell :rotfl:


Remember the offer was before this....


https://www.wsj.com/articles/fed-raises-rates-and-signals-faster-pace-in-coming-years-1528912910?mod=article_inline

That's right Crashy. Some dumb EA told them it was worth £140k to get the instruction, it didn't sell, and the poster was advised here to expect less. If the EA had said it was worth a million quid and the vendor knocked £880k off that, would that prove a crash was happening? Your view, knowing nothing, was that it was worth less than £100k. It duly sold for £120k. Zoopla values it at £127k today.

Why would American interest rates in 2018 have informed bids in 2016?

Crashy_Time

westernpromise wrote: »

That's right Crashy. Some dumb EA told them it was worth £140k to get the instruction, it didn't sell, and the poster was advised here to expect less. If the EA had said it was worth a million quid and the vendor knocked £880k off that, would that prove a crash was happening? Your view, knowing nothing, was that it was worth less than £100k. It duly sold for £120k. Zoopla values it at £127k today.

Why would American interest rates in 2018 have informed bids in 2016?

Because the lack of significant evidence (which is plastered all over the media now) that interest rates were going to rise would have encouraged people to think paying silly money for a house was going to work out OK. :rotfl:

Crashy_Time

westernpromise wrote: »

That's right Crashy. Some dumb EA told them it was worth £140k to get the instruction, it didn't sell, and the poster was advised here to expect less. If the EA had said it was worth a million quid and the vendor knocked £880k off that, would that prove a crash was happening? Your view, knowing nothing, was that it was worth less than £100k. It duly sold for £120k. Zoopla values it at £127k today.

Why would American interest rates in 2018 have informed bids in 2016?

I think it might, don`t you? :rotfl:

bobbymotors

So.....crashy.....I doubt you'll answer as you never have so far, but:-

How's the old price crash theory worked out for you so far, bearing in mind the tens of thousands in rent you've paid over the years in order to not own anything?

Do tell.

Bass_9

I like to think that if there are parallel universes out there, there is one somewhere where Crashy has been proved right and is sat in his bargain castle rubbing his hands in glee whilst we all post 'oh crashy, you were right! '

... Unfortunately for our Crashy, it's safe to say that's not the universe we're currently sat in. :rotfl:

shirlgirl2004

ProDave wrote: »

From my experience it has NEVER been easy to sell a house. If you catch a particular boom in a particular area and can sell in days, then think yourself very lucky. BUYING in those conditions will be truly awful.

I have sold a total of 4 houses. 3 of them took from 8 months to 3 years to sell. The 4th sold quickly without an estate agent, ONLY because it was a lucky coincidence that I wanted to sell just as the next door neighbours mum wanted to buy it to be next to her daughter.

House No 5 I gave up trying after over 2 years, it is now let to a tenant who's long term aim is to buy it so that one is still "in progress"

Totally disagree I've bought and sold a fair few times. The longest it took to sell was 10 days and most of that was the haggling. The shortest was 1 day on the market that was in 2009 told the cash buyer what I wanted and they agreed. However I am realistic about the market.