House Prices - paying close to asking price realistic now?

ACG

quotememiserable wrote: »

I hope I summarised you accurately. I'm in south manchester and I'm being told 350k on a property I bought (and tidied up) two years ago for 260k. Ain't no 0.1%s around here. Those averages tell you nothing about what's happening where you live, in either direction.
Trouble for me is, I'm trying to upgrade locally and the competition is hot. The right house you can ask almost anything.

You have probably also benefit from tidying it up so that probably throws the figures off a little bit but even so, it is still a big increase.

rash.m2k

I've noticed the prices are higher than a 1 or 2 years ago - much higher (I'm 30 - 40 mins from manchester), what I have noticed is that the only people selling are those that can wait - and they stick to their guns or those that are desperate to sell - and even those get a good price as there aren't many properties around. My perception seems to be that everyone is just sitting tight, interest rates are low, there's no need to move at all.


Personally I'm not going to make a move until after brexit - (if it even happens!), but I'm sitting tight and waiting. If you want a good buy then as always cash is king and after that if you're not in a chain.

Either way the market seems odd to me at the moment, it's a bit crazy.

Surrey_EA

lookstraightahead wrote: »

in the south and the midlands nothing is moving,

Such generalisations tend to undermine the rest of your comments.

Clearly it is incorrect to say "nothing is moving." Having agreed sales on 3 house this week "in the south" between £900,000 and £1,550,000, things are moving, albeit vendors need to be a little more realistic on price.

KatieDee

rash.m2k wrote: »

I've noticed the prices are higher than a 1 or 2 years ago - much higher (I'm 30 - 40 mins from manchester), what I have noticed is that the only people selling are those that can wait - and they stick to their guns or those that are desperate to sell - and even those get a good price as there aren't many properties around. My perception seems to be that everyone is just sitting tight, interest rates are low, there's no need to move at all.


Personally I'm not going to make a move until after brexit - (if it even happens!), but I'm sitting tight and waiting. If you want a good buy then as always cash is king and after that if you're not in a chain.

Either way the market seems odd to me at the moment, it's a bit crazy.

We're looking 30-40mins from Manchester and houses on the same street were going for £160,000 in early 2017. Now they're averaging £210k +. I guess I'm just a bit nervous about buying before a crash or something. I cannot believe that houses would increase in value by that much!

ACG

KatieDee wrote: »

We live in South Manchester at the moment, funnily enough. I cannot fathom how properties in Didsbury (read: Burnage) are selling for the amount they are. I suppose it's the close proximity to the city and the amazing public transport.

Oi! Dont knock Burnage. Thats where I grew up/ was dragged up :P

To be fair, the houses on the Didsbury side of Burnage have increased because estate agents have some how managed to grow the size of Didsbury over the last decade or 2. When I went to School (Parrs wood) my mates came from Burnage, now a days half of them would live in didsbury...despite being the same house!

It is probably a mixture of bus/met/trains being there and the bars restaurants and pubs. Everything is within stumbling distance.

KatieDee

ACG wrote: »

Oi! Dont knock Burnage. Thats where I grew up/ was dragged up :P

To be fair, the houses on the Didsbury side of Burnage have increased because estate agents have some how managed to grow the size of Didsbury over the last decade or 2. When I went to School (Parrs wood) my mates came from Burnage, now a days half of them would live in didsbury...despite being the same house!

It is probably a mixture of bus/met/trains being there and the bars restaurants and pubs. Everything is within stumbling distance.

Oh, not knocking it at all! I was more referring to the exact thing you mentioned...local estate agents referring to the area near Tesco as "Didsbury" when it couldn't be further into Burnage. The number of times I nearly fell for that!

Having said that, the flat I live in now was advertised as Didsbury but it is clearly Withington. Didsbury will be the size of Manchester soon :rotfl:

ACG

Thats not too far from where I used to live. If they are calling that Didsbury, they should really be calling it Heaton Mersey or even Levenshulme!

I live on the border of Cheadle Hulme/Bramhall now... with a Cheadle Hulme postcode. If the estate agents round here do what they did in Didsbury, my house will go up in value by about £30k overnight.

getmore4less

It really is quite easy

You look at sold through prices and SSTC prices and watch them sell through.

That's your benchmark/ballpark for what you need to offer on a place to secure relative to what others have been paying not the asking price - some %

You can adjust relative how desperate you think you are relative to the vendor.

KatieDee

Well, after a lot of forwards and backwards, the vendor has finally accepted our offer - at just over 5% off asking price!

We are very happy with the property and although I would have loved a bargain, we think it's a reasonable amount to pay. Will just need to go second hand for a few years in order to fill the house!

antilles

If you're buying in a popular location where houses are selling quickly, offering 10% off the asking price is not a good strategy. You will likely find that someone will offer the asking price (or more) in a popular area which is a much easier conversation and sale for the vendor.

If you really want to buy in an area and the vendor wants a particular price then offering the asking price is far more likely to result in an accepted offer.