Unrealistic asking price?

caprikid1

"You mean PB over-values its listings even more than over-valuations made by regular estate agents? A PB over-valuation is more than 'somewhat' over-valued then. "




You may be shocked to hear this, or maybe never having owned a house you don't know, high street estate agents get paid to SELL a house not list it.

System

MobileSaver wrote: »

If you spend your life worrying about what might happen tomorrow then you're going to have a very unhappy life. Just look at Crashy Time who has spent the last 15 to 20 years paying off his landlords' mortgages instead of his own because he was convinced house prices were about to crash; he could have owned his own home outright by now instead of living in a bedsit in an undesirable part of Edinburgh.

As people typically spend over 20 years in a property the number who buy and then have to sell immediately must be absolutely tiny. Basing your purchasing decision on such a tiny risk would be foolish.



Which doesn't bother the sellers in the slightest as by your own admission they've removed their properties from the market "until things pick up." And all this time buyers/renters are left with the choice of either buying just the dregs still available or continuing to pay their landlord's mortgage until a decent house becomes available.

As ever trying to time the market is a mug's game and, for the vast majority of people, buying when you need to is historically the right decision and 20 years on when you want to move you'll wonder what all the fuss was 20 years earlier.

Sellers naturally want buyers to throw caution to the wind, and ignore the dangers. The seller walks off with the money; the buyer is left with the problem/loss/negative equity (whatever you want to call it).

RelievedSheff

Diocletian_II wrote: »

Sellers naturally want buyers to throw caution to the wind, and ignore the dangers. The seller walks off with the money; the buyer is left with the problem/loss/negative equity (whatever you want to call it).

Now this may come as a surprise to you but not everybody who buys a house ends up making a loss or in negative equity.

You seem to be completely hung up on this negative equity situation. Is that why you have never bought a property?

System

RelievedSheff wrote: »

Now this may come as a surprise to you but not everybody who buys a house ends up making a loss or in negative equity.

You seem to be completely hung up on this negative equity situation. Is that why you have never bought a property?

I've owned plenty of properties in my time, but if you hadn't noticed, the times (and the market), they are a-changing.

RelievedSheff

Diocletian_II wrote: »

I've owned plenty of properties in my time, but if you hadn't noticed, the times (and the market), they are a-changing.

What has changed to make people not require somewhere to live?

System

RelievedSheff wrote: »

What has changed to make people not require somewhere to live?

A few years ago the property market was booming. Now it has deteriorated into stagnation. Markets deteriorate, economic cycles turn, whether you like it or not. It is just the natural order of things.

hazyjo

Diocletian_II wrote: »

A few years ago the property market was booming. Now it has deteriorated into stagnation. Markets deteriorate, economic cycles turn, whether you like it or not. It is just the natural order of things.

You're talking like an investor though.


As RelievedSheff implied - the majority of people buy homes to live in for many decades. It's their HOME. Not a money making scheme. Obviously prices will go up and down several times during that ownership. I've been through a couple of recessions myself while owning.

MobileSaver

Diocletian_II wrote: »

Sellers naturally want buyers to ... ignore the dangers.

What dangers? The infinitesimally small risk that they may want to sell again in six month's time? :rotfl:

Diocletian_II wrote: »

RelievedSheff wrote: »

What has changed to make people not require somewhere to live?

A few years ago the property market was booming. Now it has deteriorated into stagnation.

So, as RelievedSheff asked, how does this change that people still require somewhere to live?

RelievedSheff

Diocletian_II wrote: »

A few years ago the property market was booming. Now it has deteriorated into stagnation. Markets deteriorate, economic cycles turn, whether you like it or not. It is just the natural order of things.

I don't get hung up about the "state if the market."

If I am looking to buy a house and one comes onto the market that is suitable then I buy it.

The "state of the market" is irrelevant at that time, I need somewhere to live and paying off my mortgage is always a better option than paying off a landlords mortgage for them.

Yes house prices can go down as well as up but that is largely irrelevant provided you can afford to keep up the monthly repayments. You need to love somewhere and even if house prices are falling you are still better off paying your own mortgage off the that of someone else while paying rent.

System

MobileSaver wrote: »

What dangers? The infinitesimally small risk that they may want to sell again in six month's time? :rotfl:



So, as RelievedSheff asked, how does this change that people still require somewhere to live?

A wise buyer is not an impatient buyer, and waits for the deteriorating market to throw up better prices on its downward trajectory. That way, they can get more for their money. As a previous poster pointed out, most buyers can wait.