Unrealistic asking price?

silverwhistle

Diocletian_II wrote: »

You are entirely free to gamble however much you like on the property market, and good luck with your speculation.

I see that MobileSaver immediately replied more or less exactly what I was thinking. Your loaded and value-laden language betrays you.



I've owned my property for so long that I really don't know how much it's worth. That's what properties are for: living in.

Crashy_Time

Splatfoot wrote: »

I just put mine in the calculator. Says it's gone from 320,000 in 2011 to 433,000 in 2019!

Only meaningful if you manage to sell it at that price though, what calculator did you use?

Crashy_Time

hazyjo wrote: »

See my point quoted above. I really dont know why I'm bashing my head on a brick wall cos your blinkers are on - but please explain why I should have waited. So what if it's static? I don't care if it drops. It makes absolutely zip difference to me. I wanted to move, so I moved. Why should I still be sitting in my old house waiting for the bottom to fall out the market? I'd have sold for less, but bought for less. Same outcome.

You are not representative of the wider market or the people in it, many recent buyers will be very negatively affected by price drops.

getmore4less

Once your mortgage will be cheaper than renting trying to time the market is a risky game because of the long cycle.

If you don't jump in on the way down definitely jump in on the turn because if you don't you will miss the best chance you have.

Edit:
Forgot to add,
Crashy has missed 2 market crashes already and is going to miss a third and probably another one if they live long enough.

System

silverwhistle wrote: »

I see that MobileSaver immediately replied more or less exactly what I was thinking. Your loaded and value-laden language betrays you.



I've owned my property for so long that I really don't know how much it's worth. That's what properties are for: living in.

Good on you, you are fortunate not to have to think about money. Buyers unfortunately need to consider money, even if you never have to.

System

hazyjo wrote: »

See my point quoted above. I really dont know why I'm bashing my head on a brick wall cos your blinkers are on - but please explain why I should have waited. So what if it's static? I don't care if it drops. It makes absolutely zip difference to me. I wanted to move, so I moved. Why should I still be sitting in my old house waiting for the bottom to fall out the market? I'd have sold for less, but bought for less. Same outcome.

That's good. However, a deteriorating market means buyers' behaviour is changing, even if yours is not.

Buyer_K

I've spent pretty much everyday of the last year checking out eligible properties in my area (even while in the middle of an ongoing purchase!)

My read on things is that the more time you spend looking for the kind of property you like the more you'll identify the criteria that subtly (and sometimes unsubtly) make one property more or less expensive than the next and properties at one time or another more or less expensive than historically.

Time is really everything when it comes to house prices it seems. My place was valued at 200K in 2009. It's now valued at 325000. The neighbours above me bought theirs (a near copy of my flat save for taller ceilings) for 410K. The rate of increase just seems to have exploded over the last decade. Particularly if you live in a big city.

It can feel really surprising, shocking even, to see a price not make sense. But for me the best way to not be so taken aback is to keep abreast of where things are in the market. It will really help you gauge what is worth what. And to do viewings.

E.g. the property I'm buying now was on offer for 125 grand less than a near identical one with a smaller garden down on the same road. The more expensive one is definitely a little nicer... but not 125K nicer.... : S

Splatfoot

Crashy_Time wrote: »

Only meaningful if you manage to sell it at that price though, what calculator did you use?

The one that was posted earlier.. Nationwide? I am in the South East though so that would explain things.

edgex

RelievedSheff wrote: »

That is one house out of the many thousands for sale.

You can't really say that the market is stagnant based on one house that hasn't sold!

I could equally say that the market is not stagnant based on the 1.6% rise in house prices in the East Midlands in a quarter (according to Nationwide House Price Index) but that wouldn't be a true indication of the property market countrywide.

Go & look at the estate agents windows.
Loads of the slots are now taken up by adverts for themselves, & loads more are properties that have sold, & sold some time ago.

Good properties at good prices are selling, but straight away to the buyers that have been pro-active & are on the EAs lists.
Other properties are sitting on RM for 9+ months, with regular £5k reductions

edgex

getmore4less wrote: »

My guess it's this one

https://www.rightmove.co.uk/property-for-sale/property-67887790.html

Rather than looking at the property history do a proper more like this on current forsale/SSTC numbers and sell through prices to see what people are paying now.

pic 14; back garden is immediately overlooked by neighbour to rear
pic 13; staircase lights, naff, & how much to remove them
pics 10 & 11; cheap laminate in bedrooms, i'd want carpet, so how much to replace
Conservatory has had some weird thing done with the roof, how well was it done?
Small kitchen for size of the house, & it's also the access to the dining room.


Other houses on the same road that have previously sold are 3beds
May 2019, 3bed semi £168k