What we feared, happened. Buyer reduced agreed price.

blue_max_3

welwynrose said:

When we bought our house in December we could have afforded the full asking price but the house had been on the market for nearly 9 months so we made a cheeky low offer initially but when that was rejected we spoke to the owner and found out what his bottom line was we then went back and offered him his bottom line but with £5k of it being a direct payment for “fixtures & fittings” we ended up getting the house for £40k less than the original asking price

That example seems to have been overvalued. Although if it had been on the market for a long time, it does begin to get a stigma attached to it. There are always going to be examples which buck a trend. My property had to be sold for £175k less than the EA valued it for almost two years ago. But that was due to the condition and a divorce situation. A developer bought it and is making two flats out of it. Property pricing is more an art than a science.

Davesnave

shinytop said:

numbercruncher8 said:

Just seems quite strange that people make their opinion reflect the rest of the market.

Prices have declined quite a lot in some areas. In London and surrounding areas I see many places already 10% off the peak, and that was prior to this. In other areas, the prices are robust and have showed no signs of decreasing. Some places may be immune to any correction altogether.

Someone posts a message asking advice on here..... with no further details 'lower your offer by 20K, prices are falling' is about as idiotic as 'if I were the seller I'd tell you to get lost, prices are gonna stay the same'.

Just seems to me that once someone is on one side of the fence they cannot accept that what they don't want to happen may be happening in other areas of the country. Price increases affected some areas disproportionately, it'll be the same with price decreases.

I've owned a home, and I didn't have an emotional attachment to it. Having had an elongated selling process I would say that what is more absurd is holding an original price and refusing to cut despite getting no offers in that region. But it depends on individual circumstances. If I were to preach my viewpoint as being representative of the whole market, I would be called out as an idiot like Crashy, doesn't seem to apply the other way.

That's uncalled for and against the rules of this board.  IMO Crashy is not an idiot, s/he is a campaigner and actually a very good one.  

If you read the quote again carefully, I think you will find that numbercruncher was referring to many other people's apparent  assessment of Crashy's posting, not calling him an idiot directly.

AnotherJoe

Catsacor said:

AnotherJoe said:

Seems buyers need interrogating on what they mean by "cash buyer" because in my book, if you need to sell, you aren't a cash buyer. They get all the money from sale of house (and perhaps savings etc) , others get it from sale of house and a mortgage. Hardly any difference, and neither are "cash buyers".

Estate Agents, certainly where I live, use the 'cash buyers' term to describe someone who doesn't require a mortgage to buy your house; they do though still have to sell their own. 
It's a nonsense isn't it . 

Yep, they need a good slap. That makes someone who needs to sell their house, (to possibly a buyer who needs a mortgage so one is involved anyway !) the same as someone who literally has the cash in the bank, when the two arent comparable at all.

I shall remember that when i come to sell this place.

jimbog

A cursory glance at the previous threads from some posters who are desperate for a house price crash do seem to show that they have made some poor financial choices in the past. Worth thinking about

[Deleted User]

Im watching the market very closely as my son is about to look to buy a flat. Ive already noticed prices of places that are in the market are getting reduced and those coming to the market are less. 

Some people “have” to move due to growing family or job moves. Others like landlords think this is the last straw to being a landlord and just want rid. 

These unprecedented times will generate unprecedented changes to the property market, or maybe none at all !! We just dont know .... as these times are unprecedented 

Splatfoot

Densol said:

Im watching the market very closely as my son is about to look to buy a flat. Ive already noticed prices of places that are in the market are getting reduced and those coming to the market are less. 

Some people “have” to move due to growing family or job moves. Others like landlords think this is the last straw to being a landlord and just want rid. 

These unprecedented times will generate unprecedented changes to the property market, or maybe none at all !! We just dont know .... as these times are unprecedented 

Show us some examples of prices that have been reduced in April?

Bibbitybobbitybop

We are a (very) big family currently stuck in a tiny bungalow so this is a necessary move for us. The house we are buying is a probate sale, untouched for decades, in a beautiful area. Houses in 0.5 miles of same size are £300-400k more expensive. So fingers crossed its a good move for us.

csgohan4

Prices might be reduced as sellers are desperate to sell but unable to as surveyors are not doing anything and buyers not able to view in a timely manner from a buyers POV. 
Maybe things will pick up once the lockdown is eased a bit. 

Splatfoot

Ours is for sale, there would be no point in reducing the price as we haven't been able to have any viewings. So for us, it's all just simmering in the background. We are not actively thinking about the house being on the market and reducing the price "because we haven't had any viewings". Because we CAN'T have any viewings. Until our estate agent, and all the others locally, are conducting viewings, we will just wait. 

mystic_trev

Splatfoot said:

Densol said:

Im watching the market very closely as my son is about to look to buy a flat. Ive already noticed prices of places that are in the market are getting reduced and those coming to the market are less. 

Some people “have” to move due to growing family or job moves. Others like landlords think this is the last straw to being a landlord and just want rid. 

These unprecedented times will generate unprecedented changes to the property market, or maybe none at all !! We just dont know .... as these times are unprecedented 

Show us some examples of prices that have been reduced in April?

The Property markets in ‘deadlock’ so until that’s lifted no one knows what will happen. Predictions look pretty gloomy though.

I’m a Landlord with three rental properties, and I’m sticking with them. Prices could drop 90% and I’d still be in profit. Most people are buying a home, not an investment. So as long as you can manage the repayments there’s nothing to worry about. It’s a long term commitment.