£174k under Zoopla evaluation. Is the house too good to be true?

RelievedSheff

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

newsgroupmonkey_ said:

Quite there Crashy_Time.

In fact, the crash has been going on for years.

2019

https://www.thetimes.co.uk/article/has-your-house-been-overvalued-face-facts-the-right-price-may-be-lower-tkhszccnv

2018

https://www.thetimes.co.uk/article/house-prices-fall-at-fastest-pace-in-years-f6xvjnlrc

In fact, I'll go back to 2003 when your lot first prediced this crash (and would be 2/3 of the way through that £130k mortgage by now)

https://www.thetimes.co.uk/article/housing-market-suffers-a-slump-bb3z8b55qmm

Saying that, even a blind squirrel finds a nut sometimes.

As we keep saying, a house is like anything. It's what you are prepared to pay for it.

Exactly.....
"The average price of a house now is slightly lower than it was six months ago, at just under £146,000."
What do you think has changed with those 2003 houses over the years to make them more valuable?
My bet is that more and more people know it is nothing, and they also know that they are being ripped off for basic shelter. Very interesting times.....

Inflation?

Inflation in what?

Inflation of everything.

Look at what your money bought you in 2003 compared to what it buys you now.

It isn't just houses either. Look at what an average family car cost in 2003 compared to what the average family car costs now. 

Scotbot

Zoopla algorithms dont take account of the condition of the house or the square footage they only work for bog standard houses on estates with identical layouts. This house is not one of those.

RelievedSheff

Scotbot said:

Zoopla algorithms dont take account of the condition of the house or the square footage they only work for bog standard houses on estates with identical layouts. This house is not one of those.

They don't even work for bog standard estates with identical layouts!

Jeepers_Creepers

"it was purchased in 2016 for £522k which is inline with the market price of the village. The sellers then had to move to a bungalow after an accident meant the owner could no longer climb the stairs.
The property has been on the market on and off for 4 years, originally priced at £595k. A number of sales have fallen through on it - one due to. Someone pulling out and moving abroad, two due to chain collapses, and one who decided they weren’t comfortable with the listed status (it’s 19th century)."

In addition to all the good advice given by others, don't forget that EAs must provide honest answers to straight-forward questions. So if you ask them if they are aware of any other reason for the fall in value/difficulty in selling, they must either answer honestly or simply refuse to answer at all. And I'd do this via email so's to have a record. 

And has it been with the same EA over the whole 4 years? If not, you know who also to ask... 

Good luck - I hope it's as it seems :-) A lot of folk will find the potential requirements of 'listed' status a turn-off, so I wouldn't be surprised if that was an issue to some extent. When was it listed, do you know?

pbhb

Jeepers_Creepers said:

"it was purchased in 2016 for £522k which is inline with the market price of the village. The sellers then had to move to a bungalow after an accident meant the owner could no longer climb the stairs.
The property has been on the market on and off for 4 years, originally priced at £595k. A number of sales have fallen through on it - one due to. Someone pulling out and moving abroad, two due to chain collapses, and one who decided they weren’t comfortable with the listed status (it’s 19th century)."

In addition to all the good advice given by others, don't forget that EAs must provide honest answers to straight-forward questions. So if you ask them if they are aware of any other reason for the fall in value/difficulty in selling, they must either answer honestly or simply refuse to answer at all. And I'd do this via email so's to have a record. 

And has it been with the same EA over the whole 4 years? If not, you know who also to ask... 

Good luck - I hope it's as it seems :-) A lot of folk will find the potential requirements of 'listed' status a turn-off, so I wouldn't be surprised if that was an issue to some extent. When was it listed, do you know?

Thank you! Has been listed with the same agents and I asked all questions I could think of, they seemed to come up with legitimate answers. I think my heartbreak over the last two houses has just put me on edge a little!

i believe it was listed in the 80s, it’s been fully renovated to what seems like a high standard so there’s nothing I want to change on the property or add so it seems like a good fit for me  

Keeping my fingers crossed! I expect some things to come up on the survey like damp as it’s been left empty but I considered a £10k maintenance cost for when I move in to my offer which is what I failed to do on the previous house!

Salemicus

Crashy_Time said:

kangoora said:

The big problem with waiting for a 'house price crash' is you could end up waiting a really long time for a 30% drop in house prices. If, while you've been waiting, house prices have increased by 60% you are still losing out........

How about if you buy just before a big crash, would you be losing out then?

It depends. Over what timeframe are you judging the purchase, and what happens to prices after the crash?

For instance, if you bought a house in London right before the 2008 crash, then after 18 months, your property was worth less. But sensible people aren't buying a property for an 18 month timeframe. If you bought and held for 5 years or more, then even if you bought right at the peak, you did well.

If a house price crash happens it will not be the end of history. Prices will continue to go up and down. It's not even just house prices. If you bought Amazon stocks at 2000 "bubble" prices, you'd look like an idiot - if judged in 2002. You'd look like an absolute genius today.

Crashy_Time

RelievedSheff said:

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

newsgroupmonkey_ said:

Quite there Crashy_Time.

In fact, the crash has been going on for years.

2019

https://www.thetimes.co.uk/article/has-your-house-been-overvalued-face-facts-the-right-price-may-be-lower-tkhszccnv

2018

https://www.thetimes.co.uk/article/house-prices-fall-at-fastest-pace-in-years-f6xvjnlrc

In fact, I'll go back to 2003 when your lot first prediced this crash (and would be 2/3 of the way through that £130k mortgage by now)

https://www.thetimes.co.uk/article/housing-market-suffers-a-slump-bb3z8b55qmm

Saying that, even a blind squirrel finds a nut sometimes.

As we keep saying, a house is like anything. It's what you are prepared to pay for it.

Exactly.....
"The average price of a house now is slightly lower than it was six months ago, at just under £146,000."
What do you think has changed with those 2003 houses over the years to make them more valuable?
My bet is that more and more people know it is nothing, and they also know that they are being ripped off for basic shelter. Very interesting times.....

Inflation?

Inflation in what?

Inflation of everything.

Look at what your money bought you in 2003 compared to what it buys you now.

It isn't just houses either. Look at what an average family car cost in 2003 compared to what the average family car costs now. 

Houses and cars are bought with debt, so maybe we have just had inflation of the debt bubble, not wages where it really counts?

Crashy_Time

Salemicus said:

Crashy_Time said:

kangoora said:

The big problem with waiting for a 'house price crash' is you could end up waiting a really long time for a 30% drop in house prices. If, while you've been waiting, house prices have increased by 60% you are still losing out........

How about if you buy just before a big crash, would you be losing out then?

It depends. Over what timeframe are you judging the purchase, and what happens to prices after the crash?

For instance, if you bought a house in London right before the 2008 crash, then after 18 months, your property was worth less. But sensible people aren't buying a property for an 18 month timeframe. If you bought and held for 5 years or more, then even if you bought right at the peak, you did well.

If a house price crash happens it will not be the end of history. Prices will continue to go up and down. It's not even just house prices. If you bought Amazon stocks at 2000 "bubble" prices, you'd look like an idiot - if judged in 2002. You'd look like an absolute genius today.

There are of course glaring differences between the 2008 "crash" and now, meaning that what happened in 2008 has absolutely no relevance to now.

RelievedSheff

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

newsgroupmonkey_ said:

Quite there Crashy_Time.

In fact, the crash has been going on for years.

2019

https://www.thetimes.co.uk/article/has-your-house-been-overvalued-face-facts-the-right-price-may-be-lower-tkhszccnv

2018

https://www.thetimes.co.uk/article/house-prices-fall-at-fastest-pace-in-years-f6xvjnlrc

In fact, I'll go back to 2003 when your lot first prediced this crash (and would be 2/3 of the way through that £130k mortgage by now)

https://www.thetimes.co.uk/article/housing-market-suffers-a-slump-bb3z8b55qmm

Saying that, even a blind squirrel finds a nut sometimes.

As we keep saying, a house is like anything. It's what you are prepared to pay for it.

Exactly.....
"The average price of a house now is slightly lower than it was six months ago, at just under £146,000."
What do you think has changed with those 2003 houses over the years to make them more valuable?
My bet is that more and more people know it is nothing, and they also know that they are being ripped off for basic shelter. Very interesting times.....

Inflation?

Inflation in what?

Inflation of everything.

Look at what your money bought you in 2003 compared to what it buys you now.

It isn't just houses either. Look at what an average family car cost in 2003 compared to what the average family car costs now. 

Houses and cars are bought with debt, so maybe we have just had inflation of the debt bubble, not wages where it really counts?

Ok. A pint at your local pub then.

Crashy_Time

RelievedSheff said:

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

newsgroupmonkey_ said:

Quite there Crashy_Time.

In fact, the crash has been going on for years.

2019

https://www.thetimes.co.uk/article/has-your-house-been-overvalued-face-facts-the-right-price-may-be-lower-tkhszccnv

2018

https://www.thetimes.co.uk/article/house-prices-fall-at-fastest-pace-in-years-f6xvjnlrc

In fact, I'll go back to 2003 when your lot first prediced this crash (and would be 2/3 of the way through that £130k mortgage by now)

https://www.thetimes.co.uk/article/housing-market-suffers-a-slump-bb3z8b55qmm

Saying that, even a blind squirrel finds a nut sometimes.

As we keep saying, a house is like anything. It's what you are prepared to pay for it.

Exactly.....
"The average price of a house now is slightly lower than it was six months ago, at just under £146,000."
What do you think has changed with those 2003 houses over the years to make them more valuable?
My bet is that more and more people know it is nothing, and they also know that they are being ripped off for basic shelter. Very interesting times.....

Inflation?

Inflation in what?

Inflation of everything.

Look at what your money bought you in 2003 compared to what it buys you now.

It isn't just houses either. Look at what an average family car cost in 2003 compared to what the average family car costs now. 

Houses and cars are bought with debt, so maybe we have just had inflation of the debt bubble, not wages where it really counts?

Ok. A pint at your local pub then.

The price of pints/food in pubs is directly associated with high commercial rents, so just another aspect of the property bubble really, the central banks have been trying to create general inflation unsuccessfully since 2008 and I don`t think they will achieve it during Covid do you? This is the reason that booze and pub level food can be bought in a supermarket at a fraction of the pub price. If lending is tightened the property bubble feels the strain, it has nothing to do with real inflation in the general economy.