Offering under asking price

Crashy_Time

Any updates OP?

kisaki757

Crashy_Time said:

Any updates OP?

Property B has sold in the meantime to a higher offer than mine. I am not surprised as I knew all along my offer was on the low side. I will be watching out for this to see what the actual price was whenever it gets published in the land registry.

I also increased my offer on property A to somewhere around 6% less than asking price. I've not heard back in over a week so I can only assume it's not been accepted. Like I said, the EA is shady as hell. I will not go any higher than that simply because I don't think that house is worth a penny more (again, based on other recent sales in the area not just my sentiment on house prices).

In the meantime, I am still looking but I have noticed a significant decrease in the number of properties coming on the market. I guess it's because the holiday season is approaching, not really sure...

Crashy_Time

kisaki757 said:

Crashy_Time said:

Any updates OP?

Property B has sold in the meantime to a higher offer than mine. I am not surprised as I knew all along my offer was on the low side. I will be watching out for this to see what the actual price was whenever it gets published in the land registry.

I also increased my offer on property A to somewhere around 6% less than asking price. I've not heard back in over a week so I can only assume it's not been accepted. Like I said, the EA is shady as hell. I will not go any higher than that simply because I don't think that house is worth a penny more (again, based on other recent sales in the area not just my sentiment on house prices).

In the meantime, I am still looking but I have noticed a significant decrease in the number of properties coming on the market. I guess it's because the holiday season is approaching, not really sure...

This will pick up IMO as mortgage rates rise, as people will start to panic about "locking in" a certain price that they have in their head that they think the property is worth.

Crashy_Time

Hedgepigs said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

MobileSaver said:

For the last few years you have been claiming that properties are overpriced because PropertyLog shows owners are reducing prices. As soon as it is pointed out that in fact PropertyLog shows the vast majority of properties are NOT reduced/overpriced you backtrack and link to a different site.

Can you explain exactly which page/graph on the plumplot site shows properties are overpriced?

PL is a good guide to seller sentiment though not that it is a graph of property prices in the UK, it doesn`t matter how many people don`t reduce it is the actual houses sold that make the market.

That seller sentiment clearly shows the vast majority are happy with the price they are marketing their property at; a world away from masses of sellers slashing £50k off their asking price that you would like people to believe...

Crashy_Time said:

MobileSaver said:

I've just checked PropertyLog for over 100 properties in my extended area and the vast majority of them have had no reductions. Using your logic that must mean that the vast majority of properties are correctly priced or under-priced?

Can you link, or tell us how long they have been on the market?

Not a clue and I don't have the time or inclination to repeat the exercise especially as it has little relevance to whether a property is overpriced or not. However from memory the oldest listing in my immediate area was from September 2021.

As you say, it is actual houses sold that make the market and plumplot confirms that actual houses sold over the last 12 months have increased in price in every single region of the UK and by 11% on average. So it looks like you were completely wrong again with your house price crash predictions even during the biggest national crisis in a generation.

Unfortunately though, if as the link shows sales have collapsed then not many sellers are seeing the benefit of that rise as they can`t sell their house ............

😂😂😂 ok, ok, you don't actually believe a word you are saying, do you? You are just winding everyone up (and doing a grand job of it!)

No, I actually believe it, you don`t really think we have a properly functioning housing market do you?

https://www.dailymail.co.uk/money/mortgageshome/article-10233773/House-sales-plummeted-HALF-October-stamp-duty-incentive-taken-away.html

MobileSaver

Crashy_Time said:

kisaki757 said:

In the meantime, I am still looking but I have noticed a significant decrease in the number of properties coming on the market. I guess it's because the holiday season is approaching, not really sure...

This will pick up IMO as mortgage rates rise, as people will start to panic about "locking in" a certain price that they have in their head that they think the property is worth.

In this make-believe world of yours, where are these people who are panicking going to live once they have locked in what they think their property is worth?

Crashy_Time said:

Hedgepigs said:

Crashy_Time said:

Unfortunately though, if as the link shows sales have collapsed then not many sellers are seeing the benefit of that rise as they can`t sell their house ............

😂😂😂 ok, ok, you don't actually believe a word you are saying, do you? You are just winding everyone up (and doing a grand job of it!)

No, I actually believe it, you don`t really think we have a properly functioning housing market do you?

https://www.dailymail.co.uk/money/mortgageshome/article-10233773/House-sales-plummeted-HALF-October-stamp-duty-incentive-taken-away.html

LOL! You do have a habit of linking to click-bait articles that (if you read them in full) completely contradict your absurd claims. Rather than "sales have collapsed" the article confirms:

Despite the recent sales dip, around 842,250 residential transactions have taken place across the UK during this financial year so far - marking the highest total in the past decade.

So exactly as I pointed out for last month and now verified again this month, property sales are at a ten year high. Seems like a properly functioning housing market to me...

MysteryMe

OP, yes this is now the slow time of year over Christmas and New Year as far as new listings are concerned. Things will pick in the new year, this is usual. Still carry on looking though as you never know, the right house for you may be listed. You could also use the downtime time to research potential new areas. The more areas you identify as meeting your requirements the more properties will be available.

lookstraightahead

Op, personally I think you will get a much better deal in the new year as interest rates rise and (hopefully) the market starts to function in a 'normal' way. The last 18 months' activity and statistics are not the norm, just as life hasn't been.

Stick to your principles and common sense and you will be fine.

Crashy_Time

MobileSaver said:

Crashy_Time said:

kisaki757 said:

In the meantime, I am still looking but I have noticed a significant decrease in the number of properties coming on the market. I guess it's because the holiday season is approaching, not really sure...

This will pick up IMO as mortgage rates rise, as people will start to panic about "locking in" a certain price that they have in their head that they think the property is worth.

In this make-believe world of yours, where are these people who are panicking going to live once they have locked in what they think their property is worth?

Crashy_Time said:

Hedgepigs said:

Crashy_Time said:

Unfortunately though, if as the link shows sales have collapsed then not many sellers are seeing the benefit of that rise as they can`t sell their house ............

😂😂😂 ok, ok, you don't actually believe a word you are saying, do you? You are just winding everyone up (and doing a grand job of it!)

No, I actually believe it, you don`t really think we have a properly functioning housing market do you?

https://www.dailymail.co.uk/money/mortgageshome/article-10233773/House-sales-plummeted-HALF-October-stamp-duty-incentive-taken-away.html

LOL! You do have a habit of linking to click-bait articles that (if you read them in full) completely contradict your absurd claims. Rather than "sales have collapsed" the article confirms:

Despite the recent sales dip, around 842,250 residential transactions have taken place across the UK during this financial year so far - marking the highest total in the past decade.

So exactly as I pointed out for last month and now verified again this month, property sales are at a ten year high. Seems like a properly functioning housing market to me...

As I said, something has skewed the figures upwards, we both know what it is don`t we? Instead of pretending that everything is somehow "normal" (and misleading people feeling pressured into jumping into big mortgage debts) why not just acknowledge that sales are falling and that the thing that you don`t mention is one of the tricks used to try and create demand spikes that cover that fact? Transactions are at less than half their peak and still falling, that is what happens when markets go into Turbo-Bubble mode.

Crashy_Time

lookstraightahead said:

Op, personally I think you will get a much better deal in the new year as interest rates rise and (hopefully) the market starts to function in a 'normal' way. The last 18 months' activity and statistics are not the norm, just as life hasn't been.

Stick to your principles and common sense and you will be fine.

Good advice, and good luck negotiating the price down OP!

MobileSaver

Crashy_Time said:

As I said, something has skewed the figures upwards, we both know what it is don`t we?... why not just acknowledge that sales are falling and that the thing that you don`t mention is one of the tricks used to try and create demand spikes that cover that fact?

Can you make your mind up please?

If the Stamp Duty Holiday has skewed sales figures upwards (to a ten year high no less!) how can sales be falling?!?! Can you provide any evidence that the official statistics are wrong and that in fact sales are falling?

Crashy_Time said:

Instead of pretending that everything is somehow "normal" ... Transactions are at less than half their peak and still falling,

Are you referring to the peak of 2006? Are you suggesting that the UK housing market from 15 years ago was normal? So you presumably want liar loans, 100% mortgages and other fast and loose lending criteria to be reintroduced so we can get transactions back up to their peak?