New Build Home - Undervalued without visit

BikingBud

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Gavin83

Ultimately there's real way to know whether house prices will rise or fall, despite what some people preach on here. However it's fair to say the general trend in most areas has been increasing house prices for a while now. This might change, they might even go up further. Only time will tell.

Sunsaru

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Sorry to be pedantic but they haven't been down valued, just reduced. Probably because they are asking too much in the first place. Looking at the last sold prices the vendors are going to make a tidy profit but were maybe reaching too far to start off with?

Interesting to see is what they actually sell for though.

RelievedSheff

Sunsaru said:

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Sorry to be pedantic but they haven't been down valued, just reduced. Probably because they are asking to much in the first place. Looking at the last sold prices the vendors are going to make a tidy profit but were maybe reaching too far to start off with?

Interesting to see is what they actually sell for though.

^^^^^^ Exactly this.

There is a vast difference between a property being down valued and a property having the asking price reduced.

The vendor can put their house on the market for whatever asking price they like, it doesn't mean that they will sell it for that. There are a couple flying kites where we are now with their asking prices. No way will they achieve what they have put them up for. When the asking prices are reduced it doesn't mean they have been down valued or that house prices are dropping, it simply means that the asking prices are coming down to something more realistic and in line with the current market.

BikingBud

Sunsaru said:

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Sorry to be pedantic but they haven't been down valued, just reduced. Probably because they are asking too much in the first place. Looking at the last sold prices the vendors are going to make a tidy profit but were maybe reaching too far to start off with?

Interesting to see is what they actually sell for though.

Of course

Crashy_Time

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Sunsaru said:

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Sorry to be pedantic but they haven't been down valued, just reduced. Probably because they are asking too much in the first place. Looking at the last sold prices the vendors are going to make a tidy profit but were maybe reaching too far to start off with?

Interesting to see is what they actually sell for though.

100k plus price drops say that sentiment is weakening in the area though? I can`t see the OP`s house gaining value if interest rates start rising TBH.

BikingBud

RelievedSheff said:

Sunsaru said:

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Sorry to be pedantic but they haven't been down valued, just reduced. Probably because they are asking to much in the first place. Looking at the last sold prices the vendors are going to make a tidy profit but were maybe reaching too far to start off with?

Interesting to see is what they actually sell for though.

^^^^^^ Exactly this.

There is a vast difference between a property being down valued and a property having the asking price reduced.

The vendor can put their house on the market for whatever asking price they like, it doesn't mean that they will sell it for that. There are a couple flying kites where we are now with their asking prices. No way will they achieve what they have put them up for. When the asking prices are reduced it doesn't mean they have been down valued or that house prices are dropping, it simply means that the asking prices are coming down to something more realistic and in line with the current market.

Of course

I would suggest the former is when the vendor may be too stubborn to realise it is overpriced and the latter may be when they accept their expectations are unrealistic.

The difficulty is that buyers often believe the emperor's new clothes are real.

980233

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

This is about a new build down valuation and 'Victor' Crashy said "Anybody else seeing more realistic valuations on new-builds"?

My reply to that was mine wasn't. For context I didn't pay this month the developers asking price but it wasn't a £20k to 50K reduction I secured which is the general new build assumptions on being over priced.

The bank didn't down value, it came in at the price agreed plus many other extras secured.

Crashy_Time

BikingBud said:

RelievedSheff said:

Sunsaru said:

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Sorry to be pedantic but they haven't been down valued, just reduced. Probably because they are asking to much in the first place. Looking at the last sold prices the vendors are going to make a tidy profit but were maybe reaching too far to start off with?

Interesting to see is what they actually sell for though.

^^^^^^ Exactly this.

There is a vast difference between a property being down valued and a property having the asking price reduced.

The vendor can put their house on the market for whatever asking price they like, it doesn't mean that they will sell it for that. There are a couple flying kites where we are now with their asking prices. No way will they achieve what they have put them up for. When the asking prices are reduced it doesn't mean they have been down valued or that house prices are dropping, it simply means that the asking prices are coming down to something more realistic and in line with the current market.

Of course

I would suggest the former is when the vendor may be too stubborn to realise it is overpriced and the latter may be when they accept their expectations are unrealistic.

The difficulty is that buyers often believe the emperor's new clothes are real.

Yes, that is a big part of the problem, to be fair they have been bombarded for years with the message that you can`t go wrong with debt on bricks and mortar, even new builds!

RelievedSheff

Crashy_Time said:

BikingBud said:

RelievedSheff said:

Sunsaru said:

BikingBud said:

980233 said:

Crashy_Time said:

Ok, I suppose it isn`t the same, are you happy with the price of your one?

Very happy considering it wasn't down valued and I know it will gain value. Wokingham isn't town that loses value despite it's local MP.

Appear to be a few here that have been down valued, some by between £50-£85K [in a little over 5 weeks!]

Also some that have been increased despite being unsold since Mar 21!

No sense, no logic, just human nature.

Sorry to be pedantic but they haven't been down valued, just reduced. Probably because they are asking to much in the first place. Looking at the last sold prices the vendors are going to make a tidy profit but were maybe reaching too far to start off with?

Interesting to see is what they actually sell for though.

^^^^^^ Exactly this.

There is a vast difference between a property being down valued and a property having the asking price reduced.

The vendor can put their house on the market for whatever asking price they like, it doesn't mean that they will sell it for that. There are a couple flying kites where we are now with their asking prices. No way will they achieve what they have put them up for. When the asking prices are reduced it doesn't mean they have been down valued or that house prices are dropping, it simply means that the asking prices are coming down to something more realistic and in line with the current market.

Of course

I would suggest the former is when the vendor may be too stubborn to realise it is overpriced and the latter may be when they accept their expectations are unrealistic.

The difficulty is that buyers often believe the emperor's new clothes are real.

Yes, that is a big part of the problem, to be fair they have been bombarded for years with the message that you can`t go wrong with debt on bricks and mortar, even new builds!

If you view your property as a long term home then you really can't go wrong with bricks and mortar. The long term trend has only ever been in one direction barring the odd short term blip.