for those with there house for sale how low are the silly offers coming in at ?

Nicki

dannyboycey wrote: »

WRONG!!!

It's worth only what a buyer is prepared to pay.



Yet.......

The property has been on the market for 4 days, and OP has already said that similar properties in the area are selling for more than £127k. It's therefore not unreasonable for OP to consider that her house is worth more than has been offered or suggested on here. If it hasn't sold in a few weeks time, then she can reconsider.

It does make me laugh, all the people on here who say that a property crash is coming, so sell your house for whatever meagre sum anyone is prepared to offer just to get shut of it. In other words, why wait for negative equity, pre-empt it by selling for less than the market will bear now!

The advice about accepting a low offer is only good, IMHO if:

1. the property has been on the market for more than a few weeks and the owner needs to sell because for example they are re-locating.

2. the offer is within a reasonable shot of the asking price, and doesn't push the owner into negative equity or make it impossible for them to afford their own next purchase

3. The owner is definitely not in a position to ride out any fluctuations in the market, by holding on to the property until prices re-correct again.

A mass panic by sellers is the surest way to drive the property market downwards, and I wonder whether this is in fact what a lot of people posting on this board are in fact trying to achieve

pinkshoes

It depends how badly you want to sell, and if you're buying something else. If you don't get any better offers, you could accept a lower one, then offer something much lower on the next property you're buying, and if no one will accept your low cheeky offer, then just pull out and stay put. I know it's also cheeky to do that, but they started it!

A falling housing market is only bad news for those that HAVE to sell due to financial difficulties. For the rest, it just means re-assessing your situation, and perhaps changing your plans for a year or two.

Biggie

What ridicules answers to what was a very simple question from the OP.

These DooM Mongers are ruining this forum.

I have just accepted 6% below the asking price, I may have got slightly more if I had waited but I'm also purchasing another property chain free. So if my current property was sitting empty for a couple of months I would be back to square one so decided to accept.

When I originally posted the usual Doom Mongers were suggesting drop by 10%-15% now rather then chase the market down.

my advice is that research what sold in the summer for an equal house and expect to get slightly less because of the time of year and current market sentiment.

If you decide to hold out for a while then you may get closer to the asking price during the spring....

Also depends on which area and part of the country of course.

abaxas

pinkshoes wrote: »

A falling housing market is only bad news for those that HAVE to sell due to financial difficulties. For the rest, it just means re-assessing your situation, and perhaps changing your plans for a year or two.

Remember that people who bought at the height of the 80's boom were in negative equity for many years. In certain cases over 10!

Don't be under any illusion that things can magically be fixed in a small timeframe. Who knows what horrors awaits the housing market, we have never been in this situation before.

dannyboycey

LizzieandThomas wrote: »

And as its only been on a few days and its just before christmas i think a short wait and i will get a buyer.

I'd agree that Christmas tends be a slow time for housing markets in general - however, it has never been this slow. To gamble on some kind of post-Christmas boost is risky in my opinion as there is a very real chance that price falls will accelerate into the new year, with financial experts now predicting a 50-50 chance of a recession.

If you're moving to another property it's not such a big issue though, especially if you're scaling up (3 bed family homes hold their value better in a downturn), because prices are relative to each other anyway. There is a danger though, that your existing equity will be squeezed so much that changing mortgages may prove more costly. A good financial advisor will be able to help you with this - just don't listen to estate agents, they generally spout ****.

LizzieandThomas

Biggie wrote: »

What ridicules answers to what was a very simple question from the OP.

These DooM Mongers are ruining this forum.

I have just accepted 6% below the asking price, I may have got slightly more if I had waited but I'm also purchasing another property chain free. So if my current property was sitting empty for a couple of months I would be back to square one so decided to accept.

When I originally posted the usual Doom Mongers were suggesting drop by 10%-15% now rather then chase the market down.

my advice is that research what sold in the summer for an equal house and expect to get slightly less because of the time of year and current market sentiment.

If you decide to hold out for a while then you may get closer to the asking price during the spring....

Also depends on which area and part of the country of course.

Thankyou for your reply - i only had a straight forward enquiry and i got all this !

silvercar

With rumours of people facing crisis point, I am not surprised that people are initially offering very low.

In my area alone I know of one house where the owners are desparate to relocate and in a good market would hold out for more, but in the current market (which is not so terrible here) and bearing in mind the time of year they will accept 10% less than they would otherwise consider.

I know of another large house where the couple are getting divorced and the house needs to be sold as a matter of urgency. With a lot of money wasted on court cases, the judge ruled that the property should be reduced in price by 3% every month until a buyer is found!

dannyboycey

Biggie wrote: »

These DooM Mongers are ruining this forum.

Or 'profits of good news!' as they are known by sane people.

LisbonLaura

Nicki wrote: »

A mass panic by sellers is the surest way to drive the property market downwards, and I wonder whether this is in fact what a lot of people posting on this board are in fact trying to achieve

Nicki.

Some of us have seen it all before; & heard the same 'miffed vendor' speak as the OP is spouting.

If you do not want/need to try to sell, then don't bother.

If you want to, then in a falling market you need to be ahead of the game or you will just chase the market down. (unless you are very very lucky)

Shooting the messenger wont stop what is just a house price correction back to sanity ............ unfortunately combined with a somewhat irritating worldwide bank solvency problem!! - GET REAL, the days of cheap credit & lies are over!

As someone has wisely pointed out, even property (shock) is only worth what you can get for it..............unless you want the Govt. to make house prices compulsory? - The Brown mob are possibly mad enough to do so. Lobby for it?


(but as ever, you will just continue shooting messengers whilst the guilty who have forked the system terminally have flown away to retirement. It's OK, it has ever been thus)

dannyboycey

LizzieandThomas wrote: »

Thankyou for your reply - i only had a straight forward enquiry and i got all this !

If you have decided that you will 'hold-out' then why bother even posting then !!!!!!. People are only posting their opinions, which is generally what happens on forums. Take or leave the advice.... it's a free country (kind of;) )