Fantasists?

mark_cycling00

Emily_Joy said:

mark_cycling00 said:

A quick online look at chalford explains that it's in the "golden valley" between Stroud (recently named best place to live in UK) and Cirencester (Roman capital of the Cotswolds)

Basically super trendy. Trains are just over 1hr to London and the Elizabeth line has recently opened connecting Paddington to the city and canary wharf in just a few minutes. 

I don't think this is really an area for struggling first time buyers. It's where actors, fashion designers and even California tech billionaires buy homes.

Cirencester centre is strangely good value considering, and the upgrade to the dual carriageway road to the M5 will make it much more desirable.

Also cam/dursley is good value and a very attractive place to live.

Am I missing something? Chalford is not on the rail line, it is nowhere close to Reading where Elizabeth line currently ends, and google maps suggests 2 hours to London by car or 3 and a half hours by train.

I read the question as why the property was more expensive given no building improvements in recent years.

One aspect is that the commute to London has improved. The nearest station is Kemble, has a huge new car park and is 1hr 10 to Paddington. 
Recently the Elizabeth line connects paddington to the city and c wharf much quicker than the circle line etc. 

I know people around that area who have moved from London and commute 2-3 days a week.

Ironically chalford did have a station in the days of steam when it was the fastest train line in the world.

mi-key

The danger of looking at houses you can't really afford, or think are very overpriced and then making unrealistically low offers is that you will end up wasting years trying to buy a home. 

How many houses do you really see that come up for sale and NEVER sell in your area ? There is always someone who will buy a property.

With our ever aging population there are a lot of older people who downsize. They paid off their mortgage years ago on a big house they paid next to nothing for by todays standards, so have a load of equity from it. They then go and look for a smaller house or bungalow that is half the price they sold their old one for.

If they see somewhere they love the price is not an issue and they will buy it for full asking price for cash. This is certainly very common in the area I live, and can make it very hard for buyers with limited budgets to get a look in unless they are prepared to pay asking or offer near,

Eldi_Dos

[Deleted User] said:

RelievedSheff said:

Postik said:

RelievedSheff said:

What a house sold for two years ago is completely irrelevant to what it's value is now.

It's sad but true.  Even second hand cars are worth more now than they were two years ago!  Says something about the state of our "economy"

We bought a 2.5 year old motorhome two years ago.

It is now worth 25% more than when we purchased it. (Which is largely irrelevant as we have no intention of selling it)

As I said in my previous post. It is useless looking at what someone else bought something for because that bears no relevance to it's current day value. That's the same for property, vehicles, boats etc.

My motorhome, purchased in 2014 is currently worth around 25% more, despite me taking the mileage from 7,000m to 47,000m.

On other forums I see similar comments about motorhomes being overpriced, 

When you purchased your motorhome I would imagine the same people would have said you paid too much for it, out of curiosity do you hang your clothes on wing mirror if doing work in the motorhome?

[Deleted User]

mi-key said:

[Deleted User] said:

A lot of people thought they were getting rich and are now reluctant to lower prices to realistic levels.

Make realistic offers. They can only say no, and they might realise that they are being silly.

Sadly that isn't ( and never had been ) how the housing market works. 

Realistic is whatever a house sells for. If buyer A comes along and decides it is 25% overpriced, but buyer B comes along the next day and pays full asking price, then who is right?  Has A missed out by being unrealistic, or has B been ripped off and paid too much? 

People buy a specific house for all sorts of reasons and I bet the vast majority of buyers never look at what a house has sold for in the past. 

Most people by a house as a home to live in, not something to look at figures on bits of paper to see how much they have saved or could have saved. 

That is exactly how the market works. You offer what you think it is worth and if it's not enough for the seller you move on.

Or you pay over the odds and screw yourself. Your choice.

mi-key

[Deleted User] said:

mi-key said:

[Deleted User] said:

A lot of people thought they were getting rich and are now reluctant to lower prices to realistic levels.

Make realistic offers. They can only say no, and they might realise that they are being silly.

Sadly that isn't ( and never had been ) how the housing market works. 

Realistic is whatever a house sells for. If buyer A comes along and decides it is 25% overpriced, but buyer B comes along the next day and pays full asking price, then who is right?  Has A missed out by being unrealistic, or has B been ripped off and paid too much? 

People buy a specific house for all sorts of reasons and I bet the vast majority of buyers never look at what a house has sold for in the past. 

Most people by a house as a home to live in, not something to look at figures on bits of paper to see how much they have saved or could have saved. 

That is exactly how the market works. You offer what you think it is worth and if it's not enough for the seller you move on.

Or you pay over the odds and screw yourself. Your choice.

Or sensible people make reasonable offers they can afford on houses that are within their budget range, rather than wasting their lives making low offers on houses they can't afford that will never be accepted.

It is the difference between being realistic when  looking at houses, and desperately  hoping someone will reduce a house to a price you can afford, while someone with more money comes along and buys it...

TheJP

I bought my house in March 21, we put in a new boiler and en-suite. Just had it valued by a RICs surveyor for re-mortgage and its gone up £103k in the 2 years.

[Deleted User]

mi-key said:

[Deleted User] said:

mi-key said:

[Deleted User] said:

A lot of people thought they were getting rich and are now reluctant to lower prices to realistic levels.

Make realistic offers. They can only say no, and they might realise that they are being silly.

Sadly that isn't ( and never had been ) how the housing market works. 

Realistic is whatever a house sells for. If buyer A comes along and decides it is 25% overpriced, but buyer B comes along the next day and pays full asking price, then who is right?  Has A missed out by being unrealistic, or has B been ripped off and paid too much? 

People buy a specific house for all sorts of reasons and I bet the vast majority of buyers never look at what a house has sold for in the past. 

Most people by a house as a home to live in, not something to look at figures on bits of paper to see how much they have saved or could have saved. 

That is exactly how the market works. You offer what you think it is worth and if it's not enough for the seller you move on.

Or you pay over the odds and screw yourself. Your choice.

Or sensible people make reasonable offers they can afford on houses that are within their budget range, rather than wasting their lives making low offers on houses they can't afford that will never be accepted.

It is the difference between being realistic when  looking at houses, and desperately  hoping someone will reduce a house to a price you can afford, while someone with more money comes along and buys it...

You are just having an imaginary argument with yourself now. I never said make unrealistic offers, I said offer what you think it is worth.

ReadingTim

[Deleted User] said:

That is exactly how the market works. You offer what you think it is worth and if it's not enough for the seller you move on.

Or you pay over the odds and screw yourself. Your choice.

If you get what you want and can afford it, I'm not sure how this is screwing yourself.  Over the medium to long term almost every property increases in value.  

Don't fall into the MSE trap of knowing the price of everything and the value of nothing.  

diystarter7

jimbog said:

rigolith said:

Make realistic offers

I  agree.

OP, make only realistic offers otherwise you'll be labelled as a time waster. Focus on what it's worth today rather than what somebody paid for it in the past. 

hi

So what is a "realistic offer" and are you saying that all buyers' and sellers' interpretation of a realistic offer is the same? Looks like you are

What type of realistic offer are you implying if a seelr has over-price a property as many have due to falling markets.

I've see property that has been lowered by more than 10%, and therefore I am confused what is deemed buy a realistic offer i a certain market unleess you are implying even lower offers that that

It is important to ascertain a property is properly priced and then make a low offer and see how it goes and then take it from there is you wish

Thanks

lookstraightahead

mi-key said:

[Deleted User] said:

mi-key said:

[Deleted User] said:

A lot of people thought they were getting rich and are now reluctant to lower prices to realistic levels.

Make realistic offers. They can only say no, and they might realise that they are being silly.

Sadly that isn't ( and never had been ) how the housing market works. 

Realistic is whatever a house sells for. If buyer A comes along and decides it is 25% overpriced, but buyer B comes along the next day and pays full asking price, then who is right?  Has A missed out by being unrealistic, or has B been ripped off and paid too much? 

People buy a specific house for all sorts of reasons and I bet the vast majority of buyers never look at what a house has sold for in the past. 

Most people by a house as a home to live in, not something to look at figures on bits of paper to see how much they have saved or could have saved. 

That is exactly how the market works. You offer what you think it is worth and if it's not enough for the seller you move on.

Or you pay over the odds and screw yourself. Your choice.

Or sensible people make reasonable offers they can afford on houses that are within their budget range, rather than wasting their lives making low offers on houses they can't afford that will never be accepted.

It is the difference between being realistic when  looking at houses, and desperately  hoping someone will reduce a house to a price you can afford, while someone with more money comes along and buys it...

But so many sellers are unrealistic, it's worth a try. What's the point of paying a ridiculous price only to have the bank undervalue (for those needing a mortgage).