Is The Market Really That Bad

ReadySteadyPop

Albermarle said:

ReadySteadyPop said:

GDB2222 said:

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

I think the OP is saying the property is valued at around £2.5 million, in which case £50k is not at all a big drop. 

There's some speculation that some sort of property value tax (at around 1% a year) may be introduced by the Chancellor, which could hit higher priced properties quite hard. 

How would it work?

Nobody knows , it is just speculation 

Some of the ideas sound quite good.

https://bmmagazine.co.uk/news/treasury-property-tax-replace-stamp-duty/

FreeBear

itsallyellow said:

We have decided to sell one of our properties in the South East. Were in no rush to sell and all the agents have come in at the same sort of value. We have decided to go £50k below the lowest valuation just to ensure viewings etc

Having spoken to some local agents it sounds like its quite tough out there. Is this just the normal school holiday slow down? Will it pick up in September or are we best putting the idea off for a while. My concern being that if the market is bad im not sure i can see any reason for it to get better over the next few years?

Sis has put her mansion on the market recently, and had an offer in about a week. Then went and made an offer on a new pad that had only been on the market for a few days - Both in the East of England.

Some sectors of the market seem to be quite buoyant, but I suspect price bracket and area have a lot to do with it.

ReadySteadyPop

itsallyellow said:

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

A bidding war would be rather nice. Although im more than happy if it sells at that price.

Do "bidding wars" even happen anymore?

strawb_shortcake

ReadySteadyPop said:

itsallyellow said:

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

A bidding war would be rather nice. Although im more than happy if it sells at that price.

Do "bidding wars" even happen anymore?

Yes, one I liked was on for £325k, it sold for £341k now showing on land registry. 

Another one we viewed, had multiple viewings, an offer of the asking price the first day, and 8 viewings the first weekend, whilst it did result in multiple offers we don't know what that eventually sold for 

itsallyellow

Thanks for the replies. Sounds like some markets are moving. I guess at this level your not really competing against other properties as they are all fairly unique.

Dustyevsky

ReadySteadyPop said:

itsallyellow said:

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

A bidding war would be rather nice. Although im more than happy if it sells at that price.

Do "bidding wars" even happen anymore?

Of course. A house I know about was listed at £500k and sold for £595k after several people competed for it. The agent knew it had particular strengths not found in similar old houses in that location, set the price low and let it find its own level.

That strategy won't work with a bog-standard sort of house, though.

On the subject of markets, here in rural Devon, there have been 6 properties for sale in my postcode this year. So far, the only one that's sold is a farm with about 30 acres of land. The rest: nothing doing.

Albermarle

Dustyevsky said:

ReadySteadyPop said:

itsallyellow said:

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

A bidding war would be rather nice. Although im more than happy if it sells at that price.

Do "bidding wars" even happen anymore?

Of course. A house I know about was listed at £500k and sold for £595k after several people competed for it. The agent knew it had particular strengths not found in similar old houses in that location, set the price low and let it find its own level.

That strategy won't work with a bog-standard sort of house, though.

On the subject of markets, here in rural Devon, there have been 6 properties for sale in my postcode this year. So far, the only one that's sold is a farm with about 30 acres of land. The rest: nothing doing.

Relative had looked at a house online at £650K ( Down South) but was out of their price range.
Asking price was dropped to £600K, so they had a look around, liked it and offered £580K. However the price drop had encouraged other people and within 48 hours it was final bid time. Winning bid was around £635K, so the low asking price strategy worked in this case.
It was a standard probate 3 bed semi sale.

Dustyevsky

Albermarle said:

Dustyevsky said:

ReadySteadyPop said:

itsallyellow said:

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

A bidding war would be rather nice. Although im more than happy if it sells at that price.

Do "bidding wars" even happen anymore?

Of course. A house I know about was listed at £500k and sold for £595k after several people competed for it. The agent knew it had particular strengths not found in similar old houses in that location, set the price low and let it find its own level.

That strategy won't work with a bog-standard sort of house, though.

On the subject of markets, here in rural Devon, there have been 6 properties for sale in my postcode this year. So far, the only one that's sold is a farm with about 30 acres of land. The rest: nothing doing.

Relative had looked at a house online at £650K ( Down South) but was out of their price range.
Asking price was dropped to £600K, so they had a look around, liked it and offered £580K. However the price drop had encouraged other people and within 48 hours it was final bid time. Winning bid was around £635K, so the low asking price strategy worked in this case.
It was a standard probate 3 bed semi sale.

OK, maybe it will work in the right sort of location where there is more demand than in this rural backwater. The example I gave was also rural, but an area well-known to be popular for professionals commuting to Bath, Bristol, Wells etc.

ReadySteadyPop

itsallyellow said:

We have decided to sell one of our properties in the South East. Were in no rush to sell and all the agents have come in at the same sort of value. We have decided to go £50k below the lowest valuation just to ensure viewings etc

Having spoken to some local agents it sounds like its quite tough out there. Is this just the normal school holiday slow down? Will it pick up in September or are we best putting the idea off for a while. My concern being that if the market is bad im not sure i can see any reason for it to get better over the next few years?

Has there been interest yet?

Baldytyke88

A relative is the executor and he had a property valued by 2 estate agents. The prices ranged from £235k to £290k, around 12 months ago, when the property was still lived in, an agent stated £250k, let's see what the third agent estimates next week