Is The Market Really That Bad

ReadySteadyPop

Baldytyke88 said:

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

Valuations sound all over the place.

laboy

I'm afraid it is. Sorry!

However, I've seen these bad times before: they go in cycles of 5/6 years (I believe we are now in year 4 of the bad cycle). At the start of the cycle there are hardly any viewings, nothing sells on a property, then at the height of the cycle you have 38 viewings and 10 offers within one week of the property going back on the market. These are actual figures, I've experienced them. The moral? Wait until the market improves - if you can afford to do so.

strawb_shortcake

Where we are (South west) the market is really slow, very little is selling. I'm not convinced it's purely down to valuations as it's across the board from £250k upwards. One of the areas we are looking at was always desirable, and houses there aren't shifting. We have our eye on two if we can sell ours.
There are some that I'd say we're overpriced, but these seem to be on with the same agents known for pricing high.
Ours is on the market, there isn't a huge amount on the market near us, but it's comparable price wise to others, our house is a good size and the  garden is significantly larger than anything else locally. 
The feedback we've had has been positive, viewers have either been not proceedable so haven't offered, or it's just not for them - we expected this as it's ex council, and appreciate they are a bit marmite. The only one that mentioned the price was someone looking for a BTL.

Fortunately we don't need to move now, if it doesn't sell within the 12 week contract then we'll take it off the market and try and again in a couple of years time. At which point we can be more flexible on where we move and we should in theory be better off financially than we are now further opening our options.

Baldytyke88

ReadySteadyPop said:

Baldytyke88 said:

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

Valuations sound all over the place.

They have had another valuation at £240k; he may be going with that one. I wonder how the asking price affects the end price, do estate agents encourage 'offers over'

ReadySteadyPop

Baldytyke88 said:

ReadySteadyPop said:

Baldytyke88 said:

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

Valuations sound all over the place.

They have had another valuation at £240k; he may be going with that one. I wonder how the asking price affects the end price, do estate agents encourage 'offers over'

EA`s just want their commission, I believe they tell people their house is worth a high number to get them on the books then try to get them to reduce the price to snag a buyer. If people are buying with a mortgage it is the lender`s valuation that counts really.

ReadySteadyPop

laboy said:

I'm afraid it is. Sorry!

However, I've seen these bad times before: they go in cycles of 5/6 years (I believe we are now in year 4 of the bad cycle). At the start of the cycle there are hardly any viewings, nothing sells on a property, then at the height of the cycle you have 38 viewings and 10 offers within one week of the property going back on the market. These are actual figures, I've experienced them. The moral? Wait until the market improves - if you can afford to do so.

Doesn`t sound right to me, we are leaving a 20 year cheap credit cycle and moving into a more expensive/volatile credit cycle, the "bad" cycle hasn`t started yet.

Combenew

We've been searching for 3 months for a house whilst renting. Nothing new to the market is being listed in this area other than doer uppers. Where are all the vendors?

theartfullodger

Ask me in 5 years time and I'll tell you what the market position is this day today.  Any other response is a guess. 

Property prices have always gone up & down, different areas different, etc etc... The red-top myth that property always goes up is a lie.

best of luck