Cheeky offer?

Herzlos

ReadySteadyPop said:

MobileSaver said:

ReadySteadyPop said:

Herzlos said:

Interestingly, I've only seen one poster on here mention the property log extension, or gov yields (though you forgot to mention bonds?). 

That app and others get mentioned all the time, nearly all house buyers are using them now. 

Sorry but that's utter tosh. PropertyLog has been around for seven years and has something like 100,000 users. In the same timeframe there were around 7,000,000 property sales. You do the maths, only a relatively small number of buyers use such apps.

ReadySteadyPop said:

MobileSaver said:

Obviously there'll be a range of different sellers at any one time; some will be desperate and will bite your hands off even if taking a £40k haircut, some will compromise just so they can move on with their lives and some will be in no particular rush and wait as long as it takes to get top dollar. 

they are not guaranteed to get it, they may get less the longer they try to play the market and their buyers.

Agreed, that doesn't change the fact that as I said some will simply not sell if they can't get what they want.

I'm sure I must have posted before about my friend's dad having his house on the market for over ten years, wasting numerous buyer's time and money in the process. In that case the seller kept disappointing buyers because he couldn't find his perfect next property but the principle was the same; he was in no rush and was only going to sell on his terms, no-one else's.

There are many more than just one app to track price drops now, do you know how many people use all the other apps? Bit of a stretch don`t you think that in the smartphone era only 100,000 people out of 7 million sales knew about simple apps that can save them money on a house? 

It's really only you that mentions these apps, regularly enough that it sounds like you have a vested interest in at least one of them. 

Most people are not obsessing over house price trends. They want a house, they set a budget and needs/wants and then find a house that comes up, buy it, move in and enjoy life. They might have a bit of a moan that houses cost more than 20 years ago but that's the extent of it. 

Albermarle

Herzlos said:

ReadySteadyPop said:

MobileSaver said:

ReadySteadyPop said:

Herzlos said:

Interestingly, I've only seen one poster on here mention the property log extension, or gov yields (though you forgot to mention bonds?). 

That app and others get mentioned all the time, nearly all house buyers are using them now. 

Sorry but that's utter tosh. PropertyLog has been around for seven years and has something like 100,000 users. In the same timeframe there were around 7,000,000 property sales. You do the maths, only a relatively small number of buyers use such apps.

ReadySteadyPop said:

MobileSaver said:

Obviously there'll be a range of different sellers at any one time; some will be desperate and will bite your hands off even if taking a £40k haircut, some will compromise just so they can move on with their lives and some will be in no particular rush and wait as long as it takes to get top dollar. 

they are not guaranteed to get it, they may get less the longer they try to play the market and their buyers.

Agreed, that doesn't change the fact that as I said some will simply not sell if they can't get what they want.

I'm sure I must have posted before about my friend's dad having his house on the market for over ten years, wasting numerous buyer's time and money in the process. In that case the seller kept disappointing buyers because he couldn't find his perfect next property but the principle was the same; he was in no rush and was only going to sell on his terms, no-one else's.

There are many more than just one app to track price drops now, do you know how many people use all the other apps? Bit of a stretch don`t you think that in the smartphone era only 100,000 people out of 7 million sales knew about simple apps that can save them money on a house? 

It's really only you that mentions these apps, regularly enough that it sounds like you have a vested interest in at least one of them. 

Most people are obsessing over house price trends. They want a house, they set a budget and needs/wants and then find a house that comes up, buy it, move in and enjoy life. They might have a bit of a moan that houses cost more than 20 years ago but that's the extent of it. 

I think you missed a 'not' out.

You are right though. Family member and partner moved into their first home a few weeks ago.
They had been looking for 12 months, were outbid ( over asking price ) on one, and then saw this one.
Obviously we all tried to work out was a fair price ( bit tricky as is in a flood area), negotiated after the survey etc but I do not think any of us really though about house price trends, which are unpredictable, as they are planning to stay there many years.
If I had said to them, do not buy it as house price trend was going negative and/or interest rates might rise etc ( neither of which may not be true anyway) they would have ( rightly), just ignored me as they had been searching a long time and this house suited them/they could afford it. ( especially with help from the Bank of Mum & Dad !)

Herzlos

Very well spotted. I'm terrible for missing 'nots' out of statements. 

MeteredOut

Herzlos said:

Very well spotted. I'm terrible for missing 'nots' out of statements. 

And because of that, we're can't be 100% confident that wasn't the case here.

Fogster17

£355k house my starting offer would be about £335k and look to pay £345-7k. On my house I took off the cost of a new roof, that was quoted at £7.5k but offered £10k under at first and got £8k under asking. 

youth_leader

As a vendor @Fogster17 it would make me I question whether you could afford my house if you offered £20K under the asking price before any survey.  How could you justify it?  

ThePropertyGuy

It all comes down to sold comparable properties - like for like. 

There are many properties on the market at the moment which are advertised with inflated prices. In these cases, they’re already being cheeky. I’d avoid trying to figure it out with percentages, bring it back to the money. 

Start by finding out what the most recent sold prices are in the area, and if the comparable property was in top condition but yours needs work, don’t be afraid to use the sold price as the baseline, minus your costs to purchase and renovate it.  

ReadySteadyPop

MeteredOut said:

ReadySteadyPop said:

inigma said:

MobileSaver said:

ReadySteadyPop said:

Herzlos said:

Interestingly, I've only seen one poster on here mention the property log extension, or gov yields (though you forgot to mention bonds?). 

That app and others get mentioned all the time, nearly all house buyers are using them now. 

Sorry but that's utter tosh. PropertyLog has been around for seven years and has something like 100,000 users. In the same timeframe there were around 7,000,000 property sales. You do the maths, only a relatively small number of buyers use such apps.

ReadySteadyPop said:

MobileSaver said:

Obviously there'll be a range of different sellers at any one time; some will be desperate and will bite your hands off even if taking a £40k haircut, some will compromise just so they can move on with their lives and some will be in no particular rush and wait as long as it takes to get top dollar. 

they are not guaranteed to get it, they may get less the longer they try to play the market and their buyers.

Agreed, that doesn't change the fact that as I said some will simply not sell if they can't get what they want.

I'm sure I must have posted before about my friend's dad having his house on the market for over ten years, wasting numerous buyer's time and money in the process. In that case the seller kept disappointing buyers because he couldn't find his perfect next property but the principle was the same; he was in no rush and was only going to sell on his terms, no-one else's.

Guess he wasn't behind on the payments at least, households are being stretched further and further.

inigma said:

Herzlos said:

inigma said:

Herzlos said:

inigma said:

MobileSaver said:

inigma said:

powerful_Rogue said:

Depends how much you love the property. 

When we viewed our current house we knew as soon as we walked in the door it was for us. Ticked all our boxes and more. We went straight it at asking price.

I'm holding on till next year or the year after when the flippers and landlords are desperate and you can offer a lower price.

One of the more infamous posters on this forum had the same idea and it backfired in spectacular fashion. 

Instead of their predicted property crash, fifteen years on they're still renting a flat and paying their landlord's mortgage while prices are now 66% higher than they were then...

Oh dear, well I got my property in 2011 for £170k and they wanted £240k.  Mortgage free for a couple of years now.  Like I said there is a lot lining up for prices to fall, unemployment rising, government debt rising...

... affordability checks tighting, banks being less likely to lend, etc. 

A drop in house prices doesn't actually mean that houses will become more affordable to most people who need to get a mortgage. 

Yes, agree which is why I say smart money will be buying bargains when prices fall.

The trick is to buy at the bottom. 

But for those without psychic abiliity, it's probably better to just buy when you find one you like. 

at the moment putting your deposit in a 1 year makes more sense, it will increase in value for the spring when prices will lower.

Do you have the cash right now to buy your next property or will you need a mortgage or need to sell your existing property first? 

Trying to time the market is a mug's game. Of course some people might get lucky but you're more likely to be on the wrong side of any price changes. Similarly, if there is a downturn, all other things being equal it's the not so good properties that take a haircut while the better ones are more likely to simply wait it out until the market improves again.

Mortgage free, had a decent insurance payout and already have a tidy lump sum to buy another property, the area i am looking is seeing a lot of panicked HMO Landlords reducing their prices and struggling to sell, as mentioned a lot of flippers reducing too.  E.surv stats out today say house prices are down 2.8% year on year, like i said I will start looking in 6 months or so, let those flippers sweat it out a bit more and see if they drop their prices a bit more.  Who knows maybe the BOE will strap on a pair and raise rates to flight the inflation problem we have had for 3 years that hasn't gone away.

I think the BOE being forced to raise rates is definitely something to consider for people looking to take on big debt, if it happened a lot of those landlords trying to sell would be stuck as well.

Who or what is going to "force" the BOE to raise rates?

Global bond/credit markets. Are you too young for the ERM crisis? You must remember the Truss budget though, so not really sure why you would ask that question.........

ReadySteadyPop

Herzlos said:

Sheer CrashyTime willpower. 

Rates are dropping after a high and he's still adamant they are going to go up. 

You should always DYOR, 90% of comments on forums are personal opinion/anecdotal.

https://www.msn.com/en-gb/money/other/rising-mortgage-rates-signal-fresh-battle-for-homeowners-ahead-of-reeves-budget/ar-AA1M7cP5