First Propertybee results for my local area.

LittleMissAspie

m00m00 wrote: »

for the latter one
12th May 2008

• Price changed: from 'Offers in Region of £124,950' to 'Offers in Region of £115,000'

7th Apr 2008

• Initial entry found

distributed property bee is superb

Nope, it was indeed 130:


:beer:

m00m00

LittleMissAspie wrote: »

Nope, it was indeed 130:


:beer:

it's because I'm using a different version of property bee from you.

yours is of course the better data, as it's from your local cache.

my data comes from the first date one of the other property bee beta tester viewed your area.

once the distributed version is the 'norm' your data will overwrite existing distributed data as it's more complete.

Nenen

m00m00, have you done another of your wonderful Property Bee price info things for Cambridge recently? I've stupidly lost the thread where you posted the first one on.... if you could provide a link for me I'd be very, very grateful.

m00m00

Nenen wrote: »

m00m00, have you done another of your wonderful Property Bee price info things for Cambridge recently? I've stupidly lost the thread where you posted the first one on.... if you could provide a link for me I'd be very, very grateful.

I'm really slacking with my things at the moment, due to illness.

I have all the raw data, just need to convert it into a forums friendly format, which I'll hopefully do at some point this week, with 2-3 weeks worth of updates at once

Nenen

m00m00 wrote: »

I'm really slacking with my things at the moment, due to illness.

I have all the raw data, just need to convert it into a forums friendly format, which I'll hopefully do at some point this week, with 2-3 weeks worth of updates at once

sorry to hear you've been ill m00m00... no rush at all on the stats, I just wanted to make sure I hadn't missed any of your hard work! From my very rough gut feeling, having been looking at property within a 5 mile radius of Cambridge city centre, I think the reductions are growing. I'm intrigued to know if my feelings are correct... or it's just wishful thinking!

IveSeenTheLight

Isn't propertybee reporting drops in asking prices?
It is not a true reflection of actual house prices.

Nenen

IveSeenTheLight wrote: »

Isn't propertybee reporting drops in asking prices?
It is not a true reflection of actual house prices.

Your're right that it's not a reflection of actual sold prices but what Property Bee does that is so helpful and informative is to allow one to track a house from the date it first appears with all changes (including changes in price or details). These details then appear every time you look at a property so that you don't have to keep notes (mental or otherwise). If one knows how long a house has been on the market for and what price drops have already occurred, this helps to give an idea of whether the vendor might take an offer etc. For those of us that have been using Property Bee since its inception (I started using it in January this year) it has also been very interesting to note how much the average length of time on the market and the price drops are increasing. Although this is not the same as actual sold prices it does give an idea of how 'desperate' (or otherwise) the market is getting.

IveSeenTheLight

Nenen wrote: »

Although this is not the same as actual sold prices it does give an idea of how 'desperate' (or otherwise) the market is getting.

I dont think you can take these specific house examples and generalise as the market.
It may show a trend, but may not apply to the next specific property.

Although this is not the same as actual sold prices it does give an idea of how 'desperate' (or otherwise) the [STRIKE]market [/STRIKE] specific house sellers are getting.

Nenen

IveSeenTheLight wrote: »

I dont think you can take these specific house examples and generalise as the market.
It may show a trend, but may not apply to the next specific property.
Although this is not the same as actual sold prices it does give an idea of how 'desperate' (or otherwise) the [strike]market [/strike] specific house sellers are getting.

You may well be right... I'm no expert and have never claimed to be. However, my understanding is that is is desperate 'specific' house sellers who drive the overall prices down (i.e. if a desperate seller sells for £20,000 less than previous highest price for the road, that immediately sends a signal on value to EAs and BS surveyors who use recent sold prices to determine current values). This is the opposite to desperate buyers in a booming market who drive the prices up as they are prepared to mortgage themselves silly and pay ever increasing prices in order to 'get on the ladder' before they are 'priced out'.

Obviously, buyers who don't 'need' to sell have the option of just staying put but, if an increasing number of houses around them drop in value, then this must at least give them a clear message that their house is *currently* not worth what it once was (on paper that is).... they may have to wait 5-10 years for that to happen!

I think lots of sellers are currently at stalemate... i.e. not prepared to drop the price on their own house until they can see the kind of house they want to buy coming down in price too. I think it is likely to be a 'snowball effect' in that, as more houses drop in price (due to people who have to sell), then others will be able and willing to drop their own price accordingly.

This happened to us in the last HPC... We originally sold our house for £75,000 and wanted to move to a neighbouring (more expensive) village. We didn't 'have' to sell it was a lifestyle choice. However, at that time the houses in the neighbouring village were all just out of our price range and eventually, when we couldn't find anything suitable that we could afford our buyers (understandably) wouldn't wait any longer and so dropped out. The HPC then started to kick in and for a long while we couldn't drop the price of our house as the ones we wanted to buy hadn't fallen, so we sat on things for about 18 months. Then a few properties came up in the desired village with considerably lower prices (due to a probate sale, a repossession and a couple of job moves). We were then able to drop our price (to £55,000) and buy one of these. Our price drop allowed our new buyers to drop the price of theirs enough to tempt a first time buyer in a difficult market, thereby completing the chain!

m00m00

IveSeenTheLight wrote: »

I dont think you can take these specific house examples and generalise as the market.
It may show a trend, but may not apply to the next specific property.

Although this is not the same as actual sold prices it does give an idea of how 'desperate' (or otherwise) the [strike]market [/strike] specific house sellers are getting.

some of us who are good with stats and data analysis though, can use the results from property bee to form good information on specific LOCAL markets

(there is no national property market imho)

one thing I've found out, is that very different markets, are all showing very similar behaviours at the moment.