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How much below asking price is realistic now?
Comments
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neverdespairgirl wrote: »Tell that to the sellers in WC1, some of whom are knocking £100k off asking prices.
Well I'm not doubting that London prices are taking a hit....but weren't they also the ones who made some of the biggest gains???!!!!
In Hampshire, if the prices are set realistically, there is no need to take an offer 20% below asking price.
The only places you'll get down here for that would be executor sales where the final price isn't the issue....plus one of the reasons why demand is so high here is that so many in London want to buy a 2nd home for the weekend....
Many people, myself included cannot move at all beyond a certain selling price.:A Born a Saint, always a Saint!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
trulysaintly wrote: »Many people, myself included cannot move at all beyond a certain selling price.
You will be as the price drops affect the property you want to buy as well.
Price drops aren't bad unless you are a investor.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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You will be as the price drops affect the property you want to buy as well.
Price drops aren't bad unless you are a investor.
Well that depends on how much of your equity you're putting into the next property!!
If the legal and estate agent fees, and deposit are coming out of the equity - tell me how that benefits anyone if the selling price reduces...
Can you show me a Solicitor that will charge less because I've accepted a lower offer??!!:A Born a Saint, always a Saint!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
trulysaintly wrote: »Well that depends on how much of your equity you're putting into the next property!!
If the legal and estate agent fees, and deposit are coming out of the equity - tell me how that benefits anyone if the selling price reduces...
Can you show me a Solicitor that will charge less because I've accepted a lower offer??!!
You're kidding right? You're not really a mortgage advisor are you?
You don't see the following ..... someone with a 100k mortgage on a 200k property who wishes to buy a 300k house would, after a 10% downturn now be selling at 180k and buying at 270k therefore they would now need a 190k mortgage as apposed to 200k before the 10% reduction.
Similarly, estate agent fees and solicitors fees are also linked as a % so would also see a reduction.
I think it's your type of lack of understanding that has fuelled this type of problem. And no I AM NOT A MORTAGE ADVISOR, just good at maths and common sense.0 -
My friends mums an estate agent and she said this morning, they were coming down, but good areas will never 'crash'
Asking prices in Kensington and Chelsea (a "good area", I'd have thought....) dropped more than 2.2% in April. That looks pretty crashy to me....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Ask your friends Mum if she was an EA in 1990.0
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Some of the biggest developers have slashed the valuations of their land-banks worth for residential building some 40% according to confidential industry figures.according to confidential industry figures we have seen, prices are sliding, land values are down at least 40 per cent and company announcements have highlighted the perilous state of the market," the broker said, sparking a sell-off across the sector.
Doesn't yet seem to be passed on to people at the moment, apart from these 5% or 10% discounts people are jumping for joy about when still purchasing from developers.
Yet in many areas the land is 2/3rds the cost of a house... doesn't take a genius to work out which way house prices are heading over the longer term - but of course... just a few percent slowdown and back to HPI in a few months innit.0
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