2rocketman
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Posts posted by 2rocketman
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47 minutes ago, HariSeldon said:
That's a meaningless figure without context. If there are only 64 properties available in Reading then yes it's significant, if there are 640 then less so.
[EDIT] I just checked Rightmove, there are 1363 properties for sale in Reading so your 64 is less than 5%, hardly a sign of anything really!
64 in the last 6 days?
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On 23/09/2019 at 08:15, longgone said:
Lol 40s here. The shackles of debt slavery are loose very loose.
Love it..
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I just looked up Reading on Rightmove and in the last 6 days alone their have been 64 properties reduced. Hardly a sign of buoyancy. Buyers market there for sure now...
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Yes but it gives a very good indication of where the market is heading and current sentiment. Rightmove, Zoopla etc is littered with reduced properties it wasn’t 3 years ago. Everything was selling.
Each to there own, I know I can buy much more for much less today than this time last year.I think some people may still be in denial but it will no last.
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Okay last one, I don’t want to bore everyone. This is what chasing the market down over 2 years looks like. To be fair it did start with a 2% reduction. Now it’s - 26.5% surely there is still a bit more room for negotiation? The vendor seems flexible on price:)
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I think it is a pretty good indicator of the market.
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What about this one - 14.7% since August?
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You do not need data to see the majority of houses listed for sale in the south have been reduced multiple times yet still remain unsold.
I could post another 20 links of houses reduced in the same area. The market in the south is plunging!
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55 minutes ago, Ah-so said:
It is 2%. See the numbers in the article.
Don’t be so naive as to believe everything you read. Check the listing history on the link below for a house listed in April. You could probably negotiate a further 10% reduction so that would be 25% down in 6 months. I would call that a “plunge”
1 of many properties reduced reduced reduced.
When does a “plunge” become a crash? -
55 minutes ago, Ah-so said:
It doesn't change the fact that 2% decline in the value of something is not a plunge - this is an exaggerated headline.
It’s not 2% though is it? The market has turned. You could negotiate a huge percentage off a property in real terms. I think the stalemate is over and we are heading in a new direction and it’s downwards. Slowly sellers are realising what seems like a low offer today could look great this time next year. Let’s “plunge”
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From the peak if one of my offers we’re to be accepted it would be a total reduction of around 30-35%. It would allow me to buy something that 2-3 years ago I could not of dreamed of. My stamp duty liability would drop from 17.5k to 4k. This along with a lower purchase price will increase my deposit & loan to value significantly which in turn reduces my monthly mortgage payments. The stamp would of been even higher before the changes made in the budget. Nothing is certain and it may take some time, but if I can find a deal I’m going to jump. Everywhere may be 20% down by this time next year then there would be real panic, so I’m in no hurry. Unlike others I can not see anything that is going to reverse sentiment in the next 12-18 months. Unless they fund help to buy on all properties.
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50 minutes ago, nightowl said:
Indeed it would be worth £1k if there was only one person interested but usually there will be more than one and most places for sale don't have to sell (except maybe a divorce order or bankruptcy).
Timing is important to the seller too because if someone offers 20% under on the first day of sale they may well ignore it in hope of better offers in the months to come. 6 months later they may change their mind if no one else offers.
Anyway the current market I believe is stalled and I guess Brexit and possible interest rate changes could be to blame.
I am targeting houses that have been on since the beginning of summer if not longer and vacant if possible. Even with low interest rates having 400k tied up in something you can’t cash in must be frustrating and losing you 8k per year. Paying council tax due to there no longer being exemption on empty properties must be costing/wasting a further £1500-£2000 per year. On top of that they will have to heat it through winter to avoid problems, clean windows, cut grass etc which is either more expense or eating into your own life. All the time they are watching the prices drop 25k here 25k there doing the same chasing the market down. If they have had a sale fall through previously that would of cost in solicitors fees. With the threat that Brexit could knock values further I am hoping I can tempt someone into taking a offer. A bird in the hand and all that?
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1 hour ago, nightowl said:
Trouble is that someone maybe someone else with deeper pockets who will pay more!
While its easy to laugh at deluded sellers feeling entitled to an over inflated 2018 prices+20%, equally no one is entitled to pre 2008 prices either - its a bi lateral agreement.
My spy in the current market said the asking price of a house is more critical than it used to be as people don't offer and haggle as much as before (cultural change maybe) or even view it if its too high. It's more like FTBs especially shop for houses now and treat the asking price as the price and ignore it if its too high.
Totally agree with what you say especially about a generation either unwilling or unaware you can negotiate.
However I did say “If you are lucky and there is no other interested parties they may accept an offer”
Market forces will determine the price. It is only worth 1k if that is the only offer on the table and you need to sell it there & then and there is absolutely no other interested parties above that price. Everything has a price and it will find its value.
Timing is everything!
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When a house is listed as offers over it is often the case that the seller has already reduced the price once or twice and they’ve been receiving what they would deem silly offers. They then list it at the lowest price acceptable to them and tend to be quite firm on price. Like a starting price in an auction they only want to work up from there. However the house is only worth what someone is willing to pay and they have a need to sell. If you are lucky and there is no other interested parties they may accept an offer. I would put an offer of 189k -10% if they knock it back depending what your appetite for it is go 195k final offer. Then leave it with them. You have to be prepared to walk away.
Best of luck.
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I’m interested to see the media response should Boris’s deal get through today. Will it be perceived as a hard brexit? If voted down, could it lead to no deal out on the 31st by default? EU refuses extension or Boris finds a way around the Benn act.
Not getting all Brexit on this thread but it could create one of the best buying opportunities in recents years which is all I care about to be honest..
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3 minutes ago, longgone said:
is it a pre HTB price offer ?
No far from it. Old terraced house.
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My most recent viewing went quite well. I liked the house, however it needs work throughout. Location is 10/10.
The estate agent advised me “prices never drop in this area” whilst in the next breath saying “prices have now stabilised” all a load of rubbish of course. They’ve been consistently dropping since 2016 albeit slowly.
I left it a day and offered -20% expecting a bit of a frustrated response from the EA followed by an immediate refusal from the vendor. The response I actually got off the EA when putting forward the offer was quite good. Yesterday I received an email saying “the owner is going to take the weekend to have a think about it”
At best it will be a counter offer, at worst refusal but it’s not an outright don’t be so ridiculous on a 100k reduction.
I have another viewing booked for beginning of next week elsewhere, I’m happy to keep moving along unless a real opportunity presents itself, but you have to be in it to win it.
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1 hour ago, Drummer said:
Thank you for the replies so far. I thought it was a fairly generous offer and the consensus on here is that it probably was.
Just to add to original post; it's only been on the market for 2 weeks, so it seems vendors are still happy to be kite flying. The area I'm in sees some proper junk being sold for £200-250k but it looks difficult to sell anything over £300k. Its noticeable how long properties over £300k stick around on rightmove then just disappear unsold.
Yes, to generous. Hold tight, if it is still for sale in January go in deep on them.
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I would use Markyh tactics for sure. IMO it is them playing hardball. Even if the house was only 250k new they now want 37k more than they paid for it in a falling market. It’s a second hand new build ffs. They think their house has gone up 3k a month. Assuming the house is 250k of course.
I would pull my offer, if they come back I ask for a further 15% reduction out of principle.
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I would call up and lower your offer by 22%.
Personally, I would not buy a new build at any price. Unless we are talking -50%+
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Very small houses for your money and limited parking is the downside for us in Winchester. Everything else suits us great!
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5 minutes ago, Wayward said:
You won't find anything good value in Winchester.
That is true. Although this is probably our first choice. Prices are definitely dropping there though. When we was first looking anything we would of been happy with the price started with a 5 now the odd one starts with a 3. Big big difference.
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42 minutes ago, scottbeard said:
Estate agents being desperate I can understand....but that isn't the same as the vendors being desperate.
I'd argue that in a way Estate Agents are ALREADY incentivised to "work for you" by virtue of the fact that all they care about is a sale - any sale - at any price. They'd far rather have it sell to you for a knock-down price (and get paid their commission) than spend all day trying to talk you into paying more (which is more effort, and risks you walking away - goodbye to their paycheck).
When I sold my previous house I got an offer passed to me from the EA and they "recommended" I accept it. I didn't - because who would ever accept a first offer?! and - surprise surprise - the buyer upped their offer a bit and, like every house ever, we agreed a price lower than my asking price but higher than their first offer.
In the past estate agents were definitely not on the buyers side. It was more a case of them telling you how much the property was in demand, offer above asking etc etc. That has now changed. They go whatever way the wind is blowing in my opinion.
I do not expect my first offer to be accepted. Although this recently happen to a friend of mine on a property in an affluent area.
Chain free ready to go
Mortgage in place
offers in on multiple properties
Target empty houses, refurbs, probate
solicitor in place ready to instruct
Negotiation is key but so is getting yourself in the strongest possible position to start with.
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18 hours ago, Fromage Frais said:
Fingers crossed
Prices come under immediate pressure in my area once there are a few options.
At present it's a slow drip of properties on the market.
Selling prices look to be down but asking prices for new listings often a bit silly.
Atm people have a wait and see attitude once we have the new reality fingers crossed things will get moving again.
Prices are already dropping, The high listing values are just a mirage. Go on some viewings, you can smell the desperation on the estate agents. Talking about the vendors being keen to sell, how they are willing to take take offers below asking before I have even looked around upstairs. I have another 2 viewings booked for this week and 1 for next. It is the only way to get a true feel of the market. When I make an offer it will be out of the blue. Not before I have lined up a few houses I am willing to buy, which might take until the end of November. Then I’m going to play the estate agents/vendors off each other. ie I have put an offer of xyz on 33 West Street with such & such agent, I only want to offer xyz for what you are selling can we reach a deal? I want to make sure they no I’m a serious buyer with everything in place, that once I have an offer accepted that’s it. To be sure they are working for me rather than against me, advising the seller to try and knock the money off the house they are buying, or if it’s empty telling the seller buyers are thin on the ground etc. I‘m also hoping for a GE in November to create even more uncertainty. Most of what I am viewing has been on since at least July.
P.s This strategy might not be for everyone.2R
"House prices PLUNGING across Berkshire"
in House prices and the economy
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The asking price was the price if not higher 3 years ago. Now as you say it’s fairly insignificant. It is more what someone is willing to pay. That is my point. It’s now a buyers market and it is the buyer dictating the price not the seller.