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AskFrank

How Much Would You Offer?

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Hello I have been lurking for a long time and built the courage to post my first post, because I really could do with some advice!

I'm about to put an offer in for a property that has caught my eye. Please don't tell me off for wanting to buy!

I have a figure in mind based on my research, but would love to get some feed back from you lot on here.

Ok, so here goes -

Property was put on the market August £170k

September dropped to 165k

1st week of Jan dropped to 150k

2nd week of Jan dropped to £140k

What would you offer based on these figures? I know it all depends on the property but I would like an opinion based on what has happened to the asking price so far.

Cheers

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Hello I have been lurking for a long time and built the courage to post my first post, because I really could do with some advice!

I'm about to put an offer in for a property that has caught my eye. Please don't tell me off for wanting to buy!

I have a figure in mind based on my research, but would love to get some feed back from you lot on here.

Ok, so here goes -

Property was put on the market August £170k

September dropped to 165k

1st week of Jan dropped to 150k

2nd week of Jan dropped to £140k

What would you offer based on these figures? I know it all depends on the property but I would like an opinion based on what has happened to the asking price so far.

Cheers

Go to one of the house price sites.

find the value of a similar property (if you're lucky, the same property) in 2002 and offer that.

But on the basis of the price history and currect price I'd consider an offer of 110.

tim

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You need to price in the next couple of years worth of declines. Somewhere between the 90 and 110 K advised here and I would go nearer the 90K.

If they refuse you have had a lucky escape. If they accept you have hedged against falling prices.

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Tim's idea of 2002 prices is a good indicator. However you could calculate what this would have sold for in early 2007 at peak prices. Then knock off around 30%... make offers below what you intend to pay and go from their.

They are loads of houses I like, all selling around 230-260k at peak prices. A few are advertised below £200k, and I would probably buy now if it was below the stamp duty threshold of £175k - but it would have to be my ultimate house.

Also, I've noticed vendors are dropping in very small steps... I doubt they are ready to accept another 15-25% off their asking price!

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Go to one of the house price sites.

find the value of a similar property (if you're lucky, the same property) in 2002 and offer that.

But on the basis of the price history and currect price I'd consider an offer of 110.

tim

Thanks for this. I've checked this out and I think the 2002 price would be roughly £110k! ;)

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Even for a bargain?

no, cos in my view the interest rates are not stable, sustainable and likely to rise, making that seemingly cheap house repayment rather back breaking to pay each month later when things change. also you may find getting a job difficult in the next 2 or 3 years.

id view the current market with a 'suck it an see' approach.

time for once is on YOUR side.

you should enjoy saving £1500 per month (the average loss per month on an average uk house)

now that kind of saving even covers your rent and then some. to move now would be madness.

consider that £1500 money as banked savings. also you wont pay interest on that, making the £1500 per month saving around £2200 per month when you factor in the interest you would have to pay over the 25yr period.

this situation is not settled by any means and on all three crucial counts.

asking prices, employment and interest rates.

Edited by the-sign-jacker

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Hello I have been lurking for a long time and built the courage to post my first post, because I really could do with some advice!

I'm about to put an offer in for a property that has caught my eye. Please don't tell me off for wanting to buy!

I have a figure in mind based on my research, but would love to get some feed back from you lot on here.

Ok, so here goes -

Property was put on the market August £170k

September dropped to 165k

1st week of Jan dropped to 150k

2nd week of Jan dropped to £140k

What would you offer based on these figures? I know it all depends on the property but I would like an opinion based on what has happened to the asking price so far.

Cheers

I have spent a good part of today make offers on houses at least 30% below a conservative current market value, taking into account further price drops. Most of these sellers understand the state of the housing market, but they have all said they just cannot go that low!

My point is that they just will not budge unless they are either very desperate or they wish to sell to get on with there lives. Also a large percentage would not be able to sell anyaway - a 35% drop will not be enough to pay their secured debts!

So its not ok to make realistic offers unless you can fathom there personal situation - speak to the EA! ask them to tell you the outstanding mortgage balance! If you get the all clear offer them 10K less than your happy to pay. More than likely they will say no - but may ring you back in a few weeks.

Its a NUMBERS GAME!!!!

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Even for a bargain?

If its a bargain I'd say go for it if you think you can comfortably afford it and really want to live there . . . .if you are just fishing for a bargain for the sake of it, stretching yourself to get it and you are not sure about the price or place, don't do it

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If its a bargain I'd say go for it if you think you can comfortably afford it and really want to live there . . . .if you are just fishing for a bargain for the sake of it, stretching yourself to get it and you are not sure about the price or place, don't do it

it only looks like a bargain today.

tomorrow it will become a serious burden.

hes saving £1500 pcm on top of his wages by not buying each month.

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I have spent a good part of today make offers on houses at least 30% below a conservative current market value

What happens if they all accepted ? Clearly you are a time waster not a serious buyer.

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Property was put on the market August £170k

September dropped to 165k

1st week of Jan dropped to 150k

2nd week of Jan dropped to £140k

cant you see a pattern forming.

since august you have saved (banked) 30k + interest.

are you crazy ??

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Hello I have been lurking for a long time and built the courage to post my first post, because I really could do with some advice!

I'm about to put an offer in for a property that has caught my eye. Please don't tell me off for wanting to buy!

I have a figure in mind based on my research, but would love to get some feed back from you lot on here.

Ok, so here goes -

Property was put on the market August £170k

September dropped to 165k

1st week of Jan dropped to 150k

2nd week of Jan dropped to £140k

What would you offer based on these figures? I know it all depends on the property but I would like an opinion based on what has happened to the asking price so far.

Cheers

110-115....you can't lose

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no, cos in my view the interest rates are not stable, sustainable and likely to rise, making that seemingly cheap house repayment rather back breaking to pay each month later when things change. also you may find getting a job difficult in the next 2 or 3 years.

Those of us who've STRd ought to have circa 1-200K in the Bank and can buy a bargin for cash.

The job point is valid though

tim

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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