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VeryMeanReversion

Chat With Agent - Anecdote

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Just off the phone with the EA, the second house I have to sell for probate went on Rightmove yesterday and there are 7 bookings for viewings already.

Other comments from EA:

- Very few deals falling through due to surveyors undervaluing. Undervaluing rarely more than £5K.

- Mortgages were very difficult to get end-2008 but not a problem now if you are prepared to pay 5% interest

- Window for selling looks good until mid-October, expecting buyers to disappear again

- There are now very large gaps in selling prices on rightmove, shortage of family homes in middle price bracket means buyers are queing up for them.

The area is between Milton Keynes and Bedford.

The EA description matches the market I see in South Cambs. A house I liked was booked up for 5 viewing on first listing and sold within the week.

So the lack of stock means its a sellers market for now. Roll on 3 Million unemployed to get some forced sellers to market.

VMR.

Mods - move to ancedotals if you like.

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- There are now very large gaps in selling prices on rightmove, shortage of family homes in middle price bracket means buyers are queing up for them.

The large gap, and thin volumes, do not bode well.

Ordinarily, this is a sign the market can collapse quickly

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- Very few deals falling through due to surveyors undervaluing. Undervaluing rarely more than £5K.

Rarely more than 5k from the EA's valuation, the offer, or the asking price?

:rolleyes:

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surveyors undervaluing

Looks like those surveyors are not doing their job and matching/beating sellers expectations - that's naughty.

Certainly looks like the mother of all bull traps to me.

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- Window for selling looks good until mid-October, expecting buyers to disappear again

Why? Just seasonal, so they'll be back next year? or gone for good?

The area is between Milton Keynes and Bedford.

As a matter of interest, since I know the area, are we talking the Milton Keynes end e.g. round Cranfield, or the Bedford end, e.g. Kempston and Wotton?

Peter.

Edit: for quotes.

Edited by Blue Peter

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Guest theboltonfury
Just off the phone with the EA, the second house I have to sell for probate went on Rightmove yesterday and there are 7 bookings for viewings already.

Other comments from EA:

- Very few deals falling through due to surveyors undervaluing. Undervaluing rarely more than £5K.

- Mortgages were very difficult to get end-2008 but not a problem now if you are prepared to pay 5% interest

- Window for selling looks good until mid-October, expecting buyers to disappear again

- There are now very large gaps in selling prices on rightmove, shortage of family homes in middle price bracket means buyers are queing up for them.

The area is between Milton Keynes and Bedford.

The EA description matches the market I see in South Cambs. A house I liked was booked up for 5 viewing on first listing and sold within the week.

So the lack of stock means its a sellers market for now. Roll on 3 Million unemployed to get some forced sellers to market.

VMR.

Mods - move to ancedotals if you like.

To be fair, we've been waiting for the forced sellers for 2 yearsish now.

With regret, I don't see too many.

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To be fair, we've been waiting for the forced sellers for 2 yearsish now.

With regret, I don't see too many.

History says there is an 18 month lag from peak unemployment to house price trough. I guess we still have a lot of waiting to do, especially with the low tracker mortgage rates.

However, the three properties I am dealing with all had short-term mortgages (<5 years) which are expiring this year. I wonder how many other people have been relying on low mortgage payments at 2-3% which are going up to 5-7% (depending on LTV).

VMR.

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To be fair, we've been waiting for the forced sellers for 2 yearsish now.

With regret, I don't see too many.

government measures at the beginning of 2009 has delayed things...dont expect things to deteriorate till after the election.

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History says there is an 18 month lag from peak unemployment to house price trough. I guess we still have a lot of waiting to do, especially with the low tracker mortgage rates.

However, the three properties I am dealing with all had short-term mortgages (<5 years) which are expiring this year. I wonder how many other people have been relying on low mortgage payments at 2-3% which are going up to 5-7% (depending on LTV).

VMR.

More job losses to come too in our service based knowledge economy.

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