VeryMeanReversion Posted August 14, 2009 Share Posted August 14, 2009 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. Quote Link to comment Share on other sites More sharing options...
LourielHoudini Posted August 14, 2009 Share Posted August 14, 2009 - 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 Quote Link to comment Share on other sites More sharing options...
NotMyHouse Posted August 14, 2009 Share Posted August 14, 2009 It certainly does sound like the mother of all bull traps. Quote Link to comment Share on other sites More sharing options...
Normal Posted August 14, 2009 Share Posted August 14, 2009 - 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? Quote Link to comment Share on other sites More sharing options...
WiseBear Posted August 14, 2009 Share Posted August 14, 2009 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. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted August 14, 2009 Share Posted August 14, 2009 Rarely more than 5k from the EA's valuation, the offer, or the asking price? And with what deposits? Quote Link to comment Share on other sites More sharing options...
Blue Peter Posted August 14, 2009 Share Posted August 14, 2009 (edited) - 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 August 14, 2009 by Blue Peter Quote Link to comment Share on other sites More sharing options...
Guest theboltonfury Posted August 14, 2009 Share Posted August 14, 2009 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. Quote Link to comment Share on other sites More sharing options...
mrlargeredpants Posted August 14, 2009 Share Posted August 14, 2009 pointless asking an EA about the housing market Quote Link to comment Share on other sites More sharing options...
Telometer Posted August 14, 2009 Share Posted August 14, 2009 Thin trading levels; just like stock market. Not much support for anything then. Quote Link to comment Share on other sites More sharing options...
buytoilet Posted August 14, 2009 Share Posted August 14, 2009 pointless asking an EA about the housing market Never ask a barber if you need a hair cut Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted August 14, 2009 Author Share Posted August 14, 2009 Rarely more than 5k from the EA's valuation, the offer, or the asking price? 5K less than agreed price (Vendor/Buyer) VMR. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted August 14, 2009 Author Share Posted August 14, 2009 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? Olney. Quote Link to comment Share on other sites More sharing options...
Blue Peter Posted August 14, 2009 Share Posted August 14, 2009 Olney. I'll guess Michael Graham is your agent, then, Peter. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted August 14, 2009 Author Share Posted August 14, 2009 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. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted August 14, 2009 Author Share Posted August 14, 2009 I'll guess Michael Graham is your agent, then,Peter. Nope, and you only get one guess VMR. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted August 14, 2009 Author Share Posted August 14, 2009 pointless asking an EA about the housing market The reason I posted was that this particular EAs view also seems to match my experiences in the South Cambs area. VMR. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 14, 2009 Share Posted August 14, 2009 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. Quote Link to comment Share on other sites More sharing options...
symo Posted August 14, 2009 Share Posted August 14, 2009 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. Quote Link to comment Share on other sites More sharing options...
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