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People At Work Selling Houses...

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I was inadvertently earwigging in on a conversation between two colleagues today who are both marketing their houses in Sheffield. They've had a succession of EAs in to value their pads (3 bed terraces in the nicer areas, good state schools etc.) at the £175-200k mark.

They were pretty sure that the market had more or less bottomed out and that those prices were realistic - even though those houses were going for £80-100k at the start of this decade, i.e. what they paid for them.

Stupidly, I pointed out that interest rates were historically at rock bottom and that unemployment was rising, and that historically average prices were circa 3.5 x average pay for an area. So for Sheffield, £80-100k was probably about right. I was actually called 'a doom monger!'. So I backed off, they're good people who I just happen to think have been sucked into the crazy bubble of expectations these last 9 years.

One thing that struck though was that they were genuinely indignant/alarmed that potential buyers could easily find out how much they paid for their place on the web, and that 'ruthless/unscrupulous/unprincipled/etc. buyers would use this as a bargaining chip to negotiate the selling price down.

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Guest KingCharles1st

Maybe you should advise them to sell their houses to each other- that way they can ramp the prices up to whatever they want :lol:

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Stupidly, I pointed out that interest rates were historically at rock bottom and that unemployment was rising, and that historically average prices were circa 3.5 x average pay for an area. So for Sheffield, £80-100k was probably about right. I was actually called 'a doom monger!'. So I backed off, they're good people who I just happen to think have been sucked into the crazy bubble of expectations these last 9 years.

You will learn.

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I was inadvertently earwigging in on a conversation between two colleagues today who are both marketing their houses in Sheffield. They've had a succession of EAs in to value their pads (3 bed terraces in the nicer areas, good state schools etc.) at the £175-200k mark.
the thing is, when they are looking to buy, they will go all the other way - it's worth 30% less than you are asking, prices are falling - that's what drives me nuts - people want top money for theirs and a third off the one they are buying, with no sense of irony.

I have a mate who complained he got 93% plus of asking and sold and completed in 8 weeks. He thinks he sold too cheap. His missus' house has been reduced by 2% and he's complaining about it being underpriced (it was overpriced even against agents valuations when it went on the market). They've had no offers in 3 months. But, he expects 25% plus off any house he's looking at. He just wants the best of all worlds.

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And if any of you actually manage to ever get a property..........

You will be exactly the same.

WIth respect Sibley, if that's aimed at me, you really are barking up the wrong tree.

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Maybe you should advise them to sell their houses to each other- that way they can ramp the prices up to whatever they want :lol:

Aye, there's the rub - one of the pair is emigrating, so they're seeing 'gigantic house abroad' get smaller and smaller as the profit they can get from their terrace in Sheffield gets less and less. Unless the target overseas market is tanking faster than the UKs' of course.

There must be many wannabe emigrants who were planning on financing their move via the UK property bubble getting a little concerned.

PS Sibley; tree, wrong, barking, with me also.

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the thing is, when they are looking to buy, they will go all the other way - it's worth 30% less than you are asking, prices are falling - that's what drives me nuts - people want top money for theirs and a third off the one they are buying, with no sense of irony.

I have a mate who complained he got 93% plus of asking and sold and completed in 8 weeks. He thinks he sold too cheap. His missus' house has been reduced by 2% and he's complaining about it being underpriced (it was overpriced even against agents valuations when it went on the market). They've had no offers in 3 months. But, he expects 25% plus off any house he's looking at. He just wants the best of all worlds.

Human nature I guess.

It's the same with cars - my best mate was a salesman for a main Ford/Mazda dealership - people were almost always shocked when they got the (low) trade-in value of their 3 or 4 year old pride & joy - what they owned they valued highly. But they expected a hefty discount off whatever they were buying - what someone else owned, and they wanted to buy, they valued lowly.

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Aye, there's the rub - one of the pair is emigrating, so they're seeing 'gigantic house abroad' get smaller and smaller as the profit they can get from their terrace in Sheffield gets less and less. Unless the target overseas market is tanking faster than the UKs' of course.

There must be many wannabe emigrants who were planning on financing their move via the UK property bubble getting a little concerned.

There are always plenty of these increasingly anxious folk on the Aussie ex pat forums

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